Indonesia's Beauty Product Spending Projected to Reach Rp262 Trillion by 2025
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Based on research by the Katadata Insight Center (KIC) using the Sales Planning and Synergy Hub Tools (SPLASH) analysis, the value of spending on beauty products or the beauty sector in Indonesia has consistently increased.
In 2020, spending on beauty products reached Rp175 trillion. A year later, the value increased by 10.5% year-on-year (yoy) to Rp193 trillion.
Furthermore, in 2022, the value reached Rp219 trillion, or a 13.5% increase from 2021. Entering 2023, the value is calculated at Rp233 trillion, a 6.5% growth from the previous year.
The projection for 2024 reaches Rp256 trillion, growing 9.9% (yoy). It is predicted to reach Rp262 trillion in 2025, growing 2.4% (yoy).
From 2020 to the projected 2025, the compounded average growth rate (CAGR) is predicted to reach 7.02%.
"This is a positive indication for the prospects of the beauty industry, considering this consistent increase occurred despite the Covid-19 pandemic in 2020-2022," wrote the KIC research team, as quoted on Thursday (September 26, 2024).
The growth rate of beauty spending in Indonesia is also higher than the growth of beauty spending in other countries in the Asia Pacific region, which is estimated to grow with a CAGR of 6.74%, and in the United States, with a CAGR of 5.8%.
This KIC research is compiled from Mordor Intelligence and Precedence Research, published on Monday (September 23, 2024).
(Also read: 5 Regions with the Highest National Beauty Product Spending)
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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