A REVIEW: COSMETIC MARKET IN MALAYSIA AND THE POTENTIAL FOR THE COMMERCIALIZATION OF COCOA ANTIBACTERIAL NIGHT CREAM (NATCOA)
Authors: Zainal B.1, Farniza Shareen J. and Ahmad Kamil M. J.
Journal Issue: Malaysian Cocoa Journal, Volume 14/2022
Keywords: Cosmetic, cocoa, antibacterial, night cream, commercialization
Published On: 10/05/2022
Abstract
Cosmetics industry has been expanding and growing around the world in both developed and developing countries. A steady economic growth driven by strong domestic demand and private consumption is boosting Malaysia's cosmetics & toiletries industry. The aim of this study is to find out if the antibacterial night cream is viable to be produced and commercialized as a cosmeceutical product in Malaysia. This study will discuss the size and growth trends of the cosmetics industry, the cocoa anti-bacterial night cream (NatCoa) testing, the production cost of the product and the marketing strategies for NatCoa night cream. The finding from the study has shown that in the cosmetics and personal care sector, the skincare and lip make-up product category command the largest market share. The NatCoa night cream is made from natural ingredients. The various tests that have been conducted to ensure the safetyness of the NatCoa night cream is the strongest proposition in marketing the NatCoa night cream. The proposed total production cost for NatCoa night cream is RM14,181.50. One (1) bottle of NatCoa costs about RM14.80 to produce and can be sold for at least RM30.00. Ordinary imported antibacterial night cream sells for about RM50-RM60/bottle in the retail market. This can be concluded that the NatCoa night cream is highly price competitive with a profit margin of 47 %. The company that will market NatCoa night cream needs to identify the correct market segmentation, the right pricing, and the effective place to market this cocoa antibacterial night cream.