Cosmax Targets 17 Trillion Won Curly Hair Market with MOU Signed with Global Raw Materials Supplier

Signed MOU with Scienceko for R&D of Hair Care Ingredients
Curly Hair Market Grows 5-10% Annually, Led by the U.S. and Latin America
Twelve Hair and Scalp Types Identified, Launch of Specialized Products

Cosmax, an Original Development Manufacturing (ODM) company specializing in cosmetics, announced on the 21st that it has signed a memorandum of understanding (MOU) with global raw materials supplier Scienceko to target the curly hair market. The company plans to launch exclusive shampoos and hair essences to capture a share of the global curly hair market, which is estimated to be worth 17 trillion won.

Scienceko, established in Belgium in 1863, supplies a wide range of raw materials, from automotive and aircraft components to cosmetic ingredients. In the cosmetics sector, it is a global leader in hair care materials, such as plant-derived hair conditioning ingredients.

At the agreement ceremony held on the 16th at the Cosmax headquarters in Seongnam, Gyeonggi Province, Choi Kyung, CEO of Cosmax (left), and Jean-Guy Le Helloco, Head of the Cosmetics Business Division at Scienceko, are posing for a commemorative photo. Provided by Cosmax.

With this MOU, Cosmax will expand its collaboration with Scienceko in raw materials and research. The company will leverage Scienceko’s extensive research experience and specialized materials for multi-ethnic hair types in the European and U.S. markets. Cosmax also plans to apply its proprietary Corelink-S technology to products, aiming to address the vulnerability of breakage-prone curly hair. Subsequently, the company will conduct evaluations with a global panel to verify product usability and performance.

Cosmax plans to introduce dedicated shampoos and hair essences for curly hair, targeting overseas markets including the United States. In addition, the company will conduct joint research on curly hair and scalp, with the long-term goal of developing exclusive ingredients for Cosmax.

Cosmax has recognized the growth potential of the global curly hair market. According to Scienceko, the global curly hair market reached approximately 12 billion dollars (about 17 trillion won) last year and is expected to grow at an annual rate of 5 to 10 percent.

Unlike Korea and East Asian markets, where straight hair is predominant, the United States has a curly-haired population of about 50 percent, and Latin America about 75 percent, making these regions massive markets. Developing products for curly hair is therefore essential for targeting the global hair care market.

Cosmax plans to segment curly hair and scalp types to better address the global market. The difficulty of managing curly hair varies depending on the degree of curl. Using general products on curly hair can accelerate tangling or damage, and may also negatively affect scalp health. Cosmax will classify hair and scalp conditions into 12 major types and introduce products tailored to each type.

Choi Kyung, CEO of Cosmax, stated, "Through our collaboration with Scienceko, Cosmax has established a foundation for further growth," adding, "Since the hair care sector accounts for about 20 percent of the entire cosmetics market, we will introduce innovative products that can satisfy a diverse range of regions and consumers."