eCommerce Trends in Malaysia’s Beauty Industry
The cosmetic industry has continually expanded and grew globally over the years. This unprecedented growth has impacted the evolution of the field, leading to more opportunities for those who invested in the buy sell business of cosmetic brands.
The steady economic growth powered by the significant domestic demand and private consumption continues to fuel biz buy sell Malaysia’s cosmetics production. The rise is expected to increase at a synthesized annual growth of 4.2% from RM6.4 bn in 2018, to RM7.9 bn in 2023, according to leading data and analytics network Global Data.
Trends in Cosmetics
There can be no doubt that the COVID-19 response in Malaysia inflicted a polarizing impact in terms of the purchase of cosmetic products in 2020. At the height of the pandemic, various products such as color cosmetics, fragrances, and sun care took a blow in terms of value as those were not essential during the lockdown.
If you’re looking for a cosmetic enterprise from a buy and sell business platform, consider checking Malaysia Easy Buy Sell Business, a Business for Sales Center for entrepreneurs and business takeovers. They have plenty of offers in Malaysia business for sale 2020 waiting for new owners.
Anti-aging products are continuously on the rise in the Malaysian cosmetics market, with foreign brands as the frontrunner in the industry.
Malaysian consumers are more inclined to purchase both premium and general skin care merchandise that contain anti-aging elements. A product line that has incorporated herbal extracts like ginseng, aloe vera, and angelica, and black orchid, and fermented rice, remains a hit for cosmetic lovers.
Natural and Organic Skin Care
Another famous cosmetic type in Malaysia is natural and organic skincare as dermatological skincare ranges are seemingly on a rise in terms of sales. Natural skincare is also on top of the trending list in Malaysia’s cosmetic line, as consumers nowadays continue to abandon the use of chemical-loaded products for a skincare good that contains safe and eco-friendly ingredients.
Besides, Malaysians’ vastly improving knowledge about the benefits of a certain ingredient of a skincare product doesn’t hamper the value of a product, even if the price is much higher. This further indicates that more and more Malaysians are willing to purchase expensive products as long as they contain natural substances.
As the number of Malaysians who prefer using digital platforms continues to grow, it has also pushed the creative minds of skincare brands to make something new that focuses on a variety of skincare ranges. Exposure to smart gadgets could lead to digital stress that could also affect the skin.
In data provided by the Malaysia department of statistics, the overall purchase worth of every Malaysian spent on cosmetics and toiletries amounted to US$407 million in 2013. Part of which Malaysian consumers are more enticed to buy beauty products from major cosmetic brands that market enhancing younger appearance.
With that, a growing amount of cosmetic brands figured out to innovate products to lessen the risks of getting exposed to various digital materials. Among the most notable creations are the introduction of an anti-fatigue eye contour gel that could reduce signs of early aging, like having eye bags, dark circles, puffiness, and fine lines.