LG Chem plans to meet China's growing skincare demands

LG Chem Ltd, the South Korean company, plans to introduce more medical aesthetics products into China as consumers have a growing demand in pursuing the speed and efficacy in skincare regimens, said its executives.

In addition to focusing on the sales and production of hyaluronic acid products in the country, LG Chem will rely on science and technology to improve product quality and reinforce their brand image to increase its competitiveness in this market, said Kim Hye-ja, vice-president of LG Chem Life Sciences Co's aesthetic division and CEO of LG Jiansheng Life Sciences(Beijing) Co Ltd.

Eager to seize more of the market share, LG Chem introduced its latest hyaluronic acid product Y-Solution in China in September 2021.

"We always feel obliged to leverage advanced technologies in the upgrade of the hyaluronic acid industry and ensure the products' service safety," said Jung Im-no, expert advisor of LG Chem Life Sciences' aesthetic division, adding that the company has been investing constantly in research and applications.

According to a recent report on China's health industry by Shenzhen, Guangdong province-based industry research firm Qianzhan Institute, bioactive substances such as hyaluronic acid are increasingly used in a wide range of sectors, including medical treatment and cosmetics, indicating promising prospects.

Already one of the world's largest, China's aesthetic medicine market value stood at 143.6 billion yuan ($20.5 billion) in 2020, and is expected to hit 318.5 billion yuan in 2024, with the compound annual growth rate reaching 17.3 percent, according to a study released by consultancy Frost&Sullivan.