04.24.19
The Asian beauty market is bigger than China...much bigger. Fuelled by positive economic growth supported by heavy manufacturing investments, the cosmetics & toiletries industry in Indonesia is expected to grow at a compound annual growth rate (CAGR) of 8.4% from Rp70.3 trillion ($5 billion) in 2018 to Rp105.1 trillion ($7 billion) by 2023, says GlobalData, a leading data and analytics company.
GlobalData’s report, Country Profile: Cosmetics & Toiletries in Indonesia, reveals that skin care products, which held the largest value share of 31.1% in 2018, are forecast to record the fastest growth with a value CAGR of 9.6% over 2018-2023.
Anugna Victor, Consumer Analyst at GlobalData, says: “Growing population and a decreasing unemployment rate are expected to drive the growth of the industry in Indonesia, as consumers become more image conscious and start opting for cosmetics & toiletries products.”
The report further points out that Indonesia’s value share in the Asia-Pacific (APAC) region, which stood at 3.1% in 2018, is expected to remain steady through 2023.
The per capita consumption (PCC) of cosmetics & toiletries in Indonesia, which was low at 9.5 units compared to both APAC and global levels in 2018, is forecast to increase to 11.6 units by 2023.
GlobalData’s report, Country Profile: Cosmetics & Toiletries in Indonesia, reveals that skin care products, which held the largest value share of 31.1% in 2018, are forecast to record the fastest growth with a value CAGR of 9.6% over 2018-2023.
Anugna Victor, Consumer Analyst at GlobalData, says: “Growing population and a decreasing unemployment rate are expected to drive the growth of the industry in Indonesia, as consumers become more image conscious and start opting for cosmetics & toiletries products.”
The report further points out that Indonesia’s value share in the Asia-Pacific (APAC) region, which stood at 3.1% in 2018, is expected to remain steady through 2023.
The per capita consumption (PCC) of cosmetics & toiletries in Indonesia, which was low at 9.5 units compared to both APAC and global levels in 2018, is forecast to increase to 11.6 units by 2023.
