Korean cosmetic manufacturers are expanding their business in global markets as value-conscious consumers shifted to private-label products with high quality and advanced functions (Byun and Shin 2017; Lim et al. 2020). For example, Kolmar Korea and Cosmax have developed an ODM business model in which they take on R&D, item production, and marketing upon receiving a request from a brand. Meanwhile, brand cosmetics firms such as Olive Young and AmorePacific have retained their own manufacturing departments in order to maintain their brands’ identity and differentiation (Lim et al. 2020).
Another key point for the growth of korean cosmetic manufacturer is the increase in demand for personalized products. Consumers in Korea want to be involved with the creation of their beauty products by using an app such as AMOREPACIFIC that measures the skin dimensions and generates a skin diagnosis, then prints a 3D hydrogel mask tailored to their needs in just 5 minutes.
Also, with the rise in e-commerce, cosmetics brands are increasing their online presence. Many cosmetics manufacturers have built online stores and are providing services such as same-day and early morning delivery in addition to their retail outlets. Additionally, they are using big data solutions to analyze customer trends and develop effective marketing strategies. In the future, a korean cosmetic manufacturer will have to focus on sustainability. This means reducing the amount of plastic used, opting for refillable items, and using recycled plastics as much as possible. This will help the environment and the beauty industry in the long run. korean cosmetic manufacturer
