This was a key takeaway from BRB Silicones 2020 personal care formulation booklet, a guide put together by an international team of formulators.
The firm is a producer of specialty silicones and claims to be the largest independent producer in the world.
“Based on marketing trends, customised cosmetics will definitely become more popular. The market is very vibrant, and this will allow brands to differentiate itself. We see this as a blue ocean strategy,” said Lim Hoong Heng, global product line manager, BRB International.
Lim believes the market will see more demand for personalised beauty, even in APAC, where beauty consumers are becoming more knowledgeable about beauty.
“In the market, there are too many products that are not necessarily suitable for individual requirements. Everyone likes special treatment – that’s why this concept was developed. Consumers are becoming savvier and they want individual treatments for their concerns and conditions.”
BRB’s bespoke formulation comprises of a skin care base, a basic moisturiser, and three skin care boosters which consumers can choose to supplement the base with added benefits.
“This is a very good solution for manufacturers and consumers,” said Lim.
Potentials in Asia
The company has identified China, South Korea and South East Asia as markets with the most potential for its business.
“For us, its where the growth area is. In order to make ourselves known in the market, we have to showcase our technical abilities, We rely on a solid network of distributors in these markets which is why we have to constantly come up with new ideas to push our distributors to go after the customers,” said Lim.
He noted that the firm has strong confidence in those markets, regardless of the impact of the novel coronavirus (COVID-19) pandemic.
“Every single personal care company has shifted to making hand sanitisers, this will probably last till June, like it or not. But once the market opens up, people will start to spend on cosmetic and personal care products, just like what you see in China.”
Lim added that he predicts the market will experience a quick, V-shape rebound.
“I would say, if COVID-19 is restrained, we will see very fast recovery by early 2021. Personal care products will bounce back first, and colour cosmetics will follow three to six month later, but it will definitely be back.”
Lim envisions that the market will undergo some changes, especially in brick-and-mortar retail.
“I know people have been buying online, but consumers still prefer to see the product itself. So, you will still see people in the shopping malls, but testing at the counter may become obsolete.”
He added, however, that brands must innovate to overcome this hurdle as they cannot expect consumers to buy a full product without testing.
“Brands could produce products in smaller quantities to entice consumers to try the product. If it’s good, then they can buy the full-size.”