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Kolmar Korea, a Sejong City-headquartered pharmaceutical preparation manufacturing company, surpassed KRW2 trillion in annual sales for the first time since its founding in 1995. The company reached this milestone due to the immense growth of its subsidiary in China.
The company is looking to expand its market in the United States and will focus on its sunscreen products for this goal. Kolmar Korea can realize this plan as it has already laid the foundations for scaling up its business in the American market.
Targeting Bigger Market Share in the US
As per The Korea Times, Kolmar Korea is speeding up its market expansion in the U.S. market with its sunscreen products. The company prepared for this by obtaining product certification and setting up a new research and development center (R&D).
Kolmar Korea established the facility to better analyze the local consumer market and work on what is best to grow and expand to other regions. The company's primary target today is boosting the sales and demand for its sunscreen in the country since this will equate to success.
It was reported that the largest sunscreen developer in the country is targeting the U.S. because it has the most expansive market for sunscreens.
Big Sucess in China
Meanwhile, as it aims for U.S. expansion, the company is doing well in China. It hit KRW2 trillion in annual sales for the first time. Korea's Consumer News reported that Kolmar Korea said the main reason for the surge in sales was the growth of small and medium-sized indie brands in the country.
It was noted that the firm's ODM (Original Design Manufacturing) and OEM (Original Equipment Manufacturing) are remarkable and played prominent roles in raking in big sales in the territory. Kolmar Korea's Chinese subsidiary also accounts for the second-highest sales share after Korea, so the brand achieved a good performance in 2023.
"A potential for growth in the North American market, including the U.S., is limitless as sunscreen functions are incorporated not only in sunscreens but also in BB creams and foundations," a company official stated. "We plan to actively target the U.S., the world's No. 1 beauty market, not content with just holding a 70 percent share in the domestic sunscreen product market."
Photo by: Kolmar Website
