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German firm to tap huge silver economy potential in China

By Li Jiaying | | Updated: 2024-05-17 17:06
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Landmark policy is expected to boost the anti-aging industry by technological innovation and high-profile research and development, demonstrating substantial growth potential, said foreign company executives.

A guideline on developing the silver economy to enhance the well-being of the elderly, which was issued by the General Office of the State Council, China's Cabinet, at the beginning of this year, is believed to mark the formal inclusion of China's silver economy into its national strategy.

"The guideline is expected to significantly drive the development of the anti-aging industry. And the measures proposed in the document, such as strengthening the application of technological innovation and supporting high-quality R&D in the silver economy, will create huge opportunities for companies that prioritize advanced technology and talent acquisition," said Rolf Heidrich, CEO of German functional and beauty nutrition company HECH Europe GmbH.

As a foreign enterprise, HECH is optimistic about the development potential of China's anti-aging market, said Ning Qiankai, CEO of Hech Greater China.

"China's large population and rising living standards indicate a growing demand for anti-aging products and services. Our products in the field of nutrition technology for anti-aging and longevity will perfectly align with the silver economy," Ning said.

Compared to other markets, China's beauty nutrition sector shows uniqueness in channel innovation, consumer education and growth rate, Heidrich said.

"The Chinese market has higher demand for the diversity and innovation of beauty nutrition products, which may be a result of its consumers' increased pursuit of beauty and health awareness," he said, adding that the empowering role of e-commerce is particularly prominent in the country, driving rapid growth of the entire nutrition industry.

The rapid growth of online channels, especially through emerging e-commerce platforms like Douyin, has not only provided diversified sales channels, but also enhanced buying intentions through content marketing, said Steffen Wegener, managing director of product at HECH.

"The Chinese market has also shown high acceptance of emerging ingredients and innovative products, offering vast development opportunities for both domestic and international brands," Wegener said, adding that the company is planning to launch a slew of new products, such as cell-repairing and regenerative formulas as well as hair care products in the Chinese market.

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