Indonesia Skin Care Products Market is projected reach $14,716 million by 2027, registering a CAGR of 7.5% from 2021 to 2027
PORTLAND, OR, UNITED STATES, October 27, 2020 /EINPresswire.com/ — “Indonesia Skin Care Products Market by Product Type, Demographic, Age Group, and Sales Channel: Opportunity Analysis and Industry Forecast, 2021–2027,”the Indonesia skin care products market size was valued at $9,758 million in 2019, and is projected reach $14,716 million by 2027, registering a CAGR of 7.5% from 2021 to 2027.
In 2017, Indonesia recorded 25% rise in registration of local cosmetic companies, majorly the small- and medium-scale enterprises, owing to the government support for the growth of the sector. Hence, currently the total industries are more then 76,095, which are small and medium enterprises. Furthermore, the government is focusing on this industry as evidenced in the President Direction (Indonesian: Perpres) No. 14 Year 2015 about National Development Core Planning Year 2015-2035 in which cosmetic and traditional medicine industries are becoming diversified national economic backbones. Despite various promotional and marketing efforts by domestic brands in years, global brands, be it locally manufactured or imported, still dominate skin care products sales in Indonesia. The superiority of such brands is difficult to break as skin care products have specific target customers and they tend to be loyal to a particular brand. They cannot easily switch to other products even if the competitors provide equal or better quality. The nation has 12–15% out of the entire population in the middle-to-high income range. These consumers, who predominantly residein large cities, can afford to buy high-end imported products. For this specific group, quality, brand image, and being top-of-trends are among the major aspects considered while purchasing skin care products. Statistic wise, Indonesia has witnessed rapid growth of shopping malls over last 10 years. In the capital Jakarta alone, more than 100 shopping centers have been registered. More than 10% of them are intended for high-end or luxury imported products. This is anticipated to presents remunerative opportunities for European brands, which are regarded as expensive but come with top-notch quality, and are hence highly desirable.
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Halal regulations in particular have been providing new opportunities for the Indonesia skin care products market. Not only giving the local brand a competitive edge over global brands in the domestic market, Halal regulations further allowlocal based halal-certified cosmetic manufacturers establish their presence in overseas niche market too. For instance, the French cosmetics giant L’Oréal in Indonesia already has a halal-certified factory, which supplies the domestic market and the Southeast Asia region. Most of the products are sold under the Garnier brand, including facial cleansers to halal-approved skin lightening creams.
The Indonesia skin care products market is studied on the basis of product type, demographics, age group, and sales channel. Depending on product type, the market is categorized into cream, lotion, and others. By demographic, it is bifurcated into male and female. According to age group, it is fragmented into generation X, millennial, and generation Z. As per sales channel, it is classified into supermarket/hypermarket, specialty stores, department stores, beauty salons, pharma & drug stores, and online sales channel.
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Key findings of the study
Depending on type, the cream segment was the highest contributor to the Indonesia skin care products market, and is expected to grow at a CAGR of 6.9% from 2021 to 2027.
By demographics, the female segment was the highest contributor to the market in terms of value in 2019and is estimated to grow at a CAGR of 6.7% from 2021 to 2027.
On the basis of age group, the millennial segment exhibits highest CAGR of 8.8% from 2021 to 2027.
The supermarkets & hypermarkets segment accounted for 31.30% of the total Indonesia skin care products market share in 2017, and is estimated to grow at a CAGR of 5.8%.
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The key players operating in the Indonesia skin care products industry are the the L'OréalGroup, the Procter & Gamble Company, Unilever PLC, Avon Products Inc., Wardah, PT Martina BertoTbk, MustikaRatu, Mandom Brands, PT Akasha Wira International Tbk, Shiseido Company Limited,and Estee Lauder Companies Inc. However, local players are continuously strengthening their foothold in the country, owing to rise in demand for Halal-certified consumer products and increase indemand for skin care products formulated from natural sources.
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Source: EIN Presswire