Growing Asian markets
According to Euromonitor International, the Asia Pacific (APAC) beauty and personal care market is set to grow by almost 25% over the next four years, reaching a value of US$167bn . This will be fuelled by increasing demand for products in China and India, which will contribute three-quarters of the absolute growth by 2020.
While China and India will be the driving forces behind the region’s growth, Japan remains a key player, with sales of beauty and personal care products accounting for a fifth of the marketplace. Indonesia, which has seen its market double in size since 2010, will continue to thrive, with growth of 7.5% expected per annum, as will South Korea - where the male grooming sector continues to play a major role.
From a global perspective, APAC currently represents 31% of the market. Come 2020, that figure is expected to reach 34%. Asia is now seen as a leading source of innovation, which is helping create new demand for cosmetic products, not only in the region but across the world. Asia-led trends, like eye-raising snail cream, and functional cosmetics have taken the industry by storm and are becoming increasingly popular in the West.
“Our ambition is that finished product manufactures and R&D professionals leave in-cosmetics Asia with a clear idea of how they will create the next generation of products. The 2016 event will present the latest ingredients, raw materials and formulations, from across the globe, alongside a programme of seminars that will deliver invaluable technical information, regulatory advice and marketing trends,” commented Sarah Gibson, Exhibition Director of in-cosmetics Asia.
New local suppliers as well as international businesses - around a third of the companies on the show floor will have travelled from outside of the Asia Pacific region and 89% from outside Thailand - already confirmed to exhibit at the event including Evonik Nutrition & Care, Innospec, Mibelle AG Biochemistry, Natura Tec, Silab and Lucas Meyer Cosmetics.
The popular Innovation Zone will showcase the latest ground-breaking ingredients and technologies that will have launched within eight months of the show, or are set to be revealed there. What’s more, on 9 November, a panel of international experts will announce the winners of this year’s Best New Active Ingredient and Best New Functional Ingredient awards.
Trends and regulations
In parallel to the exhibition, the educational programme will present the latest trends, market analysis and research that will shape the future of the APAC cosmetic market. R&D professionals will also be able to attend practical sessions that provide hands-on formulation training, while a series of seminars will highlight unique ingredients, claims and formulation techniques.
Asian consumer trends will be explored in detail during a presentation by Joanna Chan, Research Analyst at Euromonitor International. She will advise visitors that the Asian beauty market has yet to reach maturity and that there is significant room for growth, which could be realised by tapping into the region’s diverse markets and evolving ingredients ranges. Chan will also discuss key trends, focusing on customisation, wellness and digital retailing.
Tommy Kong, General Manager of the Cosmetic Division in the REACH24H Consulting Group, will provide the latest updates on Chinese cosmetic regulation and the potential impacts. Since last year, the Chinese cosmetic regulatory environment has seen much change following the revision of Cosmetic Safety and Technical Standards, the issuing of Cosmetic Safety Assessment Guidance and the adjustment on the new plant ingredient registration. This session will provide an overview of China’s cosmetic regulatory system and the recent changes, providing attendees with essential information.
In addition, Belinda Carli, Director of the Institute of Personal Care Science, will deliver a session designed to help manufacturers rapidly create new bases, as well as exploring how to test the stability of formulations and ensure good quality delivery and efficacy. “With increasing consumer demands and the pressures of launching innovative new products, developing disruptive formulations quickly is paramount. The standard development time of 12-18 months is no longer acceptable to brands or conducive to consumer trends.”
Also, given the global focus on anti-pollution products, Personal Care magazine will give visitors an overview of the concept of skin protection, as well as considering the reasons behind this sector’s growth in popularity. Editor Richard Scott will take attendees through ingredients that can help protect against pollution, HEV light and the sun, as well as discussing the skin microbiome.
Eventually, 2016 sees the launch of the new in-cosmetics Asia Spotlight On… product areas, which will focus on the key trends of Halal, anti-pollution and France. As well as showcasing products in each area, the three themes will be discussed in detail during the event’s Marketing Trends programme.
“The event is all about inspiring businesses to create new products and we believe this year’s programme will enable attendees to confidently plan for a successful future. We look forward to welcoming the industry to the event in November,” concluded Sarah Gibson.