How is intelligent, localised innovation helping beauty brands gain an edge in the industry?

The Asian beauty market is a vibrant, rapidly growing sector, brimming with opportunities for brands that dare to innovate.​

While entering this dynamic market may seem daunting, it need not be. By leveraging innovative sourcing strategies and data-driven solutions, beauty brands can seamlessly navigate the diverse and discerning consumer landscape.

The beauty and personal care market in Asia is set to reach an impressive $253.1 billion by 2024, with an expected annual growth rate of 3.53% between 2024-2028.¹​ Southeast Asia (SEA), in particular, is poised for remarkable growth, driven by strong demand from a significant consumer base.

Given the immense potential of the Asian beauty market, it is crucial for beauty brands looking to expand into new regions, and those focusing on the Asian market, to understand the unique preferences of consumers in this dynamic market and how it differs from Western beauty standards, as well as the influence Western beauty trends may have on the SEA market.

With Asian consumers becoming increasingly knowledgeable and informed, they seek products that truly resonate with their unique preferences and needs, overlooking brands that evoke credibility through their origin or reputation alone. The influence is mutual, as Western beauty brands are increasingly inspired by Asian beauty rituals, driving more innovation and customisation in their offerings.

Navigating sourcing strategies​

To remain competitive, brands must understand the factors influencing consumer behavior, including societal changes, lifestyle shifts, health and wellness trends, environmental dynamics, and the need for convenience. These elements shape beauty habits and impact brand innovation.

Successful brands in Asia, whether multinational or local, develop products specifically for the needs of the Asian market. For companies like Procter & Gamble (P&G), L’Oréal, and Estée Lauder, their success in Asia stems from launching localised products tailored to Asian consumers. Examples include Estée Lauder's Osiao and P&G's SK-II, which have thrived by meeting the unique preferences of the Asian market.²​

After understanding the needs of Asian beauty consumers, the next step for beauty brands would be to decide their sourcing strategy. Regarding sourcing materials and products, the debate between local and global sourcing plays a crucial role in shaping the beauty industry's supply chain strategies. Local sourcing offers benefits such as faster and more predictable delivery times, reduced risk of delays, ease of last-minute orders, and the elimination of import taxes. However, it may limit access to the latest products and leave the supply chain vulnerable to regional disruptions.

Conversely, global sourcing provides access to a broader range of products, scalability, and risk of diversification by engaging suppliers from different geographic locations. This approach can enhance resilience and mitigate the impact of localised disruptions, but it often comes with longer delivery times and higher logistical complexity.³​

To get the best of both worlds, beauty brands can partner with suppliers who have expertise in both the regional and global landscape. Meiyume, a globally trusted beauty supplier with in-house expertise in packaging and formulation solutions, exemplifies this approach. It is set to launch its 2024 APAC formulation collection by the end of July, showcasing its ability to orchestrate an efficient and innovative global supply chain.

This new insights-driven collection utilises the advanced capabilities of Meiyume’s Beauty Intelligence Platform (BIP) to analyse the APAC beauty market. This state-of-the-art tool has enabled Meiyume’s clients to stay ahead of market trends and precisely validate consumer needs.⁴​

A prime example of Meiyume’s effective combination of global expertise and localisation is its customisation of formulations with textures, scents, and claims tailored to localised preferences. By identifying relevant trends for the Asian market while retaining the benefits of a global supply chain for competitive pricing, Meiyume demonstrates its in-house expertise and commitment to delivering products that resonate with local consumers.

Here's a closer look at the ranges in this revolutionary collection, the trends driving their development, and the best-in-class products that serve as inspiration.

Skintelligent: Restoring the skin​

In many Asian cities, pollution and hectic lifestyles are prevalent, taking a significant toll on the skin.⁵​ The Skintelligent range aims to restore and protect the skin’s natural condition, aligning perfectly with the Asian beauty philosophy of prevention and gentle care.

The collection addresses mechanical, biological, and biochemical aspects of the skin, providing a holistic approach to skincare. By nurturing and fortifying the skin’s protective barrier, Skintelligent helps the skin thrive even amidst environmental aggressors, making it a comprehensive solution for those seeking to rediscover their natural beauty.

VersaBella: Embrace effortless beauty in minutes​

One of the emerging trends in the Asian beauty market is the rise of multifunctional products. As cost-effective and time-saving options, these products are highly welcomed by consumers who seek to simplify their beauty routines without compromising on efficacy.⁶​

To meet these needs, Meiyume’s VersaBella range is designed with the ‘skinimalism’ trend in mind, offering multifunctional products that enhance natural radiance while prioritising efficiency. Each product in this range is crafted with high-quality, responsibly sourced ingredients, ensuring a sustainable approach to beauty.

Blue Biotech: Harnessing the power of the sea​

Increasingly, more consumers in the APAC beauty market are looking for products with natural ingredients.⁷​ Meiyume’s Blue Biotech range, inspired by the ‘blue beauty’ trend, is well-suited for beauty brands targeting this market. Designed for Gen Z and Millennials, Blue Biotech emphasises high-naturality and environmental consciousness.

This range harnesses the natural power of marine-based actives such as nutrient-rich seaweeds and marine peptides, carefully selected for their skin-loving properties. These ingredients nourish, protect, and revitalise the skin, unlocking its natural radiance and delivering sustainable and effective beauty solutions.

VitaTress: Reclaim youthful tresses ​

While skincare remains the largest category, the haircare market in Asia is experiencing significant growth. The APAC hair care retail market was valued at €24.5 billion in 2022 and is anticipated to reach €31 billion by 2027. Additionally, there has been a 12% increase in new hair care products launched in APAC from 2020 to 2022.⁸​

Tapping into this opportunity, Meiyume’s new VitaTress range is designed to meet the evolving needs of Asian consumers, reflecting key trends such as the ‘skinification of haircare’ and a focus on scalp care. This powerful formula combines cutting-edge anti-ageing technology with botanical extracts, penetrating deep into the roots to nourish and revitalise hair from within.

Shaping the future of beauty in APAC​

Meiyume’s 2024 APAC formulation collection is a testament to the power of the Beauty Intelligence Platform (BIP) and the company’s commitment to localised innovation. By validating market trends and consumer preferences, Meiyume ensures that beauty brands can stay at the forefront of the industry.

Each range in the collection is meticulously crafted to address specific trends and consumer needs, from skin resilience and effortless beauty to sustainable skincare and timeless haircare. With this new collection, Meiyume continues to innovate and lead in the dynamic beauty landscape, offering localised and in-house solutions that cater to the unique demands of the APAC market.

Unmatched beauty innovation​

In this dynamic and diverse Asian beauty market, beauty brands seeking to stay at the forefront of the industry must be strategic in selecting a beauty supplier. Choosing a supplier with both in-house and global localisation capabilities ensures agility and success in navigating the ever-evolving market landscape.

Meiyume is a leader in beauty innovation, offering end-to-end solutions focused on innovative packaging, advanced formulation development and efficient global production. With a vision to transform the beauty industry through sustainable practices and leveraging its BIP, Meiyume collaborates with brands to create tailored solutions that drive innovation and positive change in any region.

References​

1.​ Statista. Beauty & Personal Care – Asia​.
2.​ Martin Roll. Asian Beauty Industry - New Challenges and Opportunities​.
3.​ CSVNow. Local vs Global Sourcing: Choosing the Right Strategy for Your Business​.
4.​ Meiyume. Meiyume Beauty Intelligence Platform​.
5.​ The Guardian. Air pollution causes wrinkles and premature ageing, new research shows | Pollution​.
6.​ Euromonitor. Top Beauty Trends in Asia Pacific: Insights from China, Japan, India, S. Korea​.
7.​ Euromonitor. Keeping Beauty Clean: Paving the Way for Skinification, Dermocosmetics, and Ingredient-Led Beauty in Southeast Asia.​
8.​ Azelis. In tune with tresses: What APAC consumers demand in Hair Care | Market Trends | Personal Care​.