Plant-based food demand in Asia is rooted in a long history of plant-based eating, including traditional foods such as soy drinks and tofu. The rise of Western-style plant-based diets in recent years has brought new dynamics to the Asian market where exciting innovations drive awareness and trial in both foodservice and retail. Meanwhile, local players are actively giving local twists to products, leading to increasing product availability.
China is the largest market for skin care and second largest for colour cosmetics, with a combined market size of USD49 billion in 2022. Here we look at five areas where C-beauty brands are positioning themselves and winning Chinese consumers.
Following the negative impact of home seclusion and strict lockdown measures in China, beauty and personal care has enjoyed a surge in sales growth, driven by demand for better skin health, products that enhance personal wellbeing, the rise of Chinese beauty, and the ineluctable momentum of e-commerce and new retail experiences.
Samsung enjoyed a stellar 2021, as high demand continued to be driven by pandemic-related interest in TVs, smart wearables and headphones. To fight competition from China, Samsung offered affordable 5G lines of smartphones. The company also invested in the Samsung Galaxy ecosystem and service development, to maximise cross-selling and as a further challenge to Apple.
The global economy faces new headwinds following the Russian invasion of Ukraine in February 2022, while the COVID-19 pandemic is not yet over. The war in Ukraine and its resulting sanctions imposed on Russia are projected to cause accelerated energy and commodity prices, further disruptions in global supply chains and reduced business and consumer confidence.
From demographic shifts, such as the new three-child policy in China, to product access, innovation, and disruption from reusable products in sanitary protection and adult incontinence, disposable hygiene in Southeast Asia and China reveals a diverse set of challenges and opportunities ahead.