Cosmax, the world's No.1 cosmetics ODM company, is shifting its export focus from China to Japan and the US as new growth drivers. The company's overseas direct exports have steadily increased from $183.78 million in 2023 to $189.13 million in 2024 and $196.19 million in 2025. In Q1 2025, Cosmax achieved a record quarterly revenue of KRW 682 billion, with its Korean entity posting KRW 423.2 billion, up 17% year-on-year. Direct exports to overseas clients surged over 30% compared to the same period last year. By country, Japan accounted for 24.7% of direct exports in 2024, followed by the US at 20.4% and China at 15.5%. China, once the dominant market, has dropped to third place due to proactive diversification strategies amid China's economic slowdown and rising local brands. Cosmax's US subsidiary revenue reached KRW 42 billion in Q1 2025, up 46% year-on-year, driven by its 'Made in USA' production system and strengthened collaborations with local brands. The company's role as a 'K-Beauty curator' has been key, supporting small indie brands' global expansion through its technology and global network. Cosmax now collaborates with over 5,000 domestic and international clients, with overseas clients accounting for more than half. It is expanding beyond manufacturing into OBM (Original Brand Manufacturing), handling product planning and branding to become a market designer.
In 2025, Cosmax is accelerating global expansion beyond the US and Japan. It has launched an India sales office to target the 1.4 billion population market, and in February acquired a 51% stake in Italian cosmetics manufacturer Keminova to establish its first European production base, leveraging 'Made in Italy' prestige and EU regulatory compliance. In China, Cosmax's new Shanghai Xinzhuang industrial zone headquarters is expected to be completed in H2 2025, boosting local annual production capacity to approximately 1.6 billion units, marking a leap 20 years after its initial entry into China in 2004. According to the Ministry of Food and Drug Safety's 2025 cosmetics production, export, and import statistics, South Korea's cosmetics exports reached $11.4 billion in 2024, surpassing the US ($10.8 billion) to become the world's second-largest cosmetics exporter after France ($24.3 billion). A Cosmax official stated, "The status as the world's second-largest cosmetics exporter after France shows that K-Beauty's global standing is higher than ever. Cosmax will lead K-Beauty's global expansion with overwhelming technology and rapid product development capabilities."
Source: Read the original report | Published: May 27, 2026