Cosmax, a global cosmetics original design manufacturing (ODM) company, will begin targeting emerging markets such as the Middle East and South America beginning from 2024.
Last year, Cosmax operated the Emerging Markets TF for four regions -- the Middle East, South America, India, and Africa -- to secure customers there.
These regions are showing the rapid growth of their cosmetics markets. The Korea Trade-Investment Promotion Agency (KOTRA) announced its regional export strategy last year, citing cosmetics as a promising product for export to the Middle East, Latin America, Southwest Asia and Africa. In particular, K-beauty exports to the Middle East exceeded USUS$100 million in 2021, recording 31.6 percent year-on-year growth.
In 2016, Cosmax became the first Korean cosmetics ODM company to obtain a certification from MUI, one of the world’s top three halal certification organizations. In addition, the company pushed for a halal certification while operating a factory in Indonesia, a Muslim country, and began supplying products to influencer brands in the United Arab Emirates (UAE) in 2021.
Cosmax also plans to expand its presence in Latin America with a factory in New Jersey, the United States. Last year, the Latin America task force secured a new corporate customer in Mexico. The company expects to more than double its sales in Mexico in 2024.
The Africa task force has also been successful in attracting customers, expanding its presence in three countries. A Kenyan basic cosmetics brand has become popular not only in Kenya but also in other African countries such as Nigeria and Uganda. In particular, the brand is drawing attention for its unique concept as a K-beauty brand for black skin and is also receiving attention from countries on other continents such as the United States and Europe.