Southeast Asia comprises lucrative but very diverse beauty and personal care markets, so targeted approaches are recommended for brands eyeing this region, as Reena Karim-Hallberg, Michael Tatarski, Poorna Rodrigo and Jens Kastner write
Southeast Asia may be a diverse and therefore complicated region in which to market personal care products, but the growth in sales across all countries makes it an attractive target for beauty brands.
The Philippines is a case in point. The gross domestic product (GDP) of this 103 million people archipelago grew 6.7% in 2017 and the World Bank projects it to grow further at an annual rate of 6.7% in both 2018 and 2019, before settling at 6.6% in 2020.
This, together with a favourable demographic profile of young consumers (34.9% of the total population falls between 20 and 34 years old) and increasing urbanisation, is making the Philippines an increasingly important market for cosmetics and personal care.
Analytics company GlobalData predicts the Philippines' cosmetics and toiletries market will grow from Philippine peso PHP153.4bn (US$3.3bn) in 2017 to PHP178.9bn ($4bn) by 2022, at a CAGR of 3.1%.
"Cosmetics and other beauty products are growing in popularity and this is mainly attributed to easy access to everything we need online," says Bea Maningo, Manager of Davao-based KJMCosmetics, which sells cheek and lip stains, including its flagship line of KJM Cheek. Lip. tints.
Speaking with Cosmetics Business, she adds: "Asian beauty gears toward the . . .
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