Manila: The Philippines is positioning itself as a key player in the burgeoning global wellness economy, with the SM Group expressing its commitment to enhancing accessibility to wellness-related products in response to the growing demand.

According to Philippines News Agency, the SM Group referenced a forecast by the Global Wellness Institute, projecting that the global wellness economy will soar to nearly USD9 trillion by 2028. The Philippines is identified as an emerging market within this sector, ranking 13th out of 219 economies worldwide in the personal care and beauty segment.

SM Retail President Jonathan Ng highlighted on Friday the notable growth in the beauty and wellness sectors across various demographics. "At SM, we will continue to be at the forefront of meeting customers' evolving preferences by offering enriching experiences through suitable and unique products and services," Ng stated in a press release.

The SM Group noted that its subsidiary, SM Beauty, currently offers an extensive range of over 1,000 brands across its 77 branches nationwide. Select branches feature global brands such as YSL, Lanc´me, and Calvin Klein. The group emphasized that health and beauty markets are among the fastest-growing worldwide, driven by increasing demand for wellness, personal care, and beauty solutions.