portland, OR, Nov. 30, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the Malaysia skin care market was pegged at$804.5 million in 2019, and is anticipated to garner $1.28 billion by 2027, growing at a CAGR of 8.1% from 2021 to 2027.
Increase in women population, penetration of Korean culture in Malaysia, and surge in women working population drive the growth of the Malaysia skin care market. However, high price sensitivity and Halal consumerism hamper the market growth. On the contrary, increase in demand for skincare products with safe & sustainable ingredients and surge in penetration of digital technology are expected to create lucrative opportunities for the market players in the future.
In-depth analysis of the COVID-19 impact on the Malaysia skin care Market@ https://www.alliedmarketresearch.com/request-for-customization/7012?reqfor=covid
Covid-19 scenario:
- To curb the spread of the Covid-19 virus, governments of several countries have banned international travel and imposed restrictions on imports and export.
- Since the Covid-19 pandemic, the retail business is closed and the beauty, personal care, and cosmetic sectors are severely affected.
- Moreover, lack of raw materials for the manufacturing of luxury cosmetics and the disrupted supply chain have created a shortage of supply of cosmetics.
The Malaysia skin care market is segmented on the basis of type, demographics, age group, and distribution channel.Based on type, the market is categorized into cream, lotion, and others. The cream segment held the largest share in 2019, accounting for more than half of the market. However, the lotions segment is estimated to register the highest CAGR of 8.9% during the forecast period.
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On the basis of demographics, the market is classified into male and female. The female segment held the largest share in 2019, contributing to nearly three-fifths of the market. However, the male segment is estimated to manifest the highest CAGR of 9.23% from 2020 to 2027.
Based on age group, the market is divided into supermarket/hypermarket, specialty stores, department stores, beauty salons, pharmacies & drug stores, and online sales channels. The supermarket/hypermarketsegment dominated the market in 2019, accounting for nearly one-third of the market. However, the online sales channel segment is anticipated to register the highest CAGR of 10.61% during the forecast period.
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The Malaysia skin care market report includes an in-depth analysis of the major market players such as the Procter & Gamble Company, L'Oréal Group, Bejesdorf AG, Unilever PLC,Estee Lauder Companies Inc., Berjaya Corporation Berhad, Wipro Ltd., Alticor Inc., Shiseido Company Limited, and Avon Products Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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