Local Brands Shine Bright: Sunscreen Market Sees an Impressive Growth in Q1 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

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

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

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.

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About Magpie Ecommerce Intelligence

Magpie helps businesses discover the market potential in e-commerce, compare performance against competitors, and provide detailed market share breakdowns by sellers, location, and specific segments. With data and insights from Magpie, your business can make better decisions for the future.

 

This press release has also appeared on VRITIMES