Salon brands to grow fastest in Philippines' haircare sector
Rising disposable incomes have driven spending in personal care products.
Salon haircare brands are projected to register the fastest value growth within the Philippines’ haircare sector at a compound annual growth rate (CAGR) of 4.3% during 2019–2024, according to a release from GlobalData.
At the same time, shampoo and styling agents categories are expected to gain maximum market share in value terms during the same period.
Susmitha Bynagari, consumer analyst at GlobalData, explained that a robust consumer confidence on the back of low unemployment and growing disposable incomes has been driving consumer spending in personal care products.
“Whilst shampoos continue to dominate the sector, increasing incomes have helped consumers to invest in other products such as conditioners and styling agents that engender elevated perceived looks and appearance,” Bynagari said
The country’s haircare sector is expected to grow from $1.02b (PHP53.3b) in 2019 to $1.19b (PHP64.1b) in 2024, recording a compound annual growth rate (CAGR) of 3.8%. Shampoo dominated by value, followed by conditioner and styling agents categories.
Hypermarkets and supermarkets emerged as the largest distribution channel for the sector in 2019, followed by convenience stores and health and beauty stores.