In 2023, the import value of beauty, make-up, and skin care preparations to the Philippines stood at 174.37 million USD. From 2024 onward, the forecasted data projects a consistent growth in import values: 181.13 million USD in 2024, 188.18 million USD in 2025, 195.08 million USD in 2026, 201.85 million USD in 2027, and 208.48 million USD in 2028. This demonstrates an average annual growth rate (CAGR) of approximately 4.26% over the five-year period.
The year-on-year variations reveal steady increments: 4.1% from 2024 to 2025, 3.68% from 2025 to 2026, 3.47% from 2026 to 2027, and 3.28% from 2027 to 2028. These figures highlight a strong positive trend in the import market for beauty products.
Future trends to watch for include increased demand for organic and natural beauty products, technological innovations in skincare formulations, and the growing influence of e-commerce channels driving consumers' purchasing behaviors. Monitoring these elements will be crucial for stakeholders and companies aiming to capitalize on the expanding market.