PHL cosmetics industry seen growing by 6% over next five years

The cosmetics and toiletries (C&T) industry in the Asia Pacific (APAC) region is expected to grow by an average of more than 6% over the next five years, driven by rising disposable income and a prevailing image consciousness among consumers.
Global data and analytics firm GlobalData projects the C&T industry to record a compounded annual growth rate of 6.3% from 2017 to 2022, with growth coming mostly from Indonesia and the Philippines.
“Rising disposable income and image consciousness among the consumers are boosting demand for cosmetics and in turn translating surge in spend and market opportunities in the Asia-Pacific region, particularly in Indonesia and the Philippines,” GlobalData Consumer Research and Analysis Director Sumit Chopra said in a statement. — Arra B. Francia