The Ministry of Food and Drug Safety (MFDS) announced that it will introduce a 'Cosmetic Raw Material Safety Assessment System' starting in 2028 to strengthen K-beauty's export competitiveness. This initiative responds to China's recent efforts to formalize a cosmetic raw material safety assessment system, potentially raising export barriers. However, only some domestic consumers understand this system and why it is necessary.
To address these concerns, we met with Chun-ho Park, Head of Research at Cosmax, who oversees the company's Research & Innovation (R&I) division. Park has been involved in various projects, including makeup product development, skincare product development, new technology development, global collaboration process development, personalized cosmetics development, and AI development for cosmetics.
- How is the current Environment of the Domestic and International Cosmetics Industry
It is ever-changing. Currently, domestic indie brands (beauty brands with unique identities and competitiveness that are insignificant players) are rapidly expanding beyond Korea to markets in China, Japan, and the United States, achieving substantial success. However, this is just the beginning. As cosmetic regulations in various countries become increasingly stringent and the differences in product development standards vary widely by country, the difficulty of research and development has rapidly increased.
- What is the Upcoming 'Cosmetic Raw Material Safety Assessment'?
This system involves reviewing and evaluating potential risks to consumer safety in advance, creating an environment where consumers can use cosmetics with greater peace of mind.
- What are the benefits for Domestic Companies from the Introduction of the Raw Material Safety Assessment System?
Currently, there is no standardized cosmetic raw material safety assessment system in Korea, resulting in varying standards among companies. Suppose the Ministry of Food and Drug Safety (MFDS) establishes a standardized system. In that case, companies can produce products that meet these standards, enhancing safety and promoting exports.
- Many domestic companies have no experience with raw material safety assessments. What About Cosmax?
Ten years ago, the raw material safety assessment concept was not even considered in Korea. However, Cosmax had to launch products in countries with stringent cosmetic regulations, such as Europe and the United States, through various projects with global cosmetics companies. Initially, the need to understand these regulations made it extremely challenging. To overcome this, we hired toxicology experts, sent staff for overseas training, and invited experts to educate and integrate this knowledge into our organization. Anticipating the expansion of this system to countries like China, we established our own raw material safety assessment organization in 2021 and are currently working with 15 out of the top 20 global companies.
- What are the future Plans for the Research Institute?
Cosmax is growing alongside various cosmetic brands worldwide. We are striving to create a research institute that offers diversity, efficiency, and creativity, capable of collaborating with any client. We plan to prepare for future markets, such as personalized cosmetics, and strengthen creativity through open innovation.
- Please explain your Company's Vision for the Future of the Cosmetics Industry
We constantly strive to maintain competitiveness in speed and flexibility by predicting various social phenomena such as personalization, customization, and polarization and preparing for their impact on businesses. K-beauty has enjoyed success in the Chinese market in the past but also faced setbacks due to political reasons. Through overcoming these challenges, K-beauty has gained recognition in advanced cosmetic markets such as the United States and Japan. Once again, we will do our best to create a new K-beauty legend worldwide.
