December 04, 2024

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Minister of Food and Drug Safety Oh Yu-kyoung (second from right) and Kolmar Korea Vice Chairman Yoon Sang-hyun (on Oh's right) tour the company's research complex in Seocho-gu, Seoul, on Tuesday. (Kolmar Korea)

Kolmar Korea Vice Chairman Yoon Sang-hyun on Tuesday reaffirmed his company’s dedication to becoming a trusted global partner in the beauty market during a visit by the nation's food and drug safety chief to the company's research complex in Seoul.

“We will continue to strengthen our partnerships with independent brands and actively support them to ensure the continuous emergence of K-beauty's iconic brands,” Yoon said, welcoming Minister of Food and Drug Safety Oh Yu-kyoung to the facility, the first of its kind to combine research work for beauty and health supplement products.

The visit comes after Korea posted a record $9.3 billion in annual cosmetics exports as of November.

"With one month left in the year, our cosmetics industry has set a historic record for export growth. I deeply appreciate the sector's efforts," Oh said, pledging government support to sustain this momentum through international collaboration and regulatory improvements.

Participants toured the Kolmar R&D complex, home to over 600 expert researchers, and featuring the UV Tech Innovation Lab, known for its groundbreaking sunscreen advancements, and the Chroma Kolmar Studio, a hub for color innovation.

K-beauty exports have been on a steady rise since 2014, with monthly exports exceeding $800 million throughout the second half of 2023.

With cosmetics exports projected to surpass $10 billion for the first time this year, the industry is investing heavily in research and development to maintain its competitive edge. Companies are focusing on innovative materials and technologies, responding to growing consumer interest in unique product features.

For example, Korea Kolmar is developing next-generation sun care products using gold nanorods in partnership with Kumoh National Institute of Technology. The breakthrough technology, expected by 2025, will block both UV and near-infrared rays simultaneously.

By Kim Hae-yeon (hykim@heraldcorp.com)