Cosmax targets Thailand with K-beauty cosmetic formulations

Cosmax Inc., South Korea's largest cosmetics manufacturer that specializes in original design manufacturing (ODM), announced on Monday that it is accelerating its expansion into the Southeast Asian market including Thailand.

The company is building new categories in the Southeast Asian beauty market through the expansion of its makeup formulation lineup, reflecting the trend of K-beauty, and the development of locally customized products.

Thailand has traditionally preferred matte formulations due to its hot and humid climate. However, there is a growing trend in the preference for K-beauty makeup styles, featuring cushion formulations that create a natural, dewy glow, glossy lip formulations, and highly moisturizing lip balms.

Cosmax Thailand is expanding collaborations with local indie brands in Thailand based on popular K-beauty formulations that align with local trends. As the demand for indie brands increases in ASEAN countries such as Vietnam, Cambodia, Myanmar, and India, there is also a rising trend in exports to neighboring nations.

In the first half of this year, Cosmax Thailand's lip product sales increased by 188% compared to the same period last year. The growth is attributed to the increased demand for makeup products in the Thai beauty market after the pandemic and the rising popularity of lip products due to the recent K-beauty trend.

The organic collaboration between the local production site and R&I center near Bangkok and the headquarters in Korea enables Cosmax Thailand to achieve rapid product development. The company's strength lies in utilizing popular K-beauty materials and formulations while producing items tailored to local characteristics, leading to an increase in requests from local indie brands.

For small-sized pouch cosmetics developed by Cosmax, in consideration of the characteristics of Thai consumers, the cumulative production quantity has exceeded 80 million units, establishing it as a representative category in the Thai beauty market.

During the Cosmoprof CBE ASEAN Bangkok event held in September this year in Bangkok, around 200 representatives from about 20 countries visited Cosmax's booth, showing again the high interest in K-beauty within the ASEAN region.

Cosmax Thailand also participated in the VietBeauty exhibition held in Vietnam in July, showcasing skincare and makeup products and receiving keen attention from attendees.

Write to Ji-Yoon Yang at yang@hankyung.com