Local Brands Shine Bright: Sunscreen Market Sees an Impressive Growth in Q1 2024
Sunscreen sales in Indonesia saw significant growth in early 2024, with local brands like Azarine leading the market. E-commerce platforms such as Shopee, Lazada, and Tokopedia played a key role in this increase.
Jakarta, July 24, 2024 – Skincare product sales have shown impressive growth compared to 2022, with a 20% increase projected to achieve USD 2.7 billion in 2024.
This aligns with the fact that 87.3% of consumers use sunscreen, a type of skincare product, daily. This has resulted in an increase of 2.8 million products sold compared to 2022. Online platforms like e-commerce have significantly contributed to this growth in sunscreen sales.
Sunscreen Market Performance Overview
According to research by Magpie E-commerce Intelligence, in the first quarter (January to March 2024), the sunscreen market achieved a gross merchandise value (GMV) of IDR 318.04 billion with a total of 6.3 million products sold on Shopee, Lazada, and Tokopedia. “The sunscreen products experienced a decrease of 14.2% compared to Q4 of 2023, which generated IDR 370.29 billion. However, the GMV generated during this period consistently increased month over month (MoM),” said Wilhendra Akmam, CEO of Magpie.
Market Share by E-commerce
<img style="width: 100%;" src="https://imagedelivery.net/H6_s_Eb_ylTWnSEV3HlmYQ/31a22ced-6320-4599-d17f-23f2bdb46f00/public" alt="Picture: E-commerce market share of Sunscreen category” />
For the e-commerce share, Shopee dominated the market from January to March 2024 with 74.9%, placing Lazada in second position with 16.2% and Tokopedia with 8.9%. “Interestingly, Lazada showed significant growth from Q4 2023 to Q1 2024 with a GMV increase of 90.3%. Meanwhile, Shopee experienced a decrease of 25.2%,” added Wilhendra.
Market Share by Brand
<img style="width: 100%;" src="https://imagedelivery.net/H6_s_Eb_ylTWnSEV3HlmYQ/8dd0d4a7-248d-486c-2fc5-1ea7b0970200/public" alt="Picture: Brand market share of Sunscreen” />
The sunscreen market in e-commerce is dominated by local brands. Azarine leads the overall market with 14.3%, followed by Facetology in second place with 12.3%. Skin Aqua is third with 8.3% of overall market sales.
Top-Selling Sunscreen Products
<img style="width: 100%;" src="https://imagedelivery.net/H6_s_Eb_ylTWnSEV3HlmYQ/be50f59a-3fa5-4044-95f6-a391357c8200/public" alt="Picture: Product market share of Sunscreen in Shopee” /><img style="width: 100%;" src="https://imagedelivery.net/H6_s_Eb_ylTWnSEV3HlmYQ/5d112484-705d-4fd8-a8a4-a83f82732700/public" alt="Picture: Product market share of Sunscreen in Lazada” /><img style="width: 100%;" src="https://imagedelivery.net/H6_s_Eb_ylTWnSEV3HlmYQ/ee0e7f04-5601-4033-4127-6b54468c8400/public" alt="Picture: Product market share of Sunscreen in Tokopedia” />
The popular local brand Azarine leads the best-selling products on Shopee with a GMV of IDR 22.14 billion and 438.9 thousand products sold in Q1 2024. Azarine also leads sales on Tokopedia with a GMV of IDR 1.81 billion and 30.7 thousand products sold. On Lazada, Madame Gie recorded the highest sales with 90.6 thousand products sold in Q1 2024. “These results show that skincare products from local brands are preferred over products from global brands,” stated Wilhendra.
Picture on Thumbnail by: Real Simple on Pinterest
This press release has also been published on VRITIMES
