Leading data agency Kantar Philippines Worldpanel expects a slower growth in the country’s fast-moving consumer good market of 0.4 percent in 2024 after expanding 6 percent in 2023.
“In 2023, coming from so many economic disruptions, hyperinflation, we see it controlled now. This is a reason for us to be optimistic this 2024. However, we know that circumstances can also be volatile. While there is reason for us to be optimistic, maybe the proper way to approach the year is to be cautiously optimistic,” said Kantar shopper insights director Laurice Obana.
The report also shows a clear focus on healthier choices like soy milk, yogurt, cereals and oatmeal compared to previous years. This trend extends to personal care, with a surge in demand for self-care products like hair treatments, facial wash, and nail polish for home use. The focus on hygiene is reflected by increased spending on paper towels and cleaning products.
Kantar expects a rise in pet food purchases which evolved as a priority for pet owners. About 66 percent of Filipinos buy pet food, and spending on pet care jumped 44 percent last year.