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REAL-TIME GLOBAL RESEARCH

Indonesia: A Complex Distribution Network in ASEAN‘s Largest Consumer Market

Published: 2026-07-09Institution: BofA Global ResearchPages: 23Original language: EnglishEvidence page: 1

Research evidence excerpt

Indonesia: A Complex Distribution Network in ASEAN‘s Largest Consumer Market

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Japan Cosmetics, Household & Personal care

Indonesia: A Complex Distribution Network

in ASEAN's Largest Consumer Market

Industry Overview

09 July 2026

Indonesia market research Equity

From 29 June to 5 July, we participated in an Indonesia factory and retail store tour Japan

hosted by Rohto and Kobayashi Pharmaceutical. We could confirm that Indonesia is a Cosmetics, Household & Personal

growth market with a population of about 280mn, while the consumer goods care

market remains centered on mass-market products. In retail, General Trade

Kentaro Hosoda >>

(GT) remains an important sales channel, while the influence of TikTok-led digital Research Analyst

marketing is expanding. BofAS Japan

+81 3 6225 6293

Rohto: Hada Labo demand outstrips supply capacity kentaro.hosoda@bofa.com

Akiko Kamimura >>

Rohto operates brands including Hada Labo, Skin Aqua, Acnes, and Lip Ice, and is Research Analyst

expanding its Asia business primarily through skincare. Local production and R&D BofAS Japan +81 3 6225 8086

capabilities, coupled with a multi-channel strategy, position the company well to address akiko.kamimura@bofa.com

evolving local consumer needs. Key areas to watch are 1) expanding brand awareness

through SNS; and 2) increasing production capacity. In Indonesia, the world's largest

TikTok market, 1) brand awareness expansion remains a key pillar of market GT: General Trade

development, and the company has actively leveraged local creators and other marketing MT: Modern Trade

initiatives. On 2), demand for Hada Labo exceeds supply capacity, and the company plans

to expand capacity around 2030. Additionally Rohto’s operational improvements at EC: E-Commerce

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