The Beauty Boom: Lipstick Sales Reach New Heights in Early 2024
3 min read
Lipstick sales surged in early 2024, driven by e-commerce growth and a preference for long-lasting products like Maybelline’s “Superstay Matte Ink.” Shopee dominated with 77.3% market share, while local brands like Wardah also saw significant gains in Indonesia’s beauty market. Magpie E-commerce Intelligence provides insights for businesses to capitalize on these trends.
Jakarta, 19 July 2024 – The beauty category in e-commerce continues to show incredible growth. According to research by Magpie E-commerce Intelligence, there has been an 8% sales surge compared to the same period in 2023.
In 2024, the beauty industry is on the rise again. In the lip market alone, it is projected to reach USD 22.17 billion globally and USD 359.3 million in Indonesia. “This makes it a very attractive market for brands to keep improving their products to meet the demands of beauty enthusiasts,” said Wilhendra Akmam, CEO of Magpie.
In fact, e-commerce has become one of the most preferred platforms to purchase lip products. In Indonesia, 82% of beauty enthusiasts prefer e-commerce to buy their favorite products.
Lip Market Performance Overview
<img style="width: 100%;" src="https://slvrdlphn.com/wp-content/uploads/2024/07/public-91" alt="Picture: GMV growth of Lip Category” />
The Gross Merchandise Value (GMV) of the lip market reached IDR 516.6 billion. With 16.7 million products sold on Shopee and Tokopedia, this surge explains why the lip market is on fire lately. “However, there has been a 14.7% decrease compared to Q3 2023, which reached IDR 605.8 billion,” stated Wilhendra.
Market Share by E-commerce
<img style="width: 100%;" src="https://slvrdlphn.com/wp-content/uploads/2024/07/public-92" alt="Picture: E-commerce market share of Lip category” />
The overall share shows that Shopee dominated the market from January to March 2024 with a 77.3% share, leaving Tokopedia with only 22.7%. Despite Shopee’s dominance as the preferred marketplace, Tokopedia showed more growth compared to Q4 2023. Tokopedia saw a 2.5% increase in GMV, while Shopee experienced an 18.7% decrease.
Market Share by Brand
<img style="width: 100%;" src="https://slvrdlphn.com/wp-content/uploads/2024/07/public-93" alt="Picture: Brand market share by e-commerce” />
Maybelline became the winner of this market, leading on both Shopee and Tokopedia in Q1 2024. Although Maybelline holds a larger market share on Tokopedia, they generated twice as much GMV on Shopee compared to Tokopedia.
Local brands like Wardah and Hanasui also showed incredible growth during this period, securing spots in the Top 5 on both marketplaces, showing that different segments on each platform could influence market preferences.
Top-Selling Lip Category and Products
<img style="width: 100%;" src="https://slvrdlphn.com/wp-content/uploads/2024/07/public-94" alt="Picture: Brand market share by category” />
The lipstick category dominated the lip products market on both e-commerce platforms, reaching a 91.5% share. Meanwhile, the shares of lip balm and lip treatment products were higher on Shopee than on Tokopedia, showing that more people preferred Shopee as their favorite.
The lip cream category became the favorite in Q1 2024. The top three products in this category were claimed to be “long-lasting” lip cream products. In fact, Maybelline’s long-lasting products such as “Superstay Matte Ink” and “Superstay Vinyl Ink” topped the list.
The top three products in the lip balm and lip care category were priced below IDR 100k, with the most affordable products coming from The Originote. “Interestingly, these affordable products contributed more to the market due to their popularity in bulk purchases,” added Wilhendra.
Thumbnail Picture by: phkorotkova on Canva
This Press Release has also been published on VRITIMES
