According to a Statista report, Southeast Asia beauty and personal care is a massive $25.4 billion market and grows by 5% to 8% every year. The number is driven by the increasing wealth and people's willingness to spend on looks. Indonesia, the largest economy in the region, controls $7.5 billion of the beauty market and grows by 6.4% annually.
In the beauty industry, skincare category has a $2.1 billion market, of which serum and essences account for $180 million and are growing the fastest. Serum penetration in Indonesia has increased threefold between 2017-2019 and is expected to be double-digit range by the end of this year. Thanks to Korean Beauty, which significantly affects the country's beauty market nowadays.
In this competitive market with giant incumbents like Unilever, P&G, L'Oreal, and Amore Pacific, many local indie brands have sprung up joining the race, Deca Group is one of them. Founded in 2016, Deca Group offers affordable Korean-influenced beauty products with a price tag ranging from Rp 20,000 to Rp 250,000. Riding the wave, Deca Group produces at least 400,000 bottles of serum every month which contribute 40% to Deca Group's revenue.
Founded by Jessica Lin and Dennis Gunawan, Deca Group manages five brands: Everwhite, Everslim, Everpure, Whitelabel, and True. Over the years, the group has grown significantly from two SKUs back in 2016 to 60 SKUs this year.
Denne historien er fra June 2021-utgaven av Forbes Indonesia.
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Denne historien er fra June 2021-utgaven av Forbes Indonesia.
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