Founded in 2010, BIOEFFECT is the brainchild of three Icelandic scientists who discovered a way to produce epidermal growth factor (EGF) in barley plants. This breakthrough led to the development of his EGF Serum, the brand’s best-selling product.
“BIOEFFECT skin care products are the first products in the world to contain plant-based replicas of growth factors found naturally in the skin and essential for skin health.”CEO Liv Bergþórsdóttir said:
Over the past decade, the brand has expanded globally and is now sold in 27 markets worldwide, including China, Japan, South Korea and Singapore.
“While we are currently focused on strengthening our existing markets, we are always open to new opportunities. This is especially true in Asia, where sales have grown rapidly in recent years.”Bergþórsdóttir said:
The company is successful in Asia, but sales are “big hit” In response to the COVID-19 pandemic, Bergþórsdóttir said:
Now that the pandemic has finally come to an end, the company is witnessing a steady recovery in Asia, especially with the return of brick-and-mortar stores.
“Our online sales are steadily increasing, but at the same time, our brick-and-mortar stores are finally growing due to the impact of COVID-19.” Bergþórsdóttir said.
She emphasized the importance of physical stores for brands. “E-commerce is convenient in many ways, but face-to-face interactions with customers in stores and at special events are invaluable. na
“We love meeting, gathering and conversing with our clients, so we are very grateful for the gradual return of offline retail. It’s safe to say I’m excited about the era ofna
At the same time, Bergþórsdóttir observed specific skincare trends along brands and their products.
“Recently, we have seen several growing trends in the skincare space. These include science-driven skincare, where scientific and medical advances are harnessed in formulating truly effective new products. This is perfectly in line with our own ideology, production methods and product range.We always say that BIOEFFECT was born out of a true love of science.”na
With these factors, Bergþórsdóttir believes sales in Asia, which accounted for 35% of the brand’s total sales, can return to pre-pandemic levels. “We expect these markets to return to that level in total sales.”na
Asia now accounts for 25% of total sales.
The company’s major markets in Asia are China, Japan and South Korea. Bergþórsdóttir also emphasized the importance of Singapore, the company’s newest market.
“The brand was launched during COVID, so we look forward to seeing the market grow once brick-and-mortar business is back on track and tourism recovers. It’s an important hub and our products seem to be very suitable for Asian skin.”na
In addition to expanding the market, the company is also focusing on developing new products to meet Asian consumer demand.