The cosmetics business is truly in high demand. According to a survey by Zap, most Indonesian women consider lip products their most crucial cosmetic. It led to a report by Statista that this Lips area is predicted to earn USD 347 million in 2023.
The Lips Products market reached IDR 571.71 Billion with 20.7 million units sold in July - December 2022. A sudden spike at the end of Q4 resulted in a 19.2% increase in the overall market.
Shopee topped the market in Indonesia with 91.2%, while Tokopedia had only 8.8%. Tokopedia saw significant growth and expanded its market share in Q4 against Q3.
Which brand wins the battle of lip products in this period? Which product has become people's favorite? Get a FREE full report about Lip Products Insight here.
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Scope and Methodology:
Data is collected from Tokopedia and Shopee public data of quantity sold and price.
The total product collected is 141.2K products from 7.9K merchants.
The data collection period is from July 1st to December 31st, 2022.
Data cleansing is applied to remove bundles, gifts, and unrelated products.
GMV estimation is calculated by multiplying qty sold vs price daily. A slight data deviation from price changes is not recorded between snapshots.