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.
This story is from the June 2021 edition of Forbes Indonesia.
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This story is from the June 2021 edition of Forbes Indonesia.
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