20 Jul 2020
Posted in Consumer
Malaysia’s make-up market to reach US$216.3m by 2024, says GlobalData
The Malaysian make-up sector is projected to grow from RM687.1m (US$164.4m) in 2019 to RM911.7m (US$216.3m) by 2024, with a compound annual growth rate (CAGR) of 5.8%, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Malaysia Make-Up – Market Assessment and Forecasts to 2024’ reveals that the sector is majorly driven by growth in the eye make-up category, which is forecast to register the fastest value CAGR of 6.5% during 2019–2024. The category is closely followed by face make-up, which is expected to record a CAGR of 5.7% during the next five years.
Anchal Bisht, Consumer Analyst at GlobalData, says: “Several beauty brands in Malaysia are trying to reach consumers by expanding their presence on various e-commerce platforms leading to higher visibility for new and unique make-up products. Furthermore, in an attempt to dole out beauty products that address specific consumer requirements, such as halal-certified and organic products, manufacturers are launching innovative products that are likely to drive the sales going forwards.”
The volume share of Malaysia in the global make-up sector is expected to rise from 0.2% in 2019 to 0.3% by 2024. However, the country’s share at regional level is expected to remain constant at 1.1% in 2019 through 2024.
Hypermarkets & supermarkets continue to dominate the Malaysian make-up sector and accounted for the majority share of 24.7% in 2019 followed by chemist/pharmacies and health & beauty stores which stood at 18.6% and 16.6% respectively in the same year. Hypermarkets & supermarkets also held the majority share across all categories in the country in 2019.
L`Oreal S.A., The Estee Lauder Companies Inc. and Avon Products, Inc. are the top three companies in the Malaysian makeup sector. L`Oreal Paris and Silkygirl are the leading brands in the Malaysian make-up sector in value terms in 2019.
Ms Bisht concludes: “Increasing awareness on benefits of environment-friendly ingredients is driving the consumers’ demands for such products in the country. Growing concerns towards the use of synthetic ingredients in make-up products is shifting the consumers’ preferences towards natural ingredients. Sensing this change, manufacturers are introducing certified organic products, which are poised to witness higher uptake.”