THE local cosmetics industry is estimated to grow by less than 6 percent this year, reaching just under P371.56 billion, weighed down by geopolitical tensions and the effects of Trump tariffs.
Informa Markets Philippines Country General Manager Rungphech Chitanuwat said the industry’s 6 percent growth projection may be difficult to achieve due to two main challenges.
“The difficulties (are) geopolitical around the world. The second thing is, you know, the ingredients to make cosmetics are mainly from China. So with the effect of US-China (trade war), it slows down many things,” Chitanuwat said.
She added that while they anticipate China may gradually shift its focus toward the Southeast Asian market, a sudden improvement would be unlikely.
Nevertheless, she emphasized that growth, no matter the pace, was still a positive sign for the industry.
According to global market research firm IMARC Group, the beauty and personal care industries in the Philippines reached $3.7 billion, or roughly P350.35 billion, in revenues in 2024.
Projections show that the market could expand to $11.05 billion, or about P607.75 billion, in revenues in the coming years.
Informa Markets said the local beauty and personal care industry was poised for further growth on the back of rising consumer awareness, shifting beauty trends and the expanding influence of social media.
It also noted that consumers were now looking for high-quality, innovative products that meet their specific needs, creating new opportunities and driving expansion across the sector.
Meanwhile, the Department of Trade and Industry has reaffirmed its commitment to support the billion-peso local beauty sector, focusing on micro, small, and medium enterprises (MSMEs).
Trade Secretary Ma. Cristina Roque said the agency was working to create more platforms for MSMEs to promote their products and services, helping them tap into a broader base of beauty, wellness and personal care consumers in the Philippines. (Alden M. Monzon © Philippine Daily Inquirer)
