Kingdomway outlined its plans for Doctor’s Best new product launches during the announcement of its FY24 financial results on April 10.
Some of these new launches would include NMN, liver care tablets, and ergothioneine, which has become highly popular in China in the recent one to two years.
Found in mushrooms and cyanobacteria, ergothioneine has been described as a”longevity vitamin“ due to its anti-oxidative, anti-senescence benefits.
It also plays a role in ageing signalling cascades that are related to the longevity of an organism.
There are currently no ergothioneine products in Doctor’s Best’s line-up either in the US or China.
However, the brand already has NMN and liver detox products in its range.
In fact, Doctor’s Best is already known for its NMN offerings in China in 2020, as NMN was dubbed by China media as a “longevity” and “anti-ageing medicine.”
Back then, its product Doctor’s Best NMN Formula which offers 320mg NMN per serving, had hit sales of US$1m within the first 10 days of its launch in China.
This year, Kingdomway said it was planning to launch a new NMN product known as NMN30000 in China, as well as ergothioneine and liver care tablets.
On top of the new launches, Kingdomway pointed out that it would be strengthening its strategies for e-commerce as well as “interest-based e-commerce”.
Citing the pending launch of its ergothioneine product, the company said it would focus on Xiaohongshu or RedNote and Douyin - China’s version of TikTok, as the strategic pillars of its product sales channels.
“The company will build an entire network of digital marketing matrix for the launch of its innovative ergothioneine product.
“Xiaohongshu (Red), Douyin and other core social media platforms are the strategic pillars, as well as key opinion leaders (KOL), key opinion consumers (KOC), and multi-dimensional strategies such as contextual content marketing and precision consumer targeting...” said the company.
Kingdomway acquired Doctor’s Best almost a decade ago in 2016. It also owns other US supplement brands such as Zipfizz, Viactiv, and RxSugar.
There are currently more than 300 product SKUs under Doctor’s Best, which are sold in China via Amazon, iHerb, as well as Wechat mini app, Douyin, and RedNote.
At the moment, the company has categorised its core Doctor’s Best’s products for the China market into five main segments.
They are 1) heart, brain, cardiovascular health, 2) anti-ageing NMN series, 3) bone and joint health, 4) basic health, and 5) general health product series.
Last year, the brand focused on building its reputation as a leading coenzyme Q10 supplement brand, as well as launching formulations such as coenzyme Q10 and pyrroloquinoline quinone (PQQ) - also a potent antioxidant that supports redox balance and mitochondrial function.
Bone and joint, as well as immune health remains the top concern for China consumers, said Kingdomway.
On the other hand, cardiovascular, liver care, women’s health and beauty-from-within are experiencing high growth rates, while “anti-ageing” has become a buzzword in China’s growing silver economy.
In FY24, Kingdomway recorded a total revenue of RMB3.24bn (US$440.92m), up 4.43 per cent.
Profit attributable to shareholders also increased by 23.59 per cent to RMB341.99m (US$46.54m).
The bulk of its business came from the sale of health supplement products, contributing 60.63 per cent to its total revenue.
Health ingredients manufacturing is its other main business, contributing 37.25 per cent to its total revenue.
Its health ingredients business comprises of co-enzyme Q10, DHA, ARA, vitamin K2, and vitamin A and D3.
Shifting consumption patterns
In the past year, Kingdomway said it has enhanced the presence of Doctor’s Best in China’s social media, including platforms such as Douyin, Kuaishou, RedNote, Wechat mini app.
It also conducted university outreach to engage younger consumers.
The focus on online channels comes on the back of shifting consumption habits in China.
Last year, online channels contributed 57.3 per cent to China’s vitamin and dietary supplement sales, while sales from offline channels had dropped to 42.7 per cent - of which 20.3 per cent came from direct-selling and 16.1 per cent from pharmacies, said the company.
