Korean Beauty Trends & Industry News: 24-02-22

Strengthening K-Beauty's Global Competitiveness and Proposing a "Cosmetics Day"

    The Korean Cosmetic Association has announced initiatives to enhance the global competitiveness of K-Beauty and establish a "Cosmetics Day." Despite the resurgence of the K-Beauty market fueled by an increase in international tourists, there's a call for new changes to strengthen its global standing. The association plans to solidify Korea's position as a leading cosmetics exporter by focusing on regulatory innovation, enhancing corporate capabilities, practicing sustainable management, and improving consumer communication. Notably, the establishment of a "Cosmetics Day" and the publication of an 80-year history of the cosmetics industry are aimed at boosting industry pride and laying a foundation for the future.

Chairman Seo Kyung-bae stated, "Despite global economic uncertainties, we will strive to ensure Korean cosmetics remain competitive and innovative in the global market." The association also promised extensive support for the cosmetic industry's development through collaboration with the K-Beauty Forum in the National Assembly.

During its annual meeting, the association reviewed the business performance and budget for the upcoming year, with this year's budget showing a 0.7% increase from the previous year, totaling approximately $27.8 million. The association currently comprises 255 regular members and 51 associate members, totaling 276.

Awards were also presented to individuals who have contributed to the advancement of the cosmetics industry, including a commendation to Assembly Member Kim Sang-hee. The association plans to continue supporting Korean cosmetic companies, especially in diversifying exports to maintain Korea's position as the fourth-largest exporting country and to foster the growth of K-Beauty into a global luxury brand.

Leading Eco-Friendly Beauty Innovation with Upcycled Ingredients

With a growing global emphasis on environmental and social values, the demand for sustainable consumption among eco-conscious consumers, or "Greensumers," is on the rise. The beauty industry is responding by adopting eco-friendly production methods and upcycling, leading the charge in clean beauty practices.

Upcycling transforms discarded materials into new products, adding value. The beauty sector, in particular, is creating value from by-products of food processing, a practice that contributes to environmental preservation and is recognized as a sustainable approach.

Hyundai Pharm's brand Labcle is utilizing fermented peels of oranges and lemons as upcycled ingredients, contributing to the spread of eco-friendly consumption culture. These fermented peels, rich in whitening and antioxidant properties, are being incorporated into skincare products, enhancing functionality while conserving the environment.

LG Household & Health Care's brand Ugly Lovely uses "ugly" crops from national farms as ingredients to practice conscious beauty. These crops, though imperfect in appearance, retain their taste and nutrition and are reborn as beauty product ingredients through upcycling. Ugly Lovely products, containing over 90% natural ingredients, have also received vegan certification.

OB Beer has ventured into cosmetics manufacturing using barley spent grain, a by-product of beer production, achieving zero-waste upcycling. Industry insiders predict that upcycling in beauty products will continue to grow, reducing carbon emissions and enhancing product quality in line with the global trend towards eco-friendly consumption.

MFDS Enhances Support for Global Expansion of Korean Food and Drug Products

The Ministry of Food and Drug Safety (MFDS) is intensifying regulatory diplomacy and global cooperation to actively support the overseas market entry of Korean food and drug products. MFDS Commissioner Oh Yu-kyung shared these plans during the "Food and Drug Future Vision Public Participation Forum," introducing the new vision and core values of "Food and Drug Safety SOP" (Science, On-site, Partnership).

MFDS aims to serve as a stepping stone for domestic companies entering the global market through initiatives like the Asia-Pacific Food Regulatory Authorities Summit (APFRAS), co-hosting the Korea-US AI Medical Products International Symposium, and mutual recognition agreements with key countries. The agency is committed to aligning Korea's safety management standards with international norms, expanding mutual recognition cooperation countries for GMP, and publishing the latest English version of the Korean Pharmacopoeia.

Furthermore, in response to the enhanced safety evaluations in the US and China, MFDS has promised to publish a safety evaluation guidebook and strengthen cooperative relations with these countries. Through the "GPS" (Global leader, Partner, Supporter) policy, MFDS aims to bolster the global leadership, partnership expansion, and corporate support for Korean food and drug products, ensuring their competitiveness and recognition on the global stage.

CTK Wins Innovation Award at 'MakeUp in LA'

CTK, a beauty platform company, has clinched the IT Awards at the 'MakeUp in LA' exhibition held in Los Angeles, California. This accolade is a testament to CTK's innovative product development capabilities and its commitment to eco-friendly practices, receiving international recognition.

From February 14th to 15th, CTK participated in the exhibition at the LA Convention Center alongside approximately 140 companies from around the globe. The event featured the IT (Innovation & Trends) Awards, which aimed to spotlight products leading in innovation and trends across four categories: formulation, full service, packaging, and accessories.

CTK's 'Aqua-Zero Sheet' emerged as the winner in the full-service category. This cleansing product dissolves quickly upon contact with water and is notable for not containing the water that typically makes up 70-80% of cosmetic products. This not only reduces its weight and carbon footprint but also incorporates biodegradable packaging, highlighting its environmental friendliness.

Moreover, CTK is dedicated to pioneering various innovative and eco-friendly beauty products, underpinned by a strong sense of environmental responsibility. This approach has been well-received within the industry and the market, as evidenced by the 'Bottoms Up Stick,' which won first place in the sustainability category at last year's 'Cosmoprof & Cosmopack Asia Awards.' Currently, CTK is collaborating with 18 client and partner companies.

Inyoung Jung, CEO of CTK, stated, "CTK Clip aims to continue being a frontrunner in sustainable cosmetics, making it easier for customers to access and utilize a variety of eco-friendly and innovative beauty products." This award marks a significant milestone for CTK, solidifying its position as an innovative beauty company recognized on the global stage.