- Actively responding to its global clients targeting the U.S. sun care market
- Strengthening the K-Sunscreen formulations lineup including cushions and sticks
- Enhancing its expertise in sun care products through OTC Lab
SEONGNAM, South Korea, Jan. 26, 2024 /PRNewswire/ -- COSMAX, a global cosmetics research, development, and manufacturing (ODM) company, has established a specialized organization for over-the-counter (OTC) sunscreen products. The company aims to enhance its expertise in the sun care field in response to the growing demands of its clients who wish to enter the U.S. cosmetics market with sunscreen products.
COSMAX has announced the establishment of the 'OTC Lab' within its R&I (Research & Innovation) Center in South Korea. Having obtained approval from the U.S. FDA, COSMAX produces OTC sun care products at its facilities in South Korea (Hwaseong plant) and the U.S. (New Jersey plant).
COSMAX is recognized for its distinctive expertise in sunscreen product production. The company produces various sunscreen formulations including oils, lotions, creams, sticks, etc.
Newly established COSMAX's OTC Lab will serve as a specialized laboratory that supports an entire process of sunscreen product production from research to manufacturing. COSMAX R&I Center in South Korea and COSMAX USA, the company's subsidiary in the U.S., join forces to develop sun care products catering to global consumers' various needs in accordance with the FDA regulation.
As sunscreens fall under the OTC category in the U.S., products are subject to pharmaceutical-level regulation and control by the Food and Drug Administration. COSMAX is the first in the Korean cosmetics ODM field to receive U.S. FDA OTC certification in 2016 and has maintained rigorous quality management.
Through its global quality team within the R&I center, COSMAX also operates a specialized management system that includes real-time adaptation to evolving U.S. FDA regulations on OTC products.
In the recent global beauty market, Korean sunscreens (hereafter K-sunscreen) are recognized for their multifunction that combines skincare and sunblock efficacy and reasonable price. In the U.S., there is a growing demand for K-sunscreens as some products went viral by global influencers on online video platforms.
Beauty companies aiming to capture the U.S. market with K-sunscreens are also on the rise. Leveraging its accumulated expertise, COSMAX actively supports its clients from the initial stages of entering the U.S. sun care market and will continuously expand its lineup of sunscreen formulations and product offerings.
Chun-ho Park, Vice President of COSMAX R&I Center, stated, "In response to the increasing demand from Korean and global clients to enter the U.S. sun care market, we have established OTC Lab." He added, "Based on our accumulated expertise in OTC sunscreen products manufacturing since 2016, COSMAX will continue to innovate products in line with the trends and regulations of the U.S. market."
Meanwhile, the global sun care market is estimated to be around $12.4 billion in 2023 according to the Euromonitor. The OTC sun care market in the U.S. is approximately $2.6 billion, accounting for over 20% of the total market share.
