A slew of new cosmeceutical brands are pouring into the market as the mix of pharmaceuticals and cosmetics gains bigger appeal to beauty-sensitive Korean consumers.

DongKoo Bio & Pharma Co. launched a new stem cell brand dubbed Cell Bloom late last year with a tagline that it is the country’s No. 1 pharmaceutical company of the most commonly prescribed dermatology drugs. Its 2-in-1 mask pack for whitening and anti-aging sells like hotcakes through viral marketing.

In the market of cosmetics manufactured with stem cell culture fluids, many brands are in competition: Cosme Chaum of CHA Hospital’s CHA Bio F&C), Cellpium of Medipost, Stem-C of Pharmicell and AOA and AAPE of Prostemics just to name a few.

Some are active in overseas markets. Pharma Research Product, a regenerative medicine company, said its D+Cell 350 for professionals was recently approved by China Food and Drug Administration (CFDA) and it signed a 13.3 billion won ($11.4 million) contract of products to be supplied from next month.

Local biotech companies entering the cosmeceutical market are stimulated by the success of pioneering players such as Dongkook Pharm, whose skin moisture cosmetics Madeca cream became a million-seller just in one year after launching in April 2015.

Celltrion Skincure which acquired Han Skin in 2013 has a full-fledged growth plan this year. The company emphasized it will focus on building a marketing network while sticking to a ‘no discount’ policy based on its quality reliability.

The Korean cosmetics market grew at an annual average rate of 7 percent with 6.3 trillion won in 2010 and 8.1 trillion won in 2014, whereas the functional cosmetics market expanded by 18 percent from 1.5 trillion won in 2010 to 3 trillion won in 2014. The functional cosmetics market is poised for further growth as the Ministry of Food and Drug Safety added seven more functional cosmetics, increasing those items to 10, which include agents for de-coloring and atopic skin moistening.

By Shin Chan-ok

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]