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Cosmax Inc., a manufacturer and marketer of skincare and makeup products in South Korea, launched its perfume lab in Indonesia. The company said on Wednesday, Feb. 7, that it set up the facility to introduce its products formulated to suit the preferences of the locals.
The Korea Economic Daily reported that Cosmax also aims to expand its business in the halal perfume market in Southeast Asia. To succeed in this endeavor, it will tweak its existing products to suit the climate and tastes of the region's consumers.
Expansion to Southeast Asia
Cosmax started showcasing its products via its new R&I perfume lab in Indonesia. Moreover, as part of its market strategy, the Indonesian unit of the company organized an event called the "Cosmax Innovation Conference 2024" in Jakarta earlier this week. The theme of the conference was "Curate Your Brand Persona."
In any case, to reach their expansion goal, Cosmax Pangyo R&I Center and Cosmax Indonesia will develop cosmetics, perfumes, and skincare products that align with global trends and local consumers' preferences. For starters, the new Fragrance Lab at the Indonesian R&I Center will present halal items for the Southeast Asian perfume markets.
"The perfume market in Indonesia is projected to grow at an average annual rate of 7.4% until 2027," a source from Cosmax said. "The rising self-care trend among the Indonesian MZ generation is expected to boost both the premium and mid-low price segments."
Emerging Indonesian Market
Indonesia's economy is growing. It showed a record-high economic growth rate of five percent per year. Thus, many markets are also starting to emerge in the country. This is also why Cosmax chose it for its perfume lab and started producing halal-certified products.
"We have grown into a leading local cosmetics ODM company in the 10 years since we entered Indonesia," Cosmax Indonesia's head, Jeong Min Kyung, said in a press release. "We will lead Indonesian beauty trends, such as perfume and sun care categories, which are expected to see high growth in the future, and grow together with our customers."
Photo by: Cosmax Newsroom
