Thursday, 12 December 2019

Gov't Eyes 9 percent Growth in Cosmetics Industry

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Petir Garda Bhwana

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  • TEMPO.CO, JakartaThe Industry Ministry is eyeing nine percent growth of the national cosmetics industry this year since Indonesia is a quite high potential market of beauty product that is also promising business for producers to develop.

    “We have targeted the growth of cosmetics industry by 9 percent,” said the ministry’s director-general of the chemical, pharmaceutical, and textile industries, Achmad Sigit Dwiwahjono, in a press release on Wednesday, April 10.

    According to him, the growth is supported by the rising demand in the domestic market and export each year. This is also in line with the people’s lifestyle in which seeing body treatment products as the main need.

    Read also: South Korean Cosmetic Industry Eyeing the Halal Industry

    In 2017, the ministry recorded a total of 760 companies existed in the country’s cosmetics industry, and 95 percent of which were micro and medium enterprises. “From the medium to large scale industry, several of them export their products to ASEAN countries, Africa, Middle East, and a few others,” Sigit added.

    The export value of domestic cosmetics product in 2017 reached US$516.99 million or jumped 16 percent when compared to 2016’s US$470.30 million.

    The ministry, Sigit went on, is focusing to implement various efforts to improve the competitiveness in the industry through multiple programs and strategic policies to strengthen the structures. For example, applying digital technology to gain higher value given the current industry 4.0.

    “The use of technology and digital intelligence starting from production process to distribution will surely provide new opportunities in increasing the industry competitiveness that is in line with the consumer’s dynamic preference and lifestyle,” Sigit noted.

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