COSMAX Group Expands Business to Pet Care...Targeting $200B Market

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SEONGNAM, South Korea, Nov. 29, 2022 /PRNewswire/ -- COSMAX Group, the leader in the global cosmetics ODM (Original Development Manufacturing) market, is expanding its business area to pet care.

Metadata
Provider: 
PR NewswirePR Newswire
Retrieved on: 
Tuesday, November 29, 2022
Information
Tags: 
Cosmetics, Multimedia, Ministry, PETS, Partnership, ODM, Lapacho, Regulation of food and dietary supplements by the U.S. Food and Drug Administration, USD, Database, Ministry of Food and Drug Safety, Capsule, Agastache, Research, NDI, Euromonitor International, Animal, FDA, Pet, Bottled water, Food
Geotags: 
SOUTH KOREA, KOREA
Organisation: 
COSMAX
Stock Symbol: 
Korea:192820
Summary
Key Points: 
  • SEONGNAM, South Korea, Nov. 29, 2022 /PRNewswire/ -- COSMAX Group, the leader in the global cosmetics ODM (Original Development Manufacturing) market, is expanding its business area to pet care.
  • COSMAX PET, an ODM company for pet supplements newly established this May, announced that it has commenced operations of its manufacturing plant this month.
  • COSMAX Group entered the pet care business as the global pet care market showed high growth rates.
  • Ho-jeong Jin, CEO of COSMAX PET said "As 'Pet Humanization' became one of the top trends in the pet care market, supplements for pets are also being diversified."


COSMAX Group Expands Business to Pet Care...Targeting $200B Market

  • Started operations of pet supplements manufacturing plant
  • Produces 'human-grade' products with differentiated ingredients
  • Plans to expand pet care business from supplements to cosmetics

SEONGNAM, South Korea, Nov. 29, 2022 /PRNewswire/ -- COSMAX Group, the leader in the global cosmetics ODM (Original Development Manufacturing) market, is expanding its business area to pet care. Starting the operation of its pet supplements plant this month, the company enters the pet care market in earnest along with cosmetics for pets.

Pet Care Products Developed by COSMAX

COSMAX PET, an ODM company for pet supplements newly established this May, announced that it has commenced operations of its manufacturing plant this month. Located in Goesan-gun, Chungcheongbuk-do, Korea, the plant of COSMAX PET spans 6,600 square meters with a floor space of 2,000 square meters.

COSMAX Group entered the pet care business as the global pet care market showed high growth rates. According to Euromonitor International, the pet care market is expected to grow from USD 153.6 billion in 2021 to USD 217.7 billion by 2026.

COSMAX PET provides a 'one-stop solution' tailored to the brand and product concept of its customers. The company proposes differentiated raw materials and formulations suitable for the symptoms of pets, as well as package designs that match each product.

COSMAX PET differentiates itself from competitors with functional ingredients individually recognized by South Korea's Ministry of Food and Drug Safety. COSMAX Group plans to apply various individually recognized functional ingredients to pet supplements.

Among the COSMAX Group's distinctive functional ingredients are Agatri®(Agastache rugosa extract), registered in the New Dietary Ingredients (NDI) list of the U.S. Food and Drug Administration (FDA), and Tabetri®(Taheebo extract) that can help improve joint and cartilage health.

COSMAX PET has secured technologies to produce human-grade pet supplements. Customers can choose grades for ingredients among human-grade, natural-grade, organic, and fresh meat.

The formulation line-up by COSMAX PET consists of a tablet, capsules, powder, jerky, and stick-pack retort (gel or jelly type). Jerky and stick-pack retort are formulations customized for pets. COSMAX PET conducted research on companion animals' appetites, created recipes, and applied them to all products to meet the preferences of pets.

In partnership with its customers, COSMAX PET plans to introduce a variety of new products, formulations, and exclusive materials in the market this year.

Ho-jeong Jin, CEO of COSMAX PET said "As 'Pet Humanization' became one of the top trends in the pet care market, supplements for pets are also being diversified."

He also added, "COSMAX PET will leap toward as a global pet care company by introducing differentiated products based on pet-oriented research and manufacturing technology."

Meanwhile, COSMAX has spent more than three years developing pet care products. The company is expanding its pet beauty product line-ups by introducing toothpaste, body cream, body mist, and ear sanitizer since it first rolled out shampoo and conditioner for pets last year.

COSMAX has established its database of ingredients and raw materials that are suitable for animals. The company also acquired permission to manufacture quasi-drugs for animals and built exclusive production facilities for pet products.

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SOURCE COSMAX

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