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BASF opens new Shanghai plant to tap cosmetics market demand
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GERMAN chemicals group BASF opened a plant in Shanghai today in a bid to tap China’s fast-growing cosmetics and skin care market.
The 150-million-yuan (US$22 million) plant has the capacity to produce 15,000 tons of emollients and waxes - additives in skin cream, hair conditioner, cosmetics and oral care products – annually, “mainly to serve the Chinese market to echo the fast growing demand and swiftly changing property needs,” said Hans W. Reiners, BASF’s president for care chemicals.
China is the world’s second largest cosmetics market after the United States, with its market scale hitting 300 billion yuan last year. Sales grew 9.1 percent annually over the past five years – faster than the world’s average at 4.1 percent, reported chyxx.com, a domestic consultancy.
Meanwhile Chinese consumers are “more eager to buy advanced personal care products”, as 59 percent of them said they would buy expensive and famous branded products in 2015, higher from the 41 percent in 2011, McKinsey said in a survey last year.
BASF expects the newly opened plant in Jinshan District to help ensure its sales in the personal care sector to “grow about 9 percent annually in China,” said Mao Jianwen, BASF’s vice president for care chemicals in Asia Pacific.
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