Philippines: Market for Beauty, Make-Up And Skin Care Preparations 2024

Market Size for Beauty, Make-Up And Skin Care Preparations in the Philippines

In 2022, after three years of decline, there was significant growth in the Philippine market for beauty, make-up and skin care preparations, when its value increased by 6.4% to $X. In general, the total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Beauty, Make-Up And Skin Care Preparations in the Philippines

In value terms, production of beauty, make-up and skin care preparations stood at $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 42%. As a result, production reached the peak level of $X. From 2014 to 2022, production of growth failed to regain momentum.

Exports of Beauty, Make-Up And Skin Care Preparations

Exports from the Philippines

In 2022, shipments abroad of beauty, make-up and skin care preparations decreased by -8.1% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports showed a mild descent. The most prominent rate of growth was recorded in 2013 when exports increased by 774%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of beauty, make-up and skin care preparations declined modestly to $X in 2022. Overall, exports showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 652% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Malaysia (X tons), Singapore (X tons) and Kuwait (X tons) were the main destinations of exports of beauty, make-up and skin care preparations from the Philippines, with a combined 57% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kuwait (with a CAGR of +28.0%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Singapore ($X) and Nigeria ($X) appeared to be the largest markets for beauty, make-up and skin care preparations exported from the Philippines worldwide, together accounting for 59% of total exports. Kuwait, the United Arab Emirates, Saudi Arabia and Indonesia lagged somewhat behind, together comprising a further 21%.

In terms of the main countries of destination, Kuwait, with a CAGR of +29.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for beauty, make-up and skin care preparations stood at $X per ton in 2022, with an increase of 8.1% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 32%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+2.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Beauty, Make-Up And Skin Care Preparations

Imports into the Philippines

In 2022, imports of beauty, make-up and skin care preparations into the Philippines soared to X tons, picking up by 16% on the previous year's figure. In general, total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -2.5% against 2019 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 47%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, imports of beauty, make-up and skin care preparations surged to $X in 2022. Over the period under review, imports showed prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Thailand (X tons), South Korea (X tons) and China (X tons) were the main suppliers of imports of beauty, make-up and skin care preparations to the Philippines, together comprising 57% of total imports. Indonesia, India, Malaysia, the United States and Singapore lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +38.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest beauty, make-up and skin care preparations suppliers to the Philippines were Thailand ($X), South Korea ($X) and India ($X), together accounting for 49% of total imports.

In terms of the main suppliers, India, with a CAGR of +38.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for beauty, make-up and skin care preparations stood at $X per ton in 2022, increasing by 15% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 30% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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