IN 2019, the Asia Pacific nutricosmetics market was valued at USD 3.1 million and is projected to experience a Compound Annual Growth Rate (CAGR) of 12% between 2020 and 2027. [i] Nutricosmetics encompass nutritional supplements for beauty and personal care. These products or ingredients are intended for oral consumption, and can also be incorporated into functional foods and beverages. Sustainability, credibility, efficacy and naturalness claims are currently trending in the Asian beauty-from-within sector (Photo © Kitthanes Ratanasira Anan I Dreamstime) There is growing demand among consumers for beauty-from-within concepts, notably among ageing populations in advanced economies. This demographic is actively seeking out such products to support their health and help maintain a youthful appearance. Older consumers are therefore recognised as a key driver for the expansion of the nutricosmetics sector. So, perhaps not surprisingly, in regions characterised by a growing elder
Indonesia is on the road to becoming a global economic powerhouse, with 2045 the year this is predicted to come to fruition. Looking forward to a robust performance in 2024, the government expects about 5.2% economic growth rate in the coming years. The encouraging outlook is buoyed by progress in key non-oil and gas manufacturing industries, the largest of which is food & beverage. The F&B sector which accounts for the greater share of the CPG industry, accounted for 6.47% (USD20.78 billion) of GDP in the first quarter of 2023, the highest contributor based on recent reports from BPS Statistics. The government’s reforms to move the CPG industry forward have attracted local and foreign manufacturers to expand and set up their production hubs in Indonesia. More local brands are gaining market share across the region. But as any company knows, challenges remain in sight. To gain new perspective on this ever-growing industry, Ringier and Siemens recently collaborated on a