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Looking Ahead at Asia’s Personal Care Industry
By: A Q&A with Asia's Personal Care Ingredients Experts
Posted: January 16, 2009
page 2 of 5
Sona: I’d like to first comment on the Asian cosmetics industry as a whole. It’s quite vibrant and dynamic with some countries achieving double-digit growth across various consumer segments. This success is driven by brand owners’ compelling communication and the launch of innovative products that address the needs of targeted demographics at various price points. The Asian market has seen a significant rise in the high-end and masstige (prestige for the masses) segments. The male segment has also opened up and is now growing at a healthy rate.
India is going through a huge transformation with intense competition in all segments. While there is still a demand for low or medium-priced products, the rising disposable income of India’s middle-class consumers has provided opportunities for companies to market products at high price points. At the same time, consumers are also demanding better quality and high performance products. Strong media influence has also contributed to the growth of India’s personal care industry. However, the market still suffers from lower consumption compared to neighboring countries in ASEAN.
Q: Besides India, the other important global player is China. Where do you think the country stands in terms of influence on the personal care and home care industry?
Jones: China occupies an extremely important position in the global personal care market. Virtually all multinational companies have their Asian manufacturing headquarters based in China, mainly due to the cost-effectiveness of setting up business there and the country’s strategic location on the world map. China’s prospects are good with their high standards in R&D and proliferous multiplication of new plants. They are also able to supply most raw materials locally, cutting out long lead times taken for import.
Roden: I agree that China is a crucial player, both as a giant consumer and as a manufacturer for global exports. The large domestic market puts pressure on Chinese and international formulators to develop products that meet the specific needs of local consumers.