Para±aque City: Local brands are encouraged to increase their shares in the growing domestic market as the Philippine beauty sector is expected to grow around 6 percent annually. The beauty and personal care industries in the Philippines reached USD3.7 billion (PHP350.35 billion) in 2024 as per the data of market research company IMARC Group, according to trade show organizer Informa Markets Philippines country general manager Rungphech Rose Chitanuwat during a press conference in Para±aque City Tuesday.
According to Philippines News Agency, Chitanuwat added that the local industry will reach USD11 billion in the coming years, expanding by around 6 percent annually. She said that since pre-pandemic, industry players in the Philippine beauty sector have increased by 40 percent. "It's going to contribute a lot to economic growth. The beauty items, the skin care, personal care become the day-to-day for everyone. And it starts from [the] younger generation now," she said.
Chitanuwat urged Filipino micro, small, and medium enterprises (MSMEs) to increase their shares in the Philippine market amid the growing demand for homegrown brands. She said the Philippines can also supply ingredients for beauty and skin care products, like seaweed and snail extracts, to global manufacturers.
This was also highlighted by Department of Trade and Industry (DTI) Assistant Secretary and supervising head for Competitiveness and Innovation Group Nylah Rizza Bautista. "Our homegrown products embody world-class quality and creativity, and they deserve to be seen, they deserve to be recognized, and they deserve to be celebrated on the global stage," Bautista said.
Meanwhile, Informa Markets and Cosmoprof Asia will hold the country's premier beauty business-to-business trade show Cosmobeaut© Philippines, formerly PhilBeauty Expo, on June 4 to 6 at World Trade Center Manila in Pasay City. It will gather 250 beauty brands and companies from across 20 countries to find business opportunities in expanding in the Philippines and overseas markets.
