Market Opportunity Evaluation Report for BMS Organics [Name] [Date]
Introduction In todays overall !usiness scenario t"ere are t#o significant forces or p"enomena t"at are playing a significant role$ namely$ glo!ali%ation and "ealt" consciousness among people in general general&& It "as !een noted noted t"at t"at t"e average average a#aren a#areness ess of people people regarding regarding fitness fitness and maintaining a "ealt"y lifestyle "as greatly improved 'Nielsen $ ()*+, and t"erefore$ people #orld over are no# making "ealt"ier c"oices$ not -ust in t"e field of food products !ut also #"ile making decisions a!out t"e clot"es$ !eauty product$ activities$ etc& One of t"e !usiness related manifestations of t"is trend is t"e opportunity t"at it "as created in t"e field of organic production& .ccording to a glo!al researc" report it "as !een forecasted t"at t"e glo!al organic sector #ill gro# at an average rate of */ percent per year !et#een t"e years ()*+ and ()() '0ec"Sci Researc"$ ()*+,& 0"is presents a "ig"ly lucrative !usiness opportunity$ #"ic" t"e organi%ation c"osen for t"e purpose of t"is report$ BMS Organics "as leveraged and !uilt upon in Malaysia& It #as esta!lis"ed in Malaysia more t"an a decade ago and today it "as e1panded its presence all over t"e country$ operating operating t"roug" a net#ork of more t"an 2) retail s"ops and almost () organic restaurants 'BMS Organics$ ()*+,& It is currently !eing operated !y t"ree !rot"ers$ Dr& 3&B& 4ee$ 3&5& 3&5& 4ee and 0&6& 0&6& 4ee 'BMS Organics$ Organics$ ()*+,& 0"e second p"enomenon p"enomenon of glo!ali%atio glo!ali%ation n is yet anot"er anot"er significant significant factor t"at is resulting is increasing opportunities for !usinesses& 0"e overall integration of t"e different economies is also encouraging t"e various successful !usiness organi%ations to increase t"eir footprint !eyond t"eir "ome country& country& 0"is is t"e case #it" BMS Organics as #ell& .fter "aving successfully operated for many years in Malaysia$ BMS Organics seeks to e1pand t"eir presence to ot"er emerging countries as #ell& 0"erefore$ in t"is report$ a market opportunity evaluation is performed for it& Since BMS Organics operates in multiple sectors like food$ organic clot"ing$ 7ome essentials$ etc& t"e focus of t"is report is on Beauty and Skin 6are 8roducts& 0"e country c"osen for e1pansion is Indonesia&
Why Indonesia? Indonesia is regarded as a "ig"ly promising emerging market economy !y many independent$ international agencies& 5or e1ample$ according to a study made !y t"e International Monetary 5und 'IM5,$ Indonesia Indonesia "as !een rated "ig"ly positive for its overall economic scenario and for t"e opportunit opportunities ies t"at it presents presents 'Dieng$ 'Dieng$ ()*/,& ()*/,& . separate study made !y Euromonitor Euromonitor International also corro!orates t"is finding and ranks Indonesia among t"e !est performing econ econom omie iess !esi !eside dess t"e t"e BRI6 BRI6 nati nation ons$ s$ in t"e t"e emer emergi ging ng mark market et segm segment ent 'Eur 'Eurom omon onit itor or International $ ()*+,& 0"e overall "ealt" and #ellness industry$ #"ic" includes t"e organic
product segment as #ell$ is also forecasted to perform #ell in t"e coming years$ due to t"e largely unsaturated market segment 'Euromonitor International 'a,$ ()*/,& 9"ile it is stated t"at t"e overall level of a#areness of t"e customers regarding t"e !enefits of organic products is relatively lo#$ t"e consumer interest in t"is sector is on a promising rise$ making t"e market market :uite :uite lucrati lucrative ve and a poten potential tial source of t"e first first mover mover advant advantage age 'Eurom 'Euromoni onitor tor International 'a,$ ()*/,& Even #"en analysing strictly from a Beauty and 6osmetic products perspective as #ell$ t"e Indonesian market "olds promise& .ccording to t"e researc" reports$ t"e organic !eauty product product market in t"e .SE.N .SE.N countries #as valued at a strong ;SD (&+ !illion figure in t"e year ()*2 itself '5uture Market Insig"ts$ ()*2,& By t"e year ()()$ t"is figure is forecasted to reac" ;SD 2 !illion& In addition to t"at$ t"e regional analysis s"o#s t"at Indonesia and 0"ailand toget"er accounted for appro1imately +<&= percent of t"e total market si%e in t"e year ()*2 '5uture Market Insig"ts$ ()*2,& 0"is figure clearly s"o#s t"at Indonesia is indeed a key player in t"e organic !eauty and personal care segment and t"erefore$ c"oosing it as t"e destination for international e1pansion of its !eauty related range of products #ill !e a correct strategic move for BMS Organic&
Country Information Market Potential Index .ccording .ccording to t"e Market 8otential Inde1 'M8I, availa!le availa!le for t"e year ()*/$ Indonesia "olds t"e < countries surveyed 'Mic"igan State ;niversity$ ()*/,& 7o#ever$ #"en compared #it" t"e last t"ree years ranks$ t"e trend is positive$ as Indonesia "as improved its ranking from
.lt"oug"$ t"ere are some c"allenges as #ell t"at t"is indicator presents& 5or e1ample$ t"e score of Indonesia in terms of t"e Overall Economic 5reedom is a moderate 2/ 'out of *)),& In addition to t"at$ it scores :uite lo# on t"e 6ommercial Infrastructure metric 'only <),& 7o#ever$ even for Malaysia '#"ic" is ranked (> on t"is inde1,$ t"e metrics "ave similar scores& 5or e1ample$ Market Si%e score is <$ Economic 5reedom is +( and 6ommercial Infr Infrast astru ructu cture re is 2> 'Mic 'Mic"i "iga gan n State State ;niv ;nivers ersity ity$$ ()*/ ()*/,& ,& .s BMS BMS Orga Organic nic "as "as alread already y esta!lis"ed t"emselves in spite of t"e c"allenges t"at Malaysia presents$ similar c"allenges in Indonesia s"ould not prevent it from leveraging t"e opportunity t"at Indonesian markets present&
Micro and Macro Analysis Micro Analysis – Porter Porter’s ’s 5 For Forces ces Threat of New Entrants- High
0"e skin care market of Indonesia "as !een gro#ing at a rapid pace over t"e last fe# years& .ccording to t"e Euromonitor researc"$ t"is sector is e1pected to gro# at a rate of ** percent till t"e year year ()() ()() 'Eurom 'Euromoni onitor tor Intern Internatio ational nal '!,$ '!,$ ()*/,& ()*/,& 0"e 0"e develo developin ping g middle middle class class population in t"e country is driving t"e demand for skin care and !eauty products$ #"ic" is attracting many international skin care companies to target Indonesia& 5or e1ample$ glo!al giants like ;nilever$ ;nilever$ and 4Oral 4Oral are already making significant significant investments investments in t"e country and even setting up manufacturing centres in Indonesia '6"ater-ee C 8aramadit"a$ ()*(,& In ot"er ot"er #ords$ #ords$ t"e "ig" "ig" gro#t" gro#t" potential potential t"at t"e Indonesia Indonesian n market market offers offers is a lucrati lucrative ve opportunity for t"e !usiness organi%ations and t"erefore$ t"e t"reat of ne# entrants is "ig"& Degree of Rivalry- Low
.s already stated in t"e previous sections$ t"e Indonesian !eauty and skin care market is in t"e initial p"ase and as of no# is "ig"ly unsaturated& 8articularly its organic product segment as of no# does not "ave many players and t"erefore t"e degree of rivalry is not very "ig"& Threat of Substitutes- High
One of t"e ma-or su!stitutes for t"e Organic !eauty products are t"e nonorganic !eauty products developed !y t"e glo!al cosmetic giants like ;nilever$ 4Oral$ 4Oral$ 6lini:ue$ etc& .cco .ccord rdin ing g to t"e t"e avail availa! a!le le info inform rmati ation on$$ t"e t"e Indo Indone nesia sian n cust custom omer er !ase !ase is :uite :uite !ran !rand d conscious and is "ig"ly attracted to t"e products from t"e international companies '6"ater-ee
C 8aramadit"a$ ()*(,& 0"e demand for t"eir products could su!stitute t"e demand for organic !eauty products t"at BMS Organics Organics offers& Bargaining Power of Customers- e!ium
0"e !eauty and skin care products can !e !roadly considered to !e a part of t"e 5ast Moving 6onsumer Aoods category$ #"ic" is often c"aracteri%ed !y lo# s#itc"ing costs and "ig" !argaining po#er of customers& cust omers& 7o#ever$ since t"e market currently is in its i ts gro#ing stage$ #it" "ig" demand for organic products '5uture Market Insig"ts$ ()*+, and less num!er of products availa!le$ it moderates t"e !argaining po#er of t"e customer& 0"erefore$ it is regarded as medium& Bargaining Power of Su""liers- Low
0"e international giants #"ic" are operating in Indonesias !eauty product sector already "ave "ig"ly diversified supply c"ains #"ic" limits t"e !argaining po#er of t"e suppliers& 7o#e 7o#eve ver$ r$ even even for for t"e t"e relati relative vely ly smal smaller ler scale scale firms firms like like BMS BMS Orga Organi nics$ cs$ as orga organi nicc agricu agricultu lture re is :uite :uite popula popularr in t"e country country 'Su"ar 'Su"ar-o$ -o$ et al&$ al&$ ()*<,& ()*<,& 0"e large large supply supply of organically gro#n ra# materials reduces t"e overall supplier po#er&
Macro Analysis: P!"# Political Factors in Indonesia Indonesia is t"e t"ird most populous democracy in t"e entire glo!e and it presents a sta!le political regime 'E1port&gov$ ()*(,& ()*(,& It is also among t"e A () group of nations as #ell& 0"ere is also a strong emp"asis !eing laid upon t"e decentrali%ation of po#er among t"e various government entities$ t"at is a furt"er promising sign for increased political sta!ility and reduced political risk& 0"e policy related decisions t"at are !eing taken !y t"e government of Indone Indonesia sia are also progressi progressive& ve& 5or e1ampl e1ample$ e$ one of t"e ma-or ma-or priori priorities ties of t"e current current political regime is to develop t"e infrastructure in t"e country !y ! y investing ;SD 2+) !illion !y t"e year ()*? 'Strategic Risk Alo!al$ ()*+,& . second e1ample is t"e initiative taken !y t"e government to increase t"e ease of doing !usiness !y implementing a policy t"at reduces t"e t"e time time re:u re:uire ired d !y t"e t"e !usin !usiness ess o#ne o#ners rs to regi registe sterr t"em t"emsel selve vess #it" #it" t"e t"e Mini Ministr stry y of Manp Manpo# o#er er '0"e '0"e 9orld rld Bank Bank 'a,$ 'a,$ ()*/ ()*/,& ,& . lot of effo effort rtss are also also !ein !eing g made made !y t"e t"e government government to improve t"e access of electricity to t"e !usiness !usiness organi%ations organi%ations as #ell '0"e 9orld Bank 'a,$ ()*/,& .ccording to t"e Ease of Doing Business ranking provided !y t"e 9orld 9orld Bank group$ group$ t"e ()*/ rank of Indonesia is only *)/ '0"e 9orld 9orld Bank '!,$ ()*/,& 7o#ever$ it does represent a positive trend as in t"e year ()*+ it "ad a rank of *()&
Economic Factors in Indonesia IM5 "as regarded regarded Indonesia among t"e !est performing performing emerging countries countries in t"e #orld$ #orld$ in terms of economic performance in t"e past and t"e pro-ections made for it 'Dieng$ ()*/,& 0"e country registered a "ealt"y gro#t" of almost + percent in t"e year ()*+ and t"roug" t"e various policy initiatives t"at "ave !een taken !y t"e central !ank$ t"e inflation levels are also #it"in #it"in control and as per t"e target t"at t"ey "ad initially set 'Dieng$ 'Dieng$ ()*/,& It "as also !een found t"at t"e in t"e Sout" East .sian region$ Indonesia is t"e second largest market for organic !eauty products$ and in t"e year ()*+$ it "as registered a total revenue of ;SD />* million million '5uture '5uture Market Insig"ts$ Insig"ts$ ()*2,& ()*2,& Its financial financial systems$ systems$ "o#ever$ "o#ever$ are less vi!rant t"an t"at of Malaysia$ as almost =) percent of t"e financial system is dominated dominated !y t"e !anks$ as compared to t"e figure !eing only +) percent in Malaysia 'OE6D$ ()*+,& 0"is mig"t limit t"e credit availa!ility to t"e ne# !usiness organi%ations setting up t"eir !ases in Indonesia& .not"er factor posing economic risk to t"e !usiness enterprises is t"e dependence of t"e economic performance of Indonesia on 6"ina 'Sipa"utar$ ()*/,& Indonesias trade is greatly associated #it" 6"ina$ and since it is e1periencing a slo#do#n in its AD8 gro#t" and economic performance$ Indonesian economy is also suffering from its side effect 'Sipa"utar$ ()*/,& 0"is could "ave #orrying conse:uences for Indonesia$ as t"e slo#do#n in 6"ina is e1pected to continue&
Social Factors in Indonesia .s already "ig"lig"ted in t"e previous section of t"is report$ Indonesia is currently #itnessing a "uge surge in t"e demand for !eauty and skin care products due to t"e c"anging social preferences& 7o#ever$ a lot of t"is demand is triggered !y t"e rising ris ing middle class c lass population and t"eir t"eir increas increasing ing dispos disposa!l a!lee income incomes$ s$ and t"ey are "ig"ly "ig"ly attracte attracted d !y differ different entiate iated d products ';&S& 6ommercial Service$ ()*+,& 5or e1ample$ t"ey prefer products t"at t"a t are eit"er imported or "ave a "ig" !rand value associated #it" it&
Technological Factors in Indonesia Developing tec"nology is !eing leveraged !y t"e companies to develop innovative products and also to engage in innovative #ays #it" t"e target customer !ase 'opaciuk C o!oda$ ()*<,& ()*<,& 5or e1ample$ e1ample$ social media is a massive massive trend in Indonesia #"ic" is !eing effectively effectively utilised !y t"e companies to engage #it" t"eir customers& .lso$ t"e advancing tec"nology is a "uge ena!ler in product researc" and development of t"e skin care formula&
Environmental Factors
0"e organic range of !eauty products are created !y using organic produces$ #"ic" are all produced in an environment friendly manner& 7ence$ t"ere is no significant environmental impact of t"e !usiness operations&
Legal Factors 9"ile Indonesia does "ave civil code$ #"ic" tries to provide a "ig"ly o!-ective legal system$ its its lega legall proc process esses es are are "ig" "ig"ly ly infl influen uenced ced !y t"e t"e civi civill and and custo customa mary ry la# prov provis isio ions ns 'allens&com&au$ ()*2,& 0"is could !e a source of legal risk for t"e foreign companies&
Market $aluation "a%le
Country #nformation
S$ore % to %&' %& being the highest s$ore
Market 8otential Inde1
=
6ompetitors Information
/
Ne# Entrants Information
(
Su!stitutes Information
+
8o#er of t"e 6lients Information
>
8o#er of t"e Suppliers Information
=
8olitical Information
>
Economic C 0rade Information
/
Socio6ultural Information
>
0ec"nological Information
+
Total s$ore
(% )out of %&&*
&'Mc (insey Matrix 0"is matri1 compares t"e industry attractiveness #it" t"e a!ility of t"e firm to compete&
Image SourceF '@urevicius$ ()*2, .s evident from t"e analysis presented in t"e previous sections$ t"at in terms of industry analysis$ Indonesia is :uite lucrative and presents a strong !usiness opportunity for t"e players in t"e !eauty product segment& 7ence$ t"e G a1is value is :uite "ig"& 0"ere are multiple sources of strengt" for BMS Organics& 5irst$ it is already a "ig"ly successful company in Malaysia& 7ence it already "as an esta!lis"ed !rand image$ #"ic" is significant for t"e Indonesian consumers& Secondly$ due to its organic nature$ its a!ility to differentiate itself is also :uite "ig"& 7o#ever$ #"en compared to ot"er international cosmetics firms$ it does lack t"e strong financial !ackup and glo!al !rand value& value& 0"erefore$ t"e H a1is value is determined to !e moderate&
*M!
Since t"e position of t"e fir lies a!ove a!ove t"e diagonal$ diagonal$ according according to t"e matri1$ BMS Organics Organics s"ould increase its investment in Indonesia&
Conclusion and )ecommendations On t"e !asis of t"e a!ove analysis it can !e concluded t"at Indonesia clearly presents a strong !usiness opportunity for any firm !elonging in t"e organic !eauty products segment& Even t"oug" it is an emerging economy "aving its fair s"are of c"allenges$ its large population !ase$ rising a#areness regarding t"e organic products and t"e social trend t"at "as led to an increas increased ed demand demand of !eauty !eauty and skin skin care care produc products$ ts$ presen presentt a massiv massivee opport opportuni unity ty for glo!ali%ation to BMS organics& It is "ig"ly recommended t"at BMS Organics leverages t"is opportunity& On t"e !asis of t"is analysis$ it is also recommended t"at #"en launc"ing t"e ne# products$ ade:uate care is done on t"e !randing of t"e product and ot"er aspects like packaging$ advertising etc& since t"e Indonesian population is :uite !rand conscious& It is also "ig"ly recommended t"at a consumer preference analysis is performed as a part of t"e due diligence process in order to determine t"e e1act parameters t"at t"e customers employ as t"e decision making criteria$ and "o# different t"ey are from t"ose in Malaysia& 0"e positioning statement and t"e entire marketing communications strategy s"ould !e accordingly decided& Studies "ave s"o#n t"at t"e lack of trust factor is a strong reason for many Indonesians not to use organic products 'opaciuk C o!oda$ ()*<,& 0"erefore$ it is also important for t"e firm
to esta!lis" its trust factor among its target market segment and esta!lis" t"at t"eir product is "ig" :uality and uses actual organic products&
)eferences allens&com&au$ ()*2& Legal ()*2& Legal Guide to Investment in Indonesia. [Online] .vaila!le .vaila!le atF "ttpsF###&allens&com&aupu!spdfInvestinginIndonesia&pdf "ttpsF###&allens&com&aupu!spdfInvestinginIndonesia&pdf [.ccessed * @uly ()*/]& BMS Organics$ ()*+& About ()*+& About Us. [Online] .vaila!le .vaila!le atF "ttpF###&!msorganics&coma!outusa!outus&p" "ttpF###&!msorganics&coma!outusa!outus&p"p p [.ccessed (? @une ()*/]& 6"ater-ee$ N& C 8aramadit"a$ .&$ ()*(& Cosmetics firms see beauty in Indonesian consumers. [Online] .vaila!le .vaila!le atF "ttpF###&reuters&comarticleusindonesiacosmetics "ttpF###&reuters&comarticleusindonesiacosmetics id;SBRE=.>).7()*(**)= [.ccessed <) @une ()*/]& Dieng$ I&$ ()*/& Indonesia ()*/& Indonesia Navigates Safely Through Through Uncertain Times. Times. [Online] .vaila!le .vaila!le atF "ttpF###&imf&orge1ternalpu!sftsurveyso()*/6.R "ttpF###&imf&orge1ternalpu!sftsurveyso()*/6.R)<*2*/.&"tm )<*2*/.&"tm [.ccessed (? @une ()*/]& Euromonitor International 'a,$ ()*/& Health ()*/& Health and ellness ellness in Indonesia. [Online] .vaila!le .vaila!le atF "ttpF###&euromonitor& "ttpF###&euromonitor&com"ealt"and#ellnessinindonesiareport com"ealt"and#ellnessinindonesiareport [.ccessed (? @une ()*/]& Euromonitor International '!,$ ()*/& S!in Care in Indonesia. [Online] .vaila!le .vaila!le atF "ttpF###&euromonitor& "ttpF###&euromonitor&comskincareinindonesiareport comskincareinindonesiareport [.ccessed (? @une ()*/]& Euromonitor International $ ()*+& Ne" ()*+& Ne" #merging $ar!ets% $ar!ets% Nigeria& Indonesia& $e'ico& The (hili))ines and Tur!ey. Tur!ey. [Online] .vaila!le .vaila!le atF "ttpF###&euromonitor& "ttpF###&euromonitor&comne#emergingmarketsnigeriaindonesiame1ico comne#emergingmarketsnigeriaindonesiame1ico t"ep"ilippinesandturkeyreport [.ccessed (? @une ()*/]& E1port&gov$ ()*(& (olitical ()*(& (olitical and #conomic #nvironment. #nvironment. [Online] .vaila!le .vaila!le atF "ttpF###&e1port&govindonesiadoing!usinessinindonesiapoliticalandeconomicenvironmen tinde1&asp [.ccessed <) @une ()*/]&
5uture Market Insig"ts$ ()*2& *rganic Cosmetics $ar!et% AS#AN Industry Analysis and *))ortunity Assessment +,- / +,+,. [Online] .vaila!le .vaila!le atF "ttpF###&futuremarketinsig"ts&comreportsaseanorganiccosmeticsmarket "ttpF###&futuremarketinsig"ts&comreportsaseanorganiccosmeticsmarket [.ccessed (? @une ()*/]& 5uture Market Insig"ts$ ()*+& AS#AN ()*+& AS#AN *rganic *rganic Cosmetics $ar!et% Thailand& Indonesia& and and (hili))ines Largest $ar!ets. $ar!ets. [Online] .vaila!le .vaila!le atF "ttpF###&futuremarketinsig"ts&compressreleaseaseanorganiccosmetics "ttpF###&futuremarketinsig"ts&compressreleaseaseanorganiccosmetics market [.ccessed <) @une ()*/]& @urevicius$ O&$ ()*2& G# $c0insey $atri'. [Online] .vaila!le .vaila!le atF "ttpsF###&strategicmanagementinsig"t&comtoolsgemckinseymatri1&"tml "ttpsF###&strategicmanagementinsig"t&comtoolsgemckinseymatri1&"tml [.ccessed * @uly ()*/]& opaciuk$ .& C o!oda$ M&$ ()*<& Alo!al Beauty Industry 0rends in t"e (*st 6entury& Active 6entury& Active Citi1enshi) by $anagement& 0no"eldge $anagement and Innovation 0no"ledge and learning. Mic"igan State ;niversity$ ()*/& ()*/& $ar!et (otential Inde' 2$(I3 / +,-4. [Online] .vaila!le .vaila!le atF "ttpFglo!aledge&msu&edumpi()*/ "ttpFglo!aledge&msu&edumpi()*/J J [.ccessed (? @une ()*/]& Nielsen $ ()*+& e Are hat e #at% Healthy #ating Trends around the orld. [Online] .vaila!le .vaila!le atF "ttpsF###&nielsen&comcontentdamnielsenglo!aleunielseninsig"tspdfsNielsen K()Alo!alK()7ealt"K()andK()9e K()Alo!alK()7ealt"K()andK( )9ellnessK()ReportK()K()@anuaryK()( llnessK()ReportK()K()@anuaryK()()*+&pdf )*+&pdf [.ccessed (? @une ()*/]& OE6D$ ()*+& *#C5 #conomic Surveys Indonesia. [Online] .vaila!le .vaila!le atF "ttpsF###&oecd&orgecosurveysOvervie#Indonesia()*+& "ttpsF###&oecd&orgecosurveysOvervie#Indonesia()*+&pdf pdf [.ccessed * @uly ()*/]& Sipa"utar$ 0&$ ()*/& I$6 ()*/& I$6&& 7 "arn of economic ris!s. [Online] .vaila!le .vaila!le atF "ttpF###&t"e-akartapost&comne#s()*/)<*/imf#!#arneconomic "ttpF###&t"e-akartapost&comne#s()*/)<*/imf#!#arneconomic risks&"tml [.ccessed * @uly ()*/]&
Strategic Risk Alo!al$ ()*+& The )olitical ris!s of doing business in Indonesia. [Online] .vaila!le .vaila!le atF "ttpF###&strategicriskglo!al&comt"epoliticalrisksofdoing!usinessin "ttpF###&strategicriskglo!al&comt"epoliticalrisksofdoing!usinessin indonesia*2*+(2*&article [.ccessed <) @une ()*/]& Su"ar-o$ B&$ ."mady$ M& C ."mady$ M& R&$ ()*<& Indonesian Consumer8s Consumer8s Attitudes to"ards to"ards *rganic (roducts% (roducts% (roceedings of 9th Asian 7usiness :esearch Conference - / + A)ril +,-;. Bangkok$ 0"ailand$ s&n& 0ec"Sci 0ec"Sci Researc"$ Researc "$ ()*+& Global *rganic 6ood $ar!et to Gro" at *ver -4< by +,+,& Concludes TechSci :esearch. [Online] .vaila!le .vaila!le atF "ttpF###&prne#s#ire&comne#sreleasesglo!alorganicfoodmarketto "ttpF###&prne#s#ire&comne#sreleasesglo!alorganicfoodmarketto gro#atover*/!y()()concludestec"sciresearc"+(<*)2(/*&"tml [.ccessed (? @une ()*/]& 0"e 9orld Bank 'a,$ ()*/& 7usiness ()*/& 7usiness :eforms in Indonesia. [Online] .vaila!le .vaila!le atF "ttpF###&doing!usiness&orgreformsovervie#economy "ttpF###&doing!usiness&orgreformsovervie#economyindonesia indonesia [.ccessed * @uly ()*/]& 0"e 9orld Bank '!,$ ()*/& #ase ()*/& #ase of 5oing 7usiness in Indonesia. [Online] .vaila!le .vaila!le atF "ttpF###&doing!usiness&orgd "ttpF###&doing!usiness&orgdatae1ploreeconomiesindonesia atae1ploreeconomiesindonesia [.ccessed * @uly ()*/]& ;&S& 6ommercial Service$ ()*+& Cosmetics = Toiletries Toiletries $ar!et *vervie"s. [Online] .vaila!le .vaila!le atF "ttpFtrade&govindustrymaterialsI0. "ttpFtrade&govindustrymaterialsI0.&5S6&6osmoprof&()*+ &5S6&6osmoprof&()*+Lfinal(&pdf Lfinal(&pdf [.ccessed * @uly ()*/]&
