KUALA LUMPUR: The 13th Malaysia Plan (13MP) is set to drive significant growth in the country’s RM6.8 billion skincare and wellness industry. Industry experts believe the plan’s focus on digital-first models and value creation will empower local brands to expand globally.
Cynthia Lee, founder of Encorium, a homegrown e-commerce skincare brand, highlighted the plan’s potential impact. “This is the clearest signal yet that innovation is not limited to semiconductors or artificial intelligence. The beauty industry, especially science-based skincare, is a high-growth, IP-driven sector where Malaysia can lead,“ she said in a statement.
The 13MP’s emphasis on strengthening Malaysia’s innovation ecosystem—including startup funding, digital infrastructure, and data governance—could help smaller brands overcome challenges like clinical R&D costs and export readiness. “It also sets a target of 5,000 digital entrepreneurs by 2030 and prioritises high-growth, high-value industries,“ the company added.
Encorium, founded in 2021, specialises in alcohol-free, fragrance-free skincare products for sensitive skin, incorporating local ingredients like tocotrienols. The brand operates entirely through digital channels, collaborating with local chemists and manufacturers. – Bernama