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Indonesian Highlights and Insights in News
Indonesian Highlights and Insights in News
Business_Economy
Indonesia's Beauty Industry Revenue To Reach US$ 9.17 Billion By 2024
Saturday, 30 Nov 2024
The growth of the beauty industry in Indonesia is anticipated to be increasingly promising in the future. In 2023, the revenue reached 8 billion USD, and this year, it is projected to rise to 9.17 billion USD. "The beauty industry in Indonesia is experiencing remarkable growth, with a value of 8.09 billion USD in 2023, increasing to 9.17 billion USD in 2024," stated Deputy Minister of Industry Faisol Riza during the opening of Beauty Science Tech 2024: Reshaping the Future at Senayan City, Jakarta, on Thursday, November 28, 2024.
He further noted that a key factor in the success of the cosmetics industry is the use of skincare products, which are now utilized not only by women but also by men.
Faisol also mentioned that the number of beauty industry players has increased from approximately 1,030 to over 1,200 within the past year. Moreover, their contribution accounts for 89 percent of the total small and medium enterprises, and it is expected to continue growing at a rate of 4 percent annually.
Looking ahead, Faisal expressed hope that local cosmetic products will increasingly dominate the market amidst the influx of imported products from various countries. "With the rising interest in beauty among the public and advancements in technology within the beauty industry, we, the government, are confident that the national beauty market will continue to be under our control," he remarked.
On the same occasion, the local beauty company ParagonCorp organized Beauty Science Tech 2024: Reshaping the Future to enhance beauty literacy by featuring scientists, researchers, innovators, celebrities, key opinion leaders (KOLs), and content creators from both Indonesia and abroad. This event is being held at the Main Atrium of Senayan City, Jakarta, from November 28 to December 1, 2024.
There are 69 local and international experts, including Dr. Hanny Nilasari, Sp.DVE., Subsp.Ven., FINSDV, FAADV, Prof. Dr. Cita Rosita Sigit Pakoeswa, Sp.DVE (K), FINSDV, FAADV, Dr. Athieqah Asy-Syahidah, dipl.AAM (@tiqasya), and Claudia Christin, MBBS, Ph.D. (@funskincare). Additionally, notable figures such as KOLs and celebrities including Tasya Farasya, Yasmin Napper, Andien Aisyah, Alyssa Daguise, Febby Rastanty, Vinna Gracia, Bubah Alifan, Patricia Gouw, Chico Jerikho, Fadil Jaidi, Erika Richardo, as well as Yura Yunita and Donne Maula are also present.
Visitors have the opportunity to explore six available zones: Future Leap Innovation, Future Science Skintech, Infinite Beauty Studio, Brotherhood Innovators Lab, Eco-Actions Catalyst, and Beauty Tech Lounge. "At Beauty Science Tech 2024, we are presenting six consumer experience zones that the public can engage with directly," stated Stephanie Lie, Senior Group Head of Masstige and Advanced Beauty Marketing at ParagonCorp, on Thursday. (ferry@insightinnews.com)
