Biotech health company SRW Laboratories’ launch in China was welcomed with impressive sales of $9.4 million, demonstrating strong demand for the healthy ageing Cellular System range of supplements.
Launching with support from local distribution partners on Friday, SRW achieved online sales to the value of over NZ$4 million within just ten minutes. Their entire first shipment sold out before the weekend was through, achieving sales worth NZ$9.4 million (42.8 million RMB).
The launch of SRW had been well publicised in the week prior to launch, with a large pre-launch event in Hangzhou. Attended by over 1,000 guests including media, doctors and health professionals, the event’s live stream peaked at over 220,000 viewers.
“We are incredibly happy with the results”, said Greg Macpherson, biotechnologist and founder of SRW Laboratories. “For a new brand to achieve this incredible interest demonstrates an evolution in the market for healthy ageing supplements, advanced by heightened health focus due to Covid19. Our team has done an amazing job in communicating what is essentially a new science-led approach to healthcare, focused on the Nine Hallmarks of Ageing.”
“Our formulations are designed to help people stay healthier for longer. All products are proprietary, with new-to-market ingredients for the most part. This makes the results even more impressive. A reflection on our approach, understanding the global demand, the team’s hard work, and the work of our partners in China preparing for this launch.”
SRW introduced their Cellular System range with a soft launch to New Zealand and the USA in June. Early sales in these markets are encouraging and they hope to achieve success that matches their success in Asia, which has now demonstrated a strong appetite, exceeding expectations.
Spurred on by the global pandemic, the health and wellness industry is experiencing strong growth. Nowhere is this more profound than in China. The country’s health and wellness market was reported to be worth ~$70 billion in 2020 (source: Boston Consulting Group), with experts forecasting a rise to $145.1 billion by 2025 (source: https://www.bcg.com).
With the world’s largest population, China’s economic growth, political influence and technological advances have seen the country transform into a global powerhouse. At the end of 2020, the 60-year-old population reached 248 million, accounting for 17.17% of total population. Given the size of the market and its growing middle class, China’s influence is now impacting the global wellness industry.
There is no direct translation for the word ‘wellness’ in Chinese. Instead, the population separates the concept into physical, mental and spiritual well-being. All three are high priorities for Chinese consumers. SRW has aimed to embody this with a holistic approach to ageing which includes a focus on helping customers achieve wellness through movement, nutrition, mental stimulation, social enrichment, and improvements to lifestyle.
“The sophisticated Chinese consumer is seeking ways to stay healthy for longer and invest in their health.” says Macpherson. “This is part of a worldwide trend, which is driving interest in the SRW brand globally. We are in discussions with potential distribution partners in the EU and the US as we evaluate the best route to growth in these key regions in 2022.”
SRW Laboratories launched into China with three products in ‘The Cellular System’ range. The range is the first of its kind, focusing on the ‘Nine Hallmarks of Ageing’ – characteristics that scientists have identified and grouped together as the culprits of ageing in our cells. The range features extensively researched ingredients, backed by world leading scientists, which has proven to resonate well within the Asia market.
Products launched include Cel¹ Stability, Cel² Nourishment and Cel³ Renewal, formulated to support cellular health.
SRW products are available locally via www.srw.co, at pharmacies and natural health stores nationwide.
