Malaysia Skin Care Products Market by Type Product Type (Cream, Lotion, and Others), Demographic (Male and Female), Age Group (Generation X, Millennial, and Generation Z), Distribution Channel (Supermarket/Hypermarket, Specialty Stores, Department Stores, Beauty Salons, Pharmacies & Drug Stores, and Online Sales Channel): Opportunity Analysis and Industry Forecast, 2021–2027
The Malaysia skin care products market was valued at $764.9 million in 2020, and is expected to garner $1,288.7 million by 2027, registering a CAGR of 8.1% from 2021 to 2027.
Skin care refers to the practice of enhancing the appearance and skin integrity with the use of a wide range of skin products such as lotion, herbal gel, and sunscreen. The current trend in Malaysia is to have the skin care products formulated overseas (EU and the U.S. are the major product formulators), whereas the final product assembly and packaging are performed in-house. This is attributed to the fact that bulk container purchase is economical, as it involves less shipping cost. Furthermore, the cost of packaging is lower in Malaysia. Having a part of the packaging and assembling done in Malaysia allows it to take advantage of regional intra-ASEAN incentives (an association of 10 Southeast Asian nations). However, the domestic market perception of these locally packaged and manufactured products is not as favorable as those coming directly from overseas, due to product quality, stability, and contamination issues. Private label products both formulated and manufactured by more economically developed countries (MEDC) are perceived to be significantly of higher quality.
Rapid adoption of digital technologies and evolving shopping behaviors are anticipated to transform e-commerce into an essential element in purchasing skin care products. Change in shopping behavior of the millennial generation and surge in adoption of mobile devices along with rise in number of netizens are expected to boost the growth of the Malaysia skin care products market. The market growth is further driven by increase in penetration of various online portals in Malaysia.
The Malaysia skin care products market is segmented into 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. On the basis of age group, it is segregated into generation X, millennial, and generation Z. As per sales channel, it is fragmented into supermarket/hypermarket, specialty stores, department stores, beauty salons, pharma & drug stores, and online sales channel.
The key players profiled in the report include Honeywell International Inc., Whirlpool Corporation, Panasonic Corporation, Levoit, Coway, Phillips, Sharp Corporation, Dyson Technology Limited, Austin Air Systems Limited, and Blueair
KEY BENEFITS FOR STAKEHOLDERS
The report provides a quantitative analysis of the current trends, estimations, and dynamics of the market from 2017 to 2027 to identify the prevailing opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
In-depth analysis and market size and segmentation assist to determine the prevailing market opportunities.
Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players.
The Malaysia Skin Care market report includes the market analysis of key players, market segments, application areas, and growth strategies.
Competitive intelligence of the industry highlights the business practices followed by key players across country and the prevailing opportunities.
KEY MARKET SEGMENTS
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