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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 3 of 5
Sona: There is no doubt that China is one of the fastest growing markets worldwide, driven by foreign business penetration. It is expected that supply and demand in China will continue to grow at more than 10% due to their robust economy and an almost half a billion consumer base--the largest in the world. China offers an excellent business opportunity when it comes to sourcing of raw materials and products. It is also an ideal place to build R&D hubs due to the availability of skilled workers and its sound infrastructure.
Q: What are some promising global trends that you see for the personal care and home care ingredients industry in 2009?
Roden: Where natural products are not available, the pressure has been to produce products with lower toxicity, real or perceived by the market. The development of new preservative formulations to meet these needs has been particularly challenging.
Sona: I agree with Kevin. With the heightened awareness and increased vigilance of consumers and regulatory bodies, there will be a clear focus on functional ingredients that are safe and cost-effective. In addition, there is also a growing inclination towards ingredients with a good sensory feel and offers a naturally healthy look.
Jones: For personal care, I think the tissue or wipes market will experience some interesting growth. The convergence of cosmetics and pharmaceuticals to form cosmeceuticals is also another promising trend I see on the horizon. We’re seeing a lot of personal care manufacturers expanding into dietary supplements or oral cosmetics that offer beautifying benefits. In addition, the home care industry will see a further shift to concentrates, thus reducing the amount of packaging and the use of raw materials. This fits in nicely with the low chemical, environmentally-safe ideology that is being preached globally.