We summarized the news concerning domestic and international beauty and health from the last week.
With the government lifting the obligation to wear masks outdoors, the color cosmetics market is getting animated.
According to retailers, sales of color cosmetics, which have been on a gradual rise since May this year, are now experiencing a rapid rise since September. Regarding color cosmetics, the news of the increase in the number of color cosmetics incorporating vegan concepts is drawing attention.
The vegan trend is affecting the health functional food market as well as cosmetics.
This may be relevant to the increase of the domestic vegetarian population, which was only 150,000 in 2008 but expanded to 1.5 million in 2018 and is now estimated to have increased to 2.5 million last year.
The vegan market is expected to expand further in the future since Korea's leading food companies and cosmetics companies are actively joining to prepare for this demand.
Amid the acceleration of Olive Young's dominance system, which has dominated the offline distribution of cosmetics by defeating prominent competitors such as GS and Lotte, sales have exceeded KRW 1 trillion in the first half of this year.
Analysts say that the decision to postpone the listing plan as the IPO market recently froze is a result of confidence coming from their impressive growth.
AmorePacific and LG Household & Health Care, which have been unable to escape from the swamp of stagnation due to the sluggish Chinese market, have also been acknowledged.
AmorePacific has shown its willingness to grow its pet business as a future growth engine, and LG Household & Health Care is looking for a new M&A target that can create synergy with existing businesses with cash and cashable assets worth 523 billion won.
The growth of the inner beauty market, so-called "eating cosmetics" among health functional foods, is also gaining attention.
The market, which was 500 billion won in 2019, has grown to 1 trillion won this year and is expected to grow into a 2 trillion won market by 2025.
The news of the success of another idea product has also been reported.
Partial mask packs, which were mainly popular among golfers, are showing a noticeable increase as they become well received by outdoor sports such as hiking, tennis, and bicycles.
This can be seen as a case of creating new demand by changing the purpose and target of existing products.
Last week, we told you that functional foods with new features added to regular foods are pouring out.
We believe a good idea can come out if one looks at the two cases above carefully and analyzez them.
What we feel about each news briefing is that markets and customers are changing more rapdily compared to the past.
Among these market changes and trends, The K-Beauty Science selects and delivers to readers what the industry must know.
We are preparing seminars and conferences.
In October, we have prepared the following four seminars to diagnose new changes and trends, so we ask for your interest and participation.
1. Inner Beauty Pivoting Seminar
- Date and place: October 6th (Thu) from 1:00 p.m. to 5:00 p.m. Seoul Hongdae Station Small Theater Under the Cloud
- Announcement: Moon Kyung-sun, team leader of Euromonitor / Jung Hee-chul, executive director of Nutri, Lee Jung-seok, CEO of Age At Lips, Sohn Hee-seung, researcher of Kolmar Korea Intellectual Property Office, Yoon Tae-hyung, researcher of the Ministry of Food and Drug Safety, and Lim Tae-kyu, professor of Sejong University
2. Beauty Insight Trend Concert
- Date and place: October 19th (Wed) from 1:00 p.m. to 5:00 p.m. Auditorium on the 31st floor of Lotte World Tower in Jamsil, Seoul
- Presentation: Kim So-hee, CEO of Trend Lab, Kim So-hee, Vice President of L'Oreal Korea, Yoon Yeo-ran, Researcher Lee Si-na, CEO of Ideaware, Choi In-seok, CEO of Leperry, Kim Jong-un, CEO of Idomi Company, Director of Clio Lee Ji-won, editor of WGSN
3. Seminar on trends in the post-COVID-19 era, cosmetics industry trends, and R&D trends (co-hosted by Seoul Metropolitan Government and the Korea Health Industry Promotion Agency)
- Date and place: October 20th (Thu) from 2 p.m. to 5 p.m. Conference Hall A, Seoul Biohub Industrial Support Building, Hongneung, Seoul
- Presentation: Director Bae Joon-tae of J2K Bio / Deputy Director Kim Na-hyun of ActiveOn, Researcher Kim Dae-gun / Researcher Jeong Ji-hee of Cosmax / CEO Onyu Hong-ul / Director Seo Won-sang of GFC / Deputy Director Choi Jung-soon of UL Korea
4. 2023 Cosmetics Inspection: 2023 Beauty Industry Trend - Changing Paradigm (co-hosted by Daebong LS)
- Date and place: October 27th (Thu) from 1:00 p.m. to 5:00 p.m. 3rd floor of Textile Center Building, Teheran-ro, Gangnam-gu, Seoul
- Presentation: Professor Choi Hoon of Psychology Department at Hallym University / In charge of CJ OnStyle Oh Seok-min / Team Leader Woo Chang-sung of Wadiz / Director Ham Kyung-man of Daebong LS / P&K & VAIV / CEO of Onirica Cosmetics Marco Nannini
The K Beauty Science
▪ Cosmecca Korea Opens Digital Business Platform EOGM
Cosmecca Korea, a cosmetics research and development and manufacturing company, has opened a digital business platform called "EOGM" that specializes in non-face-to-face sales. Anyone who wants to develop cosmetics can access EOGM and commission development.
EOGM is the name of a platform created by combining E and OGM. It means that Cosmeca Korea's original system OGM (Original Global Standard and Good Manufacturing), developed to provide total services optimized for global business, is provided on the online platform.
▪ If you combine genes with customized cosmetics and fourth-generation models, there is a high possibility of success
Jeju Techno Park held a performance presentation on the development of customized cosmetics technology in collaboration with the Korea Biotechnology Association at the Jeju Shinhwa World Landing Convention Center on September 29. The Korea Biotechnology Association is an academic organization with almost 10,000 biotechnology-related companies and experts working as members.
The performance presentation, held in conjunction with the 2022 Korea Biotechnology Association Autumn Conference and the International Symposium, introduced key R&D achievements for developing a big data-based customized cosmetics platform for the National Innovation Cluster (R&D) project, which has been in the promotion since 2018.
▪ K-beauty R&D talent is growing
The "Cosmax Excellent Paper Presentation Awards" was held on September 29 as a section committee and student session of the "Estimated Academic Presentation Conference and International Symposium" held by the Korea Biotechnology Association. It was hosted by Professor Park Tae-jung of Chung-Ang University and Director Lee Joon-bae of Cosmax. Eidbora Inha University student and Cho Dong-ok, Daegu Oriental Medical University student, won the award. Eidbora Inha University student presented on 'Controlled and Sustained Drug Release by Multicultural Vesosomes', while Daegu Oriental Medical University student Cho Dong-ok presented on 'Capsule-based Customizable Color Temperature Monitoring System for Simple Cold Chain Management'. <Refer to the August 2022 issue of The K Beauty Science's student interview>
Last April, the Korea Biotechnology Association and Cosmax established the "Cosmax Excellent Paper Presentation Award" to promote technological competitiveness in the domestic cosmetics industry and promote research in key academic fields.
▪ Seoul Holds First Seoul Beauty Week
‘Seoul Beauty Week’, held for the first time this year by the city of Seoul, ended on October 2nd.
Seoul held the world beauty festival ‘2022 Seoul Beauty Week’ at Dongdaemun Design Plaza (DDP) from September 30 (Fri) to October 2 (Sun) for three days. This is the first schedule of ‘Seoul Beauty Month’, which will be held throughout Seoul for 34 days.
The slogan of "2022 Seoul Beauty Week" is Bloom Your Color, which contains the theme of finding one's own beauty by enjoying various charms such as Seoul's cultural assets, the Korean Wave as well as Seoul's style.
▪ Osong Cosmetics Beauty Industry Expo, October 22nd Beauty Conference
The 2022 Osong Cosmetics Beauty Industry Expo will hold a beauty conference at the conference hall on the second floor of Osong Station from 10 a.m. to 2:10 p.m. on October 22nd (Sat). This year's theme is "The Latest Global Cosmetics Research Trends and Market Trends After COVID-19." It is organized by Seowon University's Industry-Academic Cooperation Group. This conference is an additional event for the 2022 Osong Cosmetics Beauty Industry Expo, which will be held online and offline for five days from October 18 to 22.
Osong Cosmetics Beauty Industry Expo is expected to involve more than 210 companies and 700 buyers online and offline under the slogan "K-Beauty Osong, permeating the world."
▪ "The need to create an ecosystem for the chemical-white bio industry."
"The bio-industry is limited to medicine, food, and animal feed, but it is expanding into the chemical, material, and energy sectors."
Kwon Young-woon, head of GS Caltex Technology Research Institute, stressed that the white bio-industry is a promising and sustainable industry for a sustainable future at the "Special Lecture on the Award of Biotechnology Companies" held at Shinhwa World in Jeju on September 30.
GS Caltex won this year's Biotechnology Company Grand Prize selected by the Korea Biotechnology Association for developing eco-friendly biotechnology that can mass-produce 2,3-butanediol for the first time in the world by combining microbial fermentation, separation purification, and biotechnology. This special lecture was organized to commemorate the 'Bioengineering Company Grand Prize'.
▪ ECCK Published the 2022 Regulatory Environment White Book
The European Union Chamber of Commerce in Korea (ECCK) held a press conference at the Korea Press Center on September 28 to commemorate the publication of the 2022 ECCK White Book, which contains European companies' recommendations on the Korean regulatory environment.
ECCK is an association established in 2012 to represent European companies, with more than 400 European and domestic companies participating.
ECCK discussed Korea's business environment and regulatory reform issues by industry at a face-to-face press conference for the first time in three years. This year's white book included 96 suggestions from 18 industrial groups.
▪ H&A Pharmaem Announces Four Technologies of 'Future Skin Delivery Body' at IFSCC
H&A Pharmaem Co., Ltd., a company specializing in R&D and the production of cosmetics materials, released four poster papers at the IFSCC Congress 2022 London held in the UK from September 19 to 22.
The paper published by H&A Pharmaceuticals is the research result of a skin delivery chain △ LNPs △ Polymersome △ Exosome-Liposome Hybrid System △ Organic-Metal Skull (MOFs)-based encapsulation that can be spotlighted as a new material for future cosmetics.
▪ GFC Announces Prostate Cancer Diagnosis Technology Using Exosome Protein
GFC Life Sciences (CEO Kang Hee-chul, GFC), a bio-material company, has announced a technology that diagnoses prostate cancer using exosomal protein. The research paper was published in the international journal Biomarkers Journal (ISSN: 2472-1646) in August as "STEAP1 as a New Diagnostic Marker Candidate for Prostate Cancer" and "RTN3 as a Novel Prostate Cancer-Specific Biomarker from Exposals", respectively.
▪ The U.S. pays attention to glycolic acid, and France pays attention to active ingredients
The Korea Cosmetics Industry Research Institute published the 8th issue of "Global Cosmetics Focus" in 2022, which contains market trends in the U.S. and France.
In the United States, glycolic acid is the main keyword, and AHA (Alpha Hydroxy Acid) and Exfoliating are selected as related keywords, and there is high interest in home peeling.
In France, active ingredients are the main keywords, and powerful and natural origin are selected as related keywords, and products with functional effects are drawing attention.
▪ Koreana Cosmetics Chairman Yoo Sang-ok publishes photo essay 『Walking in Yangjaecheon, A Businessman in Ninety』
Songpa Chairman Yoo Sang-ok, a cultural manager and founder of Koreana Cosmetics (CEO Yoo Hak-soo), who contributes to the prosperity of Korea's culture, published his 11th book on October 2.
The photo essay 『Walking in Yangjaecheon, A Businessman in Ninety』 (non-sale) is a collection of daily life recorded by Chairman Yoo Sang-ok in recent years and 20 essays and columns written over the past five years. Although he is 90 years old this year, you can see photos that show various aspects of Chairman Yoo Sang-ok's life, who is still actively engaged in activities such as a CEO, culture business manager, collector, essayist, and chairman.
▪ Kolmar B&H has obtained certification as an excellent company for job invention compensation
KolmarB&H, Korea's leading health functional food company, has been certified by the Korean Intellectual Property Office as an "excellent company for job invention compensation."
The "Company Certification System for Job Invention Compensation" is a system in which the Korean Intellectual Property Office and the Korea Invention Promotion Association select and certify companies that are ethically compensating for the technology they invented while performing their duties. If certified, you can receive preferential points for selection of government-supported projects for two years, and benefits such as patent priority screening and patent registration fee reduction are also awarded.
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