Pangyo Techno Valley K-beauty startups challenge the global market

PANGYO, GYEONGGI, SOUTH KOREA, November 28, 2023 /EINPresswire.com/ — From the Friday following the fourth Thursday of November, the United States enters the Black Friday season. On Black Friday, companies showcase their inventories with maximum discounted promotions, providing consumers with the opportunity to purchase quality goods at affordable prices. It’s a win-win promotion where consumers get products at prices near the original cost, and companies reduce the burden of the warehouse and distribution costs.

With K-beauty, K-fashion, and K-products gaining attention in the global market, the Black Friday season serves as a validation of the popularity of K-products overseas. While K-beauty has established itself in the mainstream U.S. market, its past allure has diminished. To regain prominence, K-beauty products now need differentiated branding, showcasing diversity and distinctiveness compared to Chinese and European cosmetics.

Pangyo Techno Valley is a hub for biotech and housing companies specializing in therapies, medical devices, healthy, functional foods, and more. Cosmetic and beauty companies, leveraging R&D and headquarters in this area, are aggressively expanding into the global market. Unlike general K-beauty, many startups in this region are gaining recognition globally by emphasizing their own branding.

PITEN, a functional natural bio-material company led by Park Mi-seong, produces natural bio-products with skin immune-boosting efficacy. With diverse products, including children’s cosmetics “Nbbebe,” and hand and foot care “Meibrown”. PITEN is rapidly growing, selected for the 2023 SMEs and Startups Agency Online Export Package and the Global Small and Medium Business 1000 Project.

Toun28, which provides subscription-based personalized skincare products, has gained attention for its subscription service and environmentally conscious branding. Toun28 reduced the plastic content in its cosmetic containers by 97%, making them easily recyclable. Their products, free from chemicals like silicone and dimethicone, are acclaimed as healthy cosmetics, and they are also entering the global clean and vegan beauty trends with vegan certifications.

According to the Ministry of Food and Drug Safety, South Korea’s cosmetics export performance in 2022 reached KRW 10.2751 trillion (USD 80 billion), exceeding KRW 10 trillion for two consecutive years in 2021 and 2022, marking the world’s fourth-largest export scale. Pangyo Techno Valley, growing from a traditional cosmetic industrial complex with companies like Cosmax, Cosmecca, and Medipost, hopes to become a hub for advanced integrated cosmetics, contributing to the long-term global popularity of K-beauty.

Vallabh Rao
TopPRWire
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