On the basis of age group, the millennial segment exhibits highest CAGR of 9.5% from 2021 to 2027.
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, October 29, 2022 /
EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “
Malaysia Skin Care Products Market by Type, Technique, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,”the Malaysia skin care products market size was valued at $804.5 million in 2019, and is projected reach $1,288.7 million by 2027, registering a CAGR of 8.1% from 2021 to 2027.
This is especially true for the skin care products targeting the medical professional channels such as dermatologists and plastic surgeons. In Malaysia, majority of products are sold via spas & salons, retail stores, and multi-level marketing/direct selling channel. Oil-free hydration, shine-free, and anti-blemish products are witnessing high demand. This is attributed to the fact that product formulations that provide matt/silky, non-sticky, and powdery finish perform well in a hot & humid tropical country such as Malaysia. Increase in concern about pigmentation, darkening of the skin tone, and skin cancer among the populace in Malaysia has boosted the demand for sunscreen, which, in turn, contributes toward the overall Malaysia skin care products market growth.
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Social media has helped leading brands operating in the country to increase awareness regarding skin & beauty care products, particularly among millennial. In addition, beauty bloggers and social media influencers are creating new growth avenues for the Malaysia skin care products market analysis. Large number of local YouTubers are now hosting popular channels with demonstrations product reviews and tutorials, which further propel the Malaysia skin care products market opportunity .
Popular mass market brands available in the market are mostly from the U.S., which include Cover Girl, Maybelline, and L’Oréal. On the contrary, popular higher priced color cosmetics brands available in the market are from the Estee Lauder Companies, Moet Hennessy Louis Vuitton, and Chanel.
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The Malaysia skin care products market is studied on the basis of product type, demographics, age group, and sales channel. Depending on product type, the market is categorized into cream, lotion, and others. By demographic, it is bifurcated into male and female. According to age group, it is fragmented into generation X, millennial, and generation Z. As per sales channel, it is classified into supermarket/hypermarket, specialty stores, department stores, beauty salons, pharma & drug stores, and online sales channel.
Key findings of the study
Depending on type, the cream segment was the highest contributor to the Malaysia skin care products market, and is expected to grow at a CAGR of 7.5% from 2021 to 2027.
By demographics, the female segment was the highest contributor to the market in terms of value in 2019 and is estimated to grow at a CAGR of 7.3% from 2021 to 2027.
On the basis of age group, the millennial segment exhibits highest CAGR of 9.5% from 2021 to 2027.
The supermarkets & hypermarkets segment accounted for 33.04% of the total Malaysia skin care products market share in 2017, and is estimated to grow at a CAGR of 6.5%.
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Key Players:
The key players operating in the Malaysia skin care products industry are the L'Oréal Group, the Procter & Gamble Company, Unilever PLC, Bejesdorf AG, Berjaya Corporation Berhad, Estee Lauder Companies Inc., Alticor Inc., Wipro Ltd., Shiseido Company Limited, and Avon Products Inc. However, local players are continuously strengthening their foothold in the country, owing to rise in demand for Halal-certified consumer products and increase in demand for skin care products formulated from natural sources.
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Allied Analytics LLP
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