Matrade Urges Malaysian Exporters To Tap Into Brazilian Beauty Market

KUALA LUMPUR, Oct 2 (Bernama) -- The Malaysia External Trade Development Corporation (Matrade) is encouraging Malaysian exporters to venture into the Brazilian beauty market due to an array of business opportunities there. The national trade promotion agency, in a statement, said the Brazilian Cosmetic, Toiletry and Fragrance Association recently announced that by 2020, Brazil would become the second largest beauty care products market in the world. Brazil is now positioned as the world's third largest such market after the United States and Japan, which also includes green cosmetics, with total demand growing more than 10 per cent since 2012. In 2013, the total market size for cosmetics in Brazil was valued at US$13.82 billion (RM45 billion, US$1 = RM3.25) with imported cosmetics and toiletries accounting for 8.1 per cent of the domestic consumption. Matrade Trade Commissioner in Sao Paulo, Yusram Yusup, said Malaysian exporters are encouraged to supply finished cosmetics and toiletry products, as well as distribute green and eco-friendly raw materials to local cosmetic and toiletry manufacturers. "Malaysian companies should also consider appointing a representative or distributor in Brazil due to the language barrier and different business culture. "It is also advisable for Malaysian exporters to conduct market research before securing an agent, representative or distributor," he added. --BERNAMA