Domestic and international C&T manufacturers are seeking to profit from the growing Philippines market, as Jonathan Dyson reports
International and domestic cosmetics brands are capitalising on strong economic growth in the Philippines, which at 95 million has the 12th biggest population in the world. It is also among the next 11 economies highlighted by Goldman Sachs with a high potential of becoming, along with the BRICS, the world’s largest economies this century. GDP growth was around 7% in 2012, and rising disposable incomes are driving strong demand for cosmetics among both male and female consumers.
The value of the beauty and personal care market in the Philippines was forecast to grow by 1.9% to Philippine peso PHP130.1bn (US$3.2bn) in 2012, according to a recent report on the beauty and personal care market in the Philippines by market research company Euromonitor International. It forecast the market would reach PHP139.8bn ($3.4bn) by 2016, representing a projected CAGR between 2011 and 2016 of 1.7%.
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