Cosmax Expands into Indias Booming Cosmetics Market
Cosmax, the worlds leading cosmetics manufacturer and ODM (Original Design Manufacturer), is making a significant move into India, a nation with a population of 1.5 billion. India is rapidly emerging as a next-generation beauty powerhouse, with its cosmetics market growing by approximately 2 trillion won (about 1.7 billion USD) annually. Cosmax plans to diversify its overseas clientele, previously focused on China and Southeast Asia, to include regions like India and the Middle East, solidifying its position as the top player globally.
On the 21st, industry sources reported that CEO Lee Kyung-soo announced during a corporate briefing for domestic and international securities analysts that the company intends to establish a local subsidiary in Mumbai, India, by the end of this year. This is the first time a K-beauty-related company is setting up a subsidiary in India. A representative from Cosmax stated, "With the establishment of our Indian subsidiary, we aim to attract local clients as well as K-beauty brands looking to enter the Indian market. Depending on the status of our clients, we will also consider local production in the future."
The Indian cosmetics market is experiencing rapid growth due to an increase in womens participation in the workforce. According to the Korea Cosmetic Industry Institute, the market size of cosmetics in India reached 31.73 billion USD (around 42 trillion won) last year. The average annual growth rate since 2022 is 4.7%, leading to an increase of about 2 trillion won each year. Among the various brands, K-beauty products are particularly popular. As K-pop and K-dramas become trends in the region, interest in Korean cosmetics like Chosun Beauty and Cosrx is on the rise.
Recently, K-beauty brands such as Skin1004 and Anua have also entered Indian local platforms like Tira and Nykaa. According to alternative data platform Hankyung Aisle, the export value of cosmetics to India reached 71.41 million USD (approximately 99.8 billion won) last year, more than quadrupling from five years ago when it stood at 16.7 million USD. This trend indicates the growing demand and potential for K-beauty in the Indian market.
On the 21st, industry sources reported that CEO Lee Kyung-soo announced during a corporate briefing for domestic and international securities analysts that the company intends to establish a local subsidiary in Mumbai, India, by the end of this year. This is the first time a K-beauty-related company is setting up a subsidiary in India. A representative from Cosmax stated, "With the establishment of our Indian subsidiary, we aim to attract local clients as well as K-beauty brands looking to enter the Indian market. Depending on the status of our clients, we will also consider local production in the future."
The Indian cosmetics market is experiencing rapid growth due to an increase in womens participation in the workforce. According to the Korea Cosmetic Industry Institute, the market size of cosmetics in India reached 31.73 billion USD (around 42 trillion won) last year. The average annual growth rate since 2022 is 4.7%, leading to an increase of about 2 trillion won each year. Among the various brands, K-beauty products are particularly popular. As K-pop and K-dramas become trends in the region, interest in Korean cosmetics like Chosun Beauty and Cosrx is on the rise.
Recently, K-beauty brands such as Skin1004 and Anua have also entered Indian local platforms like Tira and Nykaa. According to alternative data platform Hankyung Aisle, the export value of cosmetics to India reached 71.41 million USD (approximately 99.8 billion won) last year, more than quadrupling from five years ago when it stood at 16.7 million USD. This trend indicates the growing demand and potential for K-beauty in the Indian market.
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