In 2019, the per capita expenditure on cosmetics and toiletries in Indonesia amounted to 20.2 U.S. dollars. The value was projected to increase by seven U.S. dollars in 2024, accounting for steady growth in this segment.
The growth of the cosmetics market in Indonesia
One of the determining factors that have resulted in the growth of the cosmetics and toiletries industry in Indonesia is the increase in purchasing power. It has been cited as one of the factors that prompted a change in consumer lifestyle and purchase priority. Cosmetic products, which may have been seen as luxury products before, have become something that consumers would need daily these days. Overall, the revenue of the cosmetics market in Indonesia had been constantly rising in the past years and was targeted to reach around 2.3 billion U.S. dollars by 2025.
Struck by the Hallyu Wave
One of the major trends in the cosmetics industry is currently K-beauty or Korean beauty. K-beauty items were believed to cater to the needs of the Indonesian beauty consumers who aspire to achieve the current makeup looks trends such as the “no makeup” or natural look. The popularity of K-beauty products in the country was also reflected in the beauty and skincare preparation imports from South Korea, which accounted for the second-largest import value of such products to Indonesia. With the continuous popularity growth of Korean beauty products in the country, the Korean beauty trend is here to stay for the foreseeable future.
