Page 36 - EM - Export Magazine Perfumery Edition

R E P O R T

Estee Lauder, for example, has set an
example with its modern flagship store
in Mid Valley Megamall KL, featuring
distinctive design and attracting
consumers. Despite fierce competition in
several areas of the Malaysian Personal
Care and Beauty market, there are
many exciting opportunities for brands
looking to move into this region. Brands
who promote sustainability, use clean
ingredients, and offer a touch of premium
through their products will do particularly
well, though the shifting of distribution
channels means brands will benefit from
partnering with someone who is familiar
with these matters in order to thrive
within this promising market.
Premiumisation is a notable trend here and extends to body
care and hair care, with retail sales expected to grow at a value Taiwan
CAGR of 17%. In the premium sector, fragrances saw significant Taiwan’s Beauty and Personal Care Market is accessible
growth in 2022, with a 24% increase in retail value sales. and well-regulated, offering strong intellectual property
Premium skincare has also thrived, protection for brands. In 2022, the cosmetics market in
partly due to the entry of international brands like Herborist. Taiwan reached approximately €4.67 billion, up 1.5% from
Local sales of mass beauty and personal care products face the previous year. While cosmetics have seen moderate
tough competition from foreign e-commerce platforms growth, other segments like fragrances have eAxperienced
like Beautela, prompting retailers like Watsons to adopt an higher levels of expansion, making Taiwan a market worth
omnichannel approach to stay competitive, which brands considering for brands.
entering the market should also consider. Currently, P&G, L’Oréal, and Shiseido collectively hold a 23.7%
The distribution landscape has seen the emergence of multi- share of the Taiwanese market, which is slightly lower than in
brand stores offering a wide range of beauty and personal care previous years. Local brand Elca holds a respectable share
products. However, standalone stores and beauty specialists of 6.2%. Environmentally-friendly and vegan products have
are expected to expand rapidly. gained popularity, particularly among younger consumers.

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