Malaysian skin care products
The Malaysian skin care market is projected to reach USD 1,288.7 million in gross sales in 2027, representing a CAGR of 8.1% from 2021 to 2027.
PORTLAND, OR, USA, February 12, 2023 /einpresswire.com/ – According to a new report released by Allied Market Research, “Malaysia Skin Care Market by Type, Technology and Channel: opportunity analysis and industry forecasting”. The Malaysian skincare market was valued at $804.5 million in 2019 and is expected to reach $1,288.7 million by 2027, translating to a CAGR of 8.1% from 2021 to 2027.
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This is especially true for skin care products aimed at medical professional channels such as dermatologists and plastic surgeons. In Malaysia, most products are sold through spas, beauty salons, retail outlets and multi-level marketing/direct sales channels. Oil-free and shine-free products are becoming increasingly popular. This is because product formulations that give a matte/smooth, non-sticky, powdery finish work well in hot and humid tropical countries like Malaysia. The growing concern about pigmentation, skin darkening and skin cancer among the Malaysian population has led to an increase in the demand for sunscreen products, which in turn has contributed to the overall growth of the Malaysian skincare market.
Social media has helped major brands in the country raise awareness of skincare and beauty products, especially among millennials. Also, beauty bloggers and social media influencers are creating new avenues for growth to analyze the Malaysian skincare market. A large number of local YouTubers now host popular channels with clear product reviews and tutorials, thus increasing the market opportunity for skin care products in Malaysia.
Most of the popular brands on the market are from the US, including Cover Girl, Maybelline and L'Oréal. On the other hand, the most expensive makeup brands in the market are Estee Lauder, Moet Hennessy Louis Vuitton and Chanel.
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The Malaysia skin care market is studied on the basis of product type, demographics, age group and sales channels. Depending on the type of product, the market is divided into creams, lotions, etc. Demographically, they are divided into men and women. It is divided into Generation X, Millennials and Generation Z by age groups. By sales channel, it is segmented into supermarkets/hypermarkets, specialty stores, department stores, beauty centers, pharmacies and online sales channels.
The main results of this study
Based on type, the creams segment has emerged as a key player in the Malaysian skincare market and is expected to grow at a CAGR of 7.5% from 2021 to 2027.
Based on demographics, the women segment was the largest market player by value in 2019 and is projected to grow at a CAGR of 7.3% from 2021 to 2027.
By age group, the millennial segment shows the highest CAGR of 9.5% from 2021 to 2027.
The supermarket and hypermarket segment accounted for 33.04% of the total skin care market share in Malaysia in 2017 and is forecast to grow at 6.5% annually.
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Major players in the Malaysian skin care market are L'Oréal Group, Procter & Gamble Company, Unilever PLC, Bejesdorf AG, Berjaya Corporation Berhad, Estee Lauder Companies Inc. and Alticor Inc. and Wipro srl. Shiseido Company Limited, Avon Inc. Products. However, local businesses continue to strengthen their position across the country due to the high demand for halal-certified consumer products and the growing demand for skin care products made from natural sources.
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Allied Market Research (AMR) is a Portland, Oregon-based subsidiary of Allied Analytics LLP that provides market research and business consulting services. Allied Market Research provides unparalleled market research reports and business intelligence solutions to global organizations and SMEs. AMR is dedicated to providing business intelligence and consulting to help its clients make strategic business decisions and drive sustainable growth in their market space.
Pawan Kumar, CEO of Allied Market Research, leads the organization by providing high-quality data and insights. We have professional business relationships with several companies and this helps us extract market data that helps us create accurate research data tables and ensure maximum accuracy of our market forecasts. All of the data presented in our published reports comes from first-hand interviews with senior executives at leading companies in their fields. Our secondary data methodology includes in-depth online and offline research and discussions with experienced industry professionals and analysts.
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