How to boost your economy in times of crisis? Setting up in new areas can be a good way to increase your turnover. This is how Business France has initiated its Relance Export Tour. The concept was presented at the E-Cosmetic 360 trade show. The organization has organized several webinars to highlight countries of interest in the context of an export project. Malaysia is one of them.
With a population of about 32.4 million and a GDP of $11,072 per capita, Malaysia is the second largest purchasing power territory in the ASEAN region.
The beauty products sector (all industries) has grown by 7.3% with an estimated total value of 2.36 billion euros in 2019. The 3 billion is expected to be reached in 2023.
Trends
Malaysia’s middle and upper classes make up the majority (78%) of the population and are increasingly concerned about their image and well-being.
The number of urban consumers with modern lifestyles and affluent incomes is generating an ever-increasing demand for cosmetics. Malaysians are fond of sophisticated skin care products (natural, suncare, for men) with immediate results.
Market Characteristics
Malaysia is not a territory where the local production of cosmetics is strong. There are 267 manufacturers specialized mainly in contract manufacturing for the regional and international market.
France is the country’s leading supplier of beauty products with imports amounting to 60.4 million euros in 2019, closely followed by South Korea (59.6 million euros) and the United States (57.4 million euros).
France is also the leader in perfumes (’49.3 million, or 51% of imports) and also increasingly distributes raw materials to local brands.
The tricolor …
