Just over a year after launching, Kiwi biotech health company SRW Laboratories has generated more than NZ$56.3 million in GMV following a successful market entry into the US, Asia and local channels in New Zealand.
SRW has set ambitious new growth targets having quickly established the brand with health-conscious luxury consumers across the globe.
To reassure and earn trust with consumers across the world, SRW has developed a cohesive product range featuring both established and breakthrough ingredients and leans heavily on the science to do the speaking. Backing the products efficacy is founder, biotechnologist, pharmacist and author Greg Macpherson (pictured), supported by an advisory board featuring international experts who publish their research in reputed scientific journals such as the Lancet, Science and Nature.
“Our formulations are designed to help people stay healthier for longer. All products are proprietary, with breakthrough ingredients emerging from the biotech industry, backed by extensive research for their efficacy. 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,” says Macpherson.
Spurred on by the global pandemic, the health and wellness industry is experiencing strong growth. There has been an evolution in the market for healthy ageing supplements, heightened by COVID-19.
To date, SRW has added eight new products to their line-up and through their global successes are looking to accelerate their NPD timeline to meet the global demand for science-led interventions improving health and well-being. According to Mckinsey Global Institute, the global wellness market is estimated to exceed US$1.5 trillion (NZ$2.226 trillion) with annual growth of five to ten percent.
“This is an exciting trend and in the next 12 months we’re aiming to achieve over $150 million in sales and planning to add at least another four more products,” says Macpherson. “We expect much of the growth will continue to come from Asia but we’re also confident in success in the US and elsewhere. Here in New Zealand growth has been pleasing too, and the market has lots of maturing still to do if it follows international trends as we expect it will do.”
The importance and potential of these markets is backed by research (ResearchAndMarkets.com) showing an anti-ageing products industry projected to be worth US$83.2 billion by 2027, of which the US alone accounts for over 27 percent. Macpherson anticipates that global demand for cellular health products will continue its rapid trajectory, with new research and ingredients acting as a driving force.
“It’s given us confidence to diversify our sales channels and reset our growth targets, in terms of total sales forecast but also new product development. We expect this will extend to a worldwide trend and we are in discussions with distribution partners in the EU and even in South America.”
SRW Laboratories launched late April last year 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 consumers.
SRW products are available locally via www.srw.co, at selected pharmacies and natural health stores nationwide.