Indonesia’s Skincare Market Continues to Thrive with Surge in Serum and Essence Sales

Jakarta, February 3, 2025 – Indonesia’s beauty and personal care market continues to expand, with skincare maintaining its dominance over makeup. According to Statista, skincare revenue grew from $2.17 billion in 2021 to $2.65 billion in 2023, further reinforcing findings from the ZAP Beauty Index that Indonesian women prioritize skincare over cosmetics. Gen Z and Millennials remain the primary consumers, with Gen Z shoppers increasing to 54% in 2023, reflecting their enthusiasm for trying new beauty products. In the e-commerce sector, serum and essence secured the second-largest market share after moisturizers, accounting for 17.4% of total beauty sales in Q3 2024, based on Magpie data. As the industry evolves, brands are expected to leverage these trends to meet the growing demand for innovative skincare solutions.

Serums & Essences Market Overview

According to data from Magpie E-commerce Intelligence, the serum and essence market in Indonesia saw substantial growth in Q3 2024, reaching a total market size of $54.2 million—a 38.97% increase compared to Q3 2023. Sales volume also experienced a notable rise, with 10.2 million units sold, marking a 29.11% year-on-year increase. The category’s Gross Merchandise Value (GMV) demonstrated strong performance, growing 38.97% quarter-on-quarter and showing a slight 1.85% increase from Q2 2024. This upward trend reflects the continued demand for skincare solutions, with consumers increasingly investing in serums and essences as part of their beauty routines.

Market Share by E-commerce

Shopee continued to dominate Indonesia’s online serum and essence market in Q3 2024, capturing 80.71% of the total market share. Lazada followed with 11.45%, while Tokopedia secured 7.71%, and Blibli held 0.13%.

Shopee’s dominance remained steady throughout the quarter, with a slight increase in September contributing to Tokopedia’s market share growth, while Lazada experienced a decline. These shifts highlight the competitive dynamics within Indonesia’s e-commerce landscape as platforms vie for a larger share of the rapidly expanding beauty sector.

Moisturizer Market Share by Brand

The serum and essence market in Indonesia remained highly competitive in Q3 2024, with the top five brands contributing 27.7% of total market share. Skintific emerged as the category leader, securing a 10.1% share, followed by Elformula (6.1%), The Originote (4.1%), Y.O.U (4.0%), and Somethinc (3.4%). As consumer demand for skincare continues to rise, these brands are strengthening their presence in the e-commerce landscape, leveraging innovative formulations and strategic digital marketing to capture market share. 

Brand Performance Over Time

The serum and essence market saw intense competition in Q3 2024, with brand performance fluctuating throughout the quarter. While Skintific initially led the category, shifting market dynamics allowed Somethinc (5.9%), Y.O.U (3.9%), and Elformula (6.2%) to surpass its market share by the end of the quarter. Somethinc, in particular, demonstrated significant growth, securing its position as a key player in the segment. This evolving landscape underscores the importance of agility and innovation for brands aiming to maintain their competitive edge in Indonesia’s fast-growing skincare industry.

Top Brands on E-commerce Platforms

Shopee remains the dominant e-commerce platform for Indonesia’s serum and essence market, with Skintific leading at a 10.8% share and generating $4.73 million in revenue. Elformula follows with a 7% share, while Y.O.U and The Originote each hold 4.2%, and Skin1004 captures 3.6% of the market.

By the end of Q3, Skintific’s market share had declined, creating an opportunity for Y.O.U and Glad2Glow to strengthen their positions. Notably, Glad2Glow made a significant breakthrough, securing a spot among the top five highest GMV brands in September after previously being absent from the list. This shift highlights the dynamic nature of the category and the increasing competition among emerging brands.

JF Glow dominates Lazada’s serum and essence market, capturing a 7.3% market share and generating $450.29k in revenue, establishing a significant lead over competing brands. Following closely are Skintific (7.3%), Wardah (4.6%), and Annimate (4.7%).

In September 2024, these leading brands showed positive momentum, with Skintific, Wardah, and Annimate all experiencing an increase in market share, further intensifying the competition within the serum and essence category on Lazada.

Wardah dominates Tokopedia’s serum and essence market with a 13.6% market share, generating $215k in revenue. Skintific follows with 9.6%, while Kahf, Make Over, and Somethinc hold shares of 8.4%, 6.5%, and 4.3%, respectively.

In September 2024, Wardah, Kahf, and Make Over all saw an increase in market share, intensifying the competitive landscape within Tokopedia’s serum and essence category as they strengthened their positions.

Top-Selling Moisturizer Products

Elformula has emerged as the leader in the serum and essence category, driven by the sales of its top product, Elformula - Intensive Peeling Solution for Exfoliating, which generated $2.79M in revenue from 335.6k units sold in Q3 2024. Skintific follows with its second-best-selling product, Skintific - Acid Peeling Solution Serum, which achieved $1.2M in sales, selling 131.2k units during the same period. Next is Skin1004 with its popular product, Skin1004 Madagascar Centella Tine Brightening Ampoule, generating $563.1k in sales.

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