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, 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.
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. 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.
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. 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 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.
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.
· Organic and natural hair care products are changing the dynamics of the Philippines professional hair care market. This is because of the growing awareness about the inorganically manufactured and their ramification is making the vendors alter their modus operandi, and many companies are venturing into the professional hair care market.
· The social media scene of the country is indisputably influencing the Philippines professional hair care market. Additionally, people spend six hours or more on the Internet which makes up for a substantial customer base for hair care products that are sold on the e-commerce platforms. Not only the vendors providing hair care services are now able to market their brands, but people are also walking their extra mile to look good for a better “social media” image. This is a passive yet effective factor disrupting the market.
Even though there is no significant factor restraining the demand in the Philippines professional hair care market, but the vendors need to follow the rules and regulations listed by the ASEAN Harmonized Cosmetic Regulatory Scheme which warrants some quality prerequisites for product approval. This scheme also includes some hair care products like shampoos and conditioners. However, this is also aiding to the customer trust factor which the vendors are capitalizing on.
The key players striving for the Philippines professional hair care market share are Henkel, IDA, Kao Corporation, L'Oreal, Procter & Gamble, Milbon, Shiseido, Unilever, Revlon, Estee Lauder, Brazilian Blowout, and John Paul Mitchell Systems.
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Philippines professional hair care market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of the products in the Philippines professional hair care market by category that include coloring, perming & straightening, shampoo & conditioning, and styling. Furthermore, the market is also segmented on the basis of sales channels that include back bar and take home.
Is the market demand for the Philippines professional hair care growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for the Philippines professional hair care market?
Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
Provide an overview of the product portfolio, including product planning, development, and positioning
Discuss the role of technology companies in partnerships
Explore the regional sales activities
Analyze the market size and giving the forecast for current and future global the Philippines professional hair care market during the forecast 2019–2025
Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures