The cosmetics market in Malaysia is currently booming and offers a great opportunity for both domestic and multinational cosmetics companies, alike.
According to figures from Mintel, the country’s total trading figures hit MYR 1.269 trillion ($397 billion) in 2011, up 8.7 percent on the previous year.
Malaysia’s 26.6 million population is dominated by ethnic Malays, Muslims who comprise 60 percent of its inhabitants. Next come people of Chinese origin, who form one of the country’s wealthiest communities, representing 23 percent, followed by the Indian population.
Halal cosmetics have untapped potential
According to Mintel, this offers a good opportunity in the Halal cosmetics market. The global Halal market is currently estimated at $2.3 trillion, covering both food and non-food sectors, but the market researcher says much of the potential of this market is yet to be tapped.
Malaysia’s Halal beauty and personal care launches far outnumber its nearest rival, the Philippines, as well as the UK, with thanks to its number one Halal certified brand SimplySiti; created by local celebrity and beauty icon Dato’ Siti Nurhaliza.
Another leading Malaysian player is IVY Beauty Corporation Sgn Bhd, which markets color cosmetics, skin care, body care, hair care, baby care and men’s toiletries under the brand names of Ivy, Leivy, Natifa and Man.
Due to the country’s tropical climate, Malaysian women look for waterproof or water resistant make-up: a claim that ranks sixth in color cosmetics launches in Malaysia.
Mascara and eyeliners are the leading waterproof cosmetics that Malaysian market offers. K-Palette Real Lasting 1 Day Tattoo Eyeliner 24h, for example, is a waterproof eyeliner and is claimed to offer enhanced blackness and definition.
Chinese brand, Rose Girl Up Thick Mascara is described as waterproof and curling professional make-up. The mascara offers curved lashes and is enriched with pro-vitamin B5, amino acids and other nutritional ingredients to hydrate the lashes.
Face colour cosmetics also feature the waterproof claim. Ytmz Concealer is a current product on the market which is said to be anti-sweat and waterproof.