Indonesia Skin Care Products Market Expanding At A Healthy 7.8% CAGR, To Reach A Value Of $ 18,828.24 Million By 2030

(MENAFN- EIN Presswire)

Indonesia-Skin Care Products Industry

the face care segment dominated the market and is likely to remain dominant during the forecast period.

PORTLAND, OREGON, UNITED STATES, May 1, 2023 / / — According to a new report published by Allied Market Research, titled,“indonesia skin care products market by Type, Age Group, Demographics and Sales Channel: Opportunity Analysis and Industry Forecast, 2018–2030,”

The Indonesia skin care products market size was valued at $9,104.48 million in 2018, and is projected reach $18,828.24 million by 2030, registering a CAGR of 7.8% from 2021 to 2030.

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 Indonesia skin care products industry. 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 reside in 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

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