Looking for Business Opportunities
Kolmar Korea, a leading Korean cosmetics original design manufacturer (ODM), is moving to enter the Middle East market.
Kolmar Korea announced on Feb. 21 that it has signed a business agreement with the International Beauty Industry Trade Association (IBITA) to explore new business opportunities in the Middle East and North Africa.
IBITA is a non-profit organization set up for the purpose of promoting Korean cosmetics exports. Its establishment was approved by the Ministry of SMEs and Startups in 2012. In 2018, it signed a business agreement with the Emirates Authority for Standardization and Metrology (ESMA) under the United Arab Emirates (UAE) government to facilitate Korean cosmetics companies' entry into the Middle East.
According to market research firm Euromonitor, the Middle East cosmetics market is expected to increase to US$24.6 billion (about 29.4 trillion won) in 2022.
Kolmar Korea has established a Halal guarantee system for production of basic and colored cosmetics at its Sejong and Bucheon plants, respectively, in preparations for entry ino the Middle East market.