Market Insights Health OTC Pharmaceuticals

Skin Treatment - Philippines

Philippines

In the Philippines, the revenue generated in the Skin Treatment market market is projected to reach US$116.70m in 2024.
It is anticipated that this market will experience an annual growth rate of 9.92% (CAGR 2024-2029).
When compared to other countries worldwide, the in the United States generates the highest revenue in this market with US$4,184.00m in 2024.
Furthermore, in terms of per capita figures, each person in the Philippines generates US$0.98 in revenue in 2024.
The demand for skin whitening products in the Philippines has surged, making it one of the largest markets in Asia.

Key regions: Europe, United Kingdom, United States, Canada, China

Market

Region

Region comparison

Currency

Analyst Opinion

The Skin Treatment market in Philippines is experiencing significant growth and development. Customer preferences in the Skin Treatment market in Philippines are shifting towards more natural and organic products. Consumers are becoming more conscious about the ingredients used in skincare products and are looking for products that are free from harmful chemicals and additives. This trend is driven by the increasing awareness about the potential health risks associated with synthetic ingredients and the desire for a more sustainable and environmentally friendly lifestyle. As a result, there is a growing demand for skincare products that are made from natural and organic ingredients, such as plant extracts, essential oils, and herbal remedies.Another customer preference in the Skin Treatment market in Philippines is the desire for products that offer multiple benefits. Consumers are looking for skincare products that not only address specific skin concerns, such as acne or aging, but also provide additional benefits, such as hydration, sun protection, and brightening. This trend is driven by the increasing desire for convenience and efficiency in skincare routines, as well as the growing awareness about the importance of overall skin health and wellness.Trends in the Skin Treatment market in Philippines include the rise of online shopping and e-commerce platforms. With the increasing popularity of online shopping, more consumers are turning to the internet to purchase skincare products. This trend is driven by the convenience and accessibility of online shopping, as well as the wide range of products and brands available online. As a result, many skincare brands are expanding their online presence and investing in digital marketing strategies to reach a larger customer base.Local special circumstances in the Skin Treatment market in Philippines include the influence of Korean beauty trends. Korean skincare products and routines have gained popularity in recent years, and many Filipino consumers are adopting these trends. This includes the use of multiple skincare products, such as cleansers, toners, essences, serums, and moisturizers, as well as the incorporation of sheet masks and other specialized treatments. This trend is driven by the perception that Korean skincare products are effective and innovative, and the desire to achieve the flawless and radiant skin associated with Korean beauty standards.Underlying macroeconomic factors in the Skin Treatment market in Philippines include the country's growing economy and increasing disposable income. As the economy continues to grow, more consumers have the means to spend on skincare products and treatments. Additionally, the rising middle class in Philippines is becoming more conscious about their appearance and investing in skincare as part of their self-care routine. This is driving the demand for skincare products and services in the country.Overall, the Skin Treatment market in Philippines is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards natural and organic products, the desire for multi-functional skincare products, the rise of online shopping, the influence of Korean beauty trends, and the country's growing economy and increasing disposable income are all contributing to the growth and development of the market.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.