Philippines Professional Hair Care Market - Forecast(2021 - 2026)
According to the latest findings by the International Trade Administration (ITA), importation of cosmetics and personal care products in the Philippines had declined by $9 million in 2016. Moreover, in the past, it had gone downhill from $1.290 billion in 2014 to $1.281 billion in 2015,[1] and it has been perpetually reducing in amount. This drain in the importation is attributed to domestic production of personal care products. Evidently, the rise in domestic production is because of the demand influx in the cosmetic products market, and the professional hair care products bear a remarkable fraction of this upsurge in demand. This demand is leading to a booming Philippines professional hair care market which was valued to be $800 million as of 2018. Furthermore, the demand for professional hair care products in the Philippines is estimated to observe a modest compound annual growth rate (CAGR) of 2.2% during the forecast period of 2019 to 2025.
The Philippines Professional Hair Care Market Outlook:
Professional hair care is a term that is collectively used for hair treatment of any sort that is executed for hair hygiene and cosmetology. These services are provided in salons, barbershops, and day spas. The Philippines professional hair care market is segmented on the basis of the type of hair care that includes coloring, perming & straightening, and styling.
According to HelpAge International, the number of aging people is growing rapidly in the Philippines, and the growth rate is even more than the population growth in the country. The National Statistics Office estimates that, in 2030, 11.5% of the population will be attributed to the population of aged people – a fraction that is gauged to be 6.9% in the current decade.[2] Conspicuously, the aged people experience a gamut of problems pertaining to the color of hair.
The extensive growth in the population of aging people coupled with the issues regarding hair color is estimated to create a substantial demand for hair coloring services and products during the forecast period, and the application segment of coloring in the Philippines professional hair care market will observe a moderate yet steady CAGR of 3% through to 2025.
The Philippines Professional Hair Care Market Growth Drivers:
· The Disposable Personal Income (DPI) in the Philippines –
According to the Philippine Statistics Authority (PSA), in 2017, the Net National disposable income was valued to be $334.97, and a healthy rise of 9.2% as compared to 2016 was observed.[3] Clearly, there is a tangible growth of the economy in the Philippines, and the residents are saving more than earlier. Subsequently, they tend to spend these savings on leisure activities and personal care of which professional hair care is a noteworthy subset. Evidently, the amount of money spent on the professional hair products and services is catapulting the revenues of the Philippines professional hair care market.
· The Digital Wave Contributing the Surging Sales –
The digitalization has provided people with access to information about personal care. Nowadays, people in the Philippines are well-aware of the benefits of hair care products, and they are opting for hair treatment products and even chemical alteration if there is a requirement. This attributes to their knowledge that parabens and sulfates strengthen the hair rather than impart a detrimental effect on them. Furthermore, there is a palpable rise in the sales of shampoos as the people have become conscious about scalp disorders. Apart from these factors, the Philippines professional hair care market is also driven by the self-esteem boost that people get by maintaining their hair color and density. The information about hair care is pervading across the country, and indubitably, it is becoming an indispensable part of the lifestyle, especially for the millennial generation. These factors are also impacting the global professional hair care market at large.
· The Expansion of the Gender Customer Base –
Previously, the professional hair care products, akin to other cosmetics and personal care products, were more often than not targeted towards the feminine customer base. However, there is a tangible trend not only in the Philippines but across the world that men have become conscious about the appearance and now spend some part of their earnings in the hair care products and services. This has expanded the customer base in the Philippines professional hair care market.
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