Cosmetics sector eyes 10% growth this year

The country's cosmetics industry is expected to continue to bloom and post a 10-percent growth this year as Filipinos put importance on skin care.

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Chamber of Cosmetics Industry of the Philippines Inc. (CCIP) president Christine Michelle Reyes told reporters on the sidelines of Cosmobeaute Philippines that the group expects to achieve a double-digit growth in retail value this year as companies innovate.

The trade event featured the latest innovations, trends and products in the beauty industry from 250 brands and companies.

If the outlook is achieved, the industry will be growing at the same pace as last year’s.

Reyes attributed the growth last year to the increase in consumption due to lifestyle changes and easing inflationary pressures.