2019 K-Beauty Expo Opens KRW 63 Million Export Route in Indonesia
Createdd 2019-04-24 Hit 15
Thirty-two Gyeonggi Province cosmetics companies realized KRW 63 million in export consultations in Indonesia, a market of 80,000,000 cosmetic users.
From April 4 to 6, Gyeonggi Province successfully hosted K-Beauty Expo Indonesia at JIExpo, reporting successful results on April 10.
Of particular note, this K-Beauty Expo Indonesia, featuring 63 small and large Korean cosmetics companies, and the Indo Beauty Expo 2019, featuring 67 international cosmetics companies, took place simultaneously, this bringing synergy to both expos.
Indonesia is a growing market for beauty, recording an average related growth rate of 13% per year. This is why, in the latter part of 2018, the Indonesian Food and Drug Administration under the Indonesian Ministry of Health (Badan Pengawas Obat dan Makanan (BPOM)) approved an average of 5,000 new cosmetic products per month. The accelerated market growth, and an even faster growth in demand for Korean cosmetics due to the Korean Wave, drove year-on-year growth of 60.8% in imports of Korean cosmetics last year.
Global and local interest in Korean skincare products and beauty devices was also seen at this event. Over three days, 790 export consultations valued at a total of KRW 63 million took place, and approximately 8,000 people visited the expo.
Gyeonggi Province supported booth fees and interpretation services for the 32 small cosmetics businesses from the province, which resulted in 150 consultation requests from buyers, keeping participants busier than ever.
Of particular note, Lotte Home Shopping, a major distribution company, organized their own booth, inviting local Indonesian cooperative buyers and providing consulting opportunities for participants. This, in turn, increased satisfaction among the participating companies.
An employee from Soosan CMC, an eco-friendly hand sanitizer manufacturer in Yongin, explained: “The visitors to the expo were great, which in turn, made the expo a great experience for us as participants. This was our first expo and we thought it was a great success.” He added, “Our company will participate in next year’s Indonesia expo, without a doubt.”
BNF Corporation from Bucheon had consultations with one of the foremost buyers at the expo and was able to successfully establish their own path into the foreign market.
A BNF Corporation employee made this requested: “Please provide us with support for foreign safety certification and foreign marketing so that we can achieve more from what we have earned at the expo.”
A provincial official explained: “The amount of interest and support that the expo received reflects the great potential for Korean cosmetics companies in Indonesia.” The official added, “Going forward, we will continue to provide various means of support to establish a path for small cosmetics companies to expand abroad.”
The next K-Beauty Expo will be held on May 6 at the National Exhibition and Convention Center in Shanghai, China.