After seeing strong growth during most of the review period, in 2020 polishes turned to slow retail current value growth and retail volume decline. The main negative impact on sales of polishes in 2020 was COVID-19.
Despite falling volume sales in 2020, polishes still saw positive current value growth in 2020. In addition to rising production costs and inflation, this was due to significant price rises.
Apart from shoe polish, furniture polish and metal polish are the only other categories with a presence, and account for low sales. Sales of special polish for metal and furniture continue to be limited by low consumer awareness and the lack of tradition of using such products in Indonesia.
Volume sales of polishes are still expected to see a slight decline in 2021, but growth is set to recover from 2022. COVID-19 is likely to continue to contribute to the poor performance in 2021, with life not yet back to normal, and this is not expected until vaccines are distributed.
Rising image-consciousness will make urban Indonesian consumers more willing to invest time and effort in having attractive footwear, particularly those that want to maintain a well-groomed appearance in the workplace. For some, this will mean polishing their shoes, having a positive impact of sales of shoe polish.
In the forecast period, shoe polish is set to see the strongest retail volume and current value growth rates. This is partly because Kiwi from SC Johnson & Son (Indonesia), which was the dominant brand in shoe polish over the review period, is likely to continue to innovate, launching shoe polish products with value-added benefits, such as products that can be used for a wider range of shoe materials.
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Understand the latest market trends and future growth opportunities for the Polishes industry in Indonesia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Polishes industry in Indonesia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Polishes research and analysis database.
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