Traditionally innovation in this sector has been dominated by the big multinationals, but accompanying the growth of the domestic market for finished cosmetics is a burgeoning ingredients sector.
But, what is now coming to the fore is the fact that many of these domestic ingredient providers are now beginning to launch increasingly innovative and technically advanced ingredients.
Focus on China innovation
Joe Zhou is vice president of Reed Exhibitions Greater China and CFO of Reed Sinopharm. Through his involvement in the organisation of the PCHi event, he has observed this shift towards Chinese companies and believes it marks a significant change in the dynamics of the market.
“Ultimately, I believe that China will transform into a hub for new technology and innovation. It’s already happening, but I believe the pace will only be accelerated in the future and China will join both Korea and Japan as leading innovators for both Asia Pacific and the world,” said Zhou.
“We have a lot of international scientists who have forged their educations and careers in either Europe or the US and now they are coming back to China to work for both domestic and international players. They better understand the Chinese consumers and what the local market needs," he adds.
Zhou says that the innovation awards really underlined this trend, with around one third of the awards going to local companies, many of which were being acknowledged for outstanding innovation.
"These companies are will be the ones to watch.”
Award highlights
Domestic ingredients providers that walked off with awards included Shanghai Blue Idea Commodities, which received an award of merit for its SeeFree Youth Original Essence.
And in the Functional Ingredients Preservatives category, both awards were given to domestic companies – Guangzhou Honsea Sunshine Biotech for its MagnoPro Magnolia Bark Extract and Shanghai LB Nature for its natural preservative offering.
Other local winners included Suzhou Nanohealth Biotech for its NLC of Phenylethyl Resorcinol whitening/brightening ingredient, and Shangdong Freda Biotchnology for its moisturising ingredient y-PGA-L.
The awards of merit went to Bloomage Freda Biopharm for cationHA and Solabia Group for Corneolight, while in the functional ingredients category Wacker, AAK, Ashland and Evonik all received recognition.
In the all-important whitening/brightening category, Lonza China was recognised for Regenistem Brightening, while Specchem got an award for SpecWhite.