Speaking at the recent philbeauty event, the president of the Chamber of Cosmetics Industry of the Philippines (CCIP), Anna Marie Anastacio, noted that the demand for natural ingredients is high in the country, and a response to this from brands would be beneficial to the Philippines.
“There are many indigenous materials within the Philippines that no one is really promoting. No one is really capitalizing on [these ingredients] for skin care and beauty. That is still a large potential for us,” she said.
Natural beauty
Natural beauty holds enormous potential globally: according to market researcher Kline, sales of natural cosmetics market are at nearly $30 billion globally, increasing 10.6% in 2013.
Figures like this are a sign that global consumers remain drawn towards this trend, and with marketing investments and new product developments, this should remain the case in the future.
The CCIP president’s comments suggest the CCIP has singled out trend as a key area in which domestic brands could develop their stature, in order to boost the profile of cosmetics within the country, where at the moment international brands are winning out.
Looking for a domestic boost
The Filipino beauty market has been seeing promising growth, according to Euromonitor International, whose latest statistics note that it grew at 4% in 2012: the colour cosmetics segment fared particularly well, with sales growth at 8%.
Foreign brands have been winning account against domestic ones, confirm the firm’s analysts, who note that they; “have long established a loyal following amongst Filipino buyers”.
Unilever Philippines, which manufacturers such key brands such as Pond’s, Dove, and Clear, currently lead beauty and personal care in the country with a 22% value share in 2012. Other major players include Procter & Gamble Philippines, Colgate-Palmolive Philippines and Avon Cosmetics - all international brands.
Referring to the motivation behind the philbeauty event, Anastacio confirmed that there’s space for growth in the domestic Filipino beauty market: “We really wanted to push the local cosmetics industry forward and bring it global.”
Whether brands will take on the CCIP’s suggestion of increasing the profile domestic cosmetics by tapping into the naturals trend remains to be seen, though brands like Zenutrients are already making moves in that direction.