South Korea’s Cosmax Inc., the leading original design manufacturer (ODM) in cosmetics, has inaugurated a new perfume laboratory in Indonesia, setting its sights on the burgeoning halal perfume market in Southeast Asia. This strategic move is aimed at crafting fragrances that resonate with local tastes and preferences.
During the Cosmax Innovation Conference 2024 held in Jakarta on February 5, the company showcased its latest market insights and the capabilities of the newly established Indonesian Research and Innovation (R&I) Center. This initiative is a collaborative effort with the Cosmax Pangyo R&I Center, focusing on creating products that are in line with both global trends and specific consumer demands in the region.
The Indonesian perfume market, valued at approximately 7.7 trillion Rupiah ($492 million) in 2022, is anticipated to experience significant growth. Experts project an average annual growth rate of 7.4% through 2027, driven by the rising self-care trend among the country’s MZ generation. This demographic shift is expected to catalyze demand across both premium and mid-low price segments, positioning Indonesia as a key player in the global halal cosmetics industry.
