Cosmax Targets Indonesian Perfume Market... "Bridgehead for Expansion into Middle East and Southeast Asia"

Increasing Self-Care Demand Among Indonesian MZ Generation
New Fragrance Lab Established in Local Research Institute
Emerging Market Foothold "Targeting Southeast Asia & Middle East Markets"

Cosmax announced on the 7th that it has established a fragrance lab within its Indonesian research institute and is launching an offensive in the perfume market. Given Indonesia's geographical and religious proximity to the Southeast Asian and Middle Eastern markets, the company plans to use it as a foothold for entering emerging countries.

On the 5th, Cosmax held the 'Cosmax Innovation Conference 2024' at La Suite Simatupang Hotel in Jakarta, Indonesia. The Innovation Conference is an annual 'one-stop solution' proposal event hosted by Cosmax Indonesia. It introduces comprehensive solutions for indie brands, including new formulations, technologies, and investment connections. This year, about 300 key stakeholders in the Indonesian cosmetics industry attended, including local clients, the Indonesian Food and Drug Authority (BPOM), raw material and packaging companies, and investors.

Cosmax Indonesia R&I Center Fragrance Lab

At the event, Cosmax introduced the newly established fragrance lab within the Indonesian R&I (Research & Innovation) Center. The eight perfume kits presented on-site, tailored to the preferences and persona moods of the Indonesian MZ generation, attracted high interest from clients. The perfume kits consist of floral and fruity fragrances with strong scents preferred by local consumers, reflecting the hot and humid climatic characteristics.

As of 2022, the Indonesian perfume market is approximately 7.7 trillion rupiah (about 651.4 billion KRW). According to major global market research firms, the Indonesian perfume market is expected to record an average annual growth rate of 7.4% until 2027. This is due to increasing self-care demand among the Indonesian MZ generation, drawing attention to both premium and mid-to-low priced perfume markets in the future.

Indonesia serves as a foothold for entry into emerging countries. It ranks as the world's 4th largest population (about 280 million people) and records a high economic growth rate of around 5% annually. It shares geographical and climatic similarities with major Southeast Asian countries and religious and cultural similarities with Middle Eastern countries, making it part of the 'Halal cultural sphere.'

Cosmax Indonesia plans to continuously introduce products reflecting global fragrance trends and local consumer preferences in collaboration with the Cosmax Pangyo R&I Center. Based on the MUI Halal certification obtained in 2016, the company aims to actively target not only the halal perfume market but also the rapidly growing Southeast Asian perfume market.

Jung Min-kyung, head of Cosmax Indonesia, said, “After about 10 years of entering Indonesia, we have grown into a leading local cosmetics ODM company. We will lead Indonesian beauty trends in categories such as perfume and sun care, which are expected to grow significantly, and grow together with our clients.”

This content was produced with the assistance of AI translation services.