The beauty and personal care market is seen growing steadily until 2028, but the industry is challenged by the prevalence of counterfeit products.
GS1 Philippines, the leading organization on local barcode standards, in a statement cited figures from Statista which showed the beauty and personal care market in the Philippines is projected to generate $6.47 billion in revenue in 2024, with an annual growth rate estimated at 1.32 percent until 2028.
According to GS1, cosmetic products were among the counterfeit goods seized by the Bureau of Customs in 2023.
Efforts to combat this issue are ongoing, with local government units and the Food and Drug Administration issuing advisories and taking measures to ensure product authenticity and consumer safety.
GS1 Philippines said it has partnered with the Chamber of Cosmetics Industry of the Philippines (CCIP) to enhance consumer confidence in cosmetics and combat fake products with advanced barcode technology.
At the S1 Activate and Global Migration to 2D seminars conducted recently, representatives from various cosmetics companies were briefed on how to tackle the latest trends and technologies in the global supply chain, the benefits of integrating legitimate and streamlined barcode system in their products, and the global migration to 2D barcodes and how they can adapt to this push.
“The country’s cosmetic industry is worth over $1 billion, and demand continues to grow. At CCIP, we aim to enhance the industry’s global competitiveness by ensuring product authenticity, providing comprehensive product information, and combating counterfeit products, all of which are crucial for consumer confidence. We are working hand in hand with GS1 Philippines to continue realizing this commitment,” said Anna Marie Anastacio, GS1 Philippines corporate secretary and former CCIP president.
By adopting GS1 standards and leveraging barcode technology, cosmetics companies can ensure product authenticity, improve inventory management, and strengthen consumer trust. GS1 standards offer a framework for precise product identification and tracking, while the 1D linear barcode and the 2D code facilitate the capture of detailed product information.
Through conducting seminars and other industry activities, GS1 Philippines aims to address challenges by providing industry professionals with the tools and knowledge needed to enhance product traceability and transparency for their businesses and consumers.
GS1 Philippines aims to prepare local industries for the global shift to 2D barcodes by 2027, aligning with international standards and enhancing the Philippines’ competitiveness in the global market.
