Cosmax Inc., South Korea's largest cosmetics manufacturer in original design manufacturing (ODM), announced on Wednesday that it opened its new perfume lab in Indonesia.
The company aims to expand the Southeast Asian halal perfume market by tailoring products to local preferences.
Cosmax Indonesia hosted the Cosmax Innovation Conference 2024 in Jakarta on Feb. 5. It showcased market trends and the capabilities of its new Indonesian R&I Center perfume lab.
In collaboration with the Cosmax Pangyo R&I Center, Cosmax Indonesia will develop products that align with both global trends and local consumer preferences.
Valued at 7.7 trillion Rupiah ($492 million) in 2022, the Indonesian perfume market is on a growth trajectory.
"The perfume market in Indonesia is projected to grow at an average annual rate of 7.4% until 2027," a Cosmax source stated. "The rising self-care trend among the Indonesian MZ generation is expected to boost both the premium and mid-low price segments."
Write to Hyung-Joo Oh at ohj@hankyung.com
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