全球化工与原料分销商加速收购韩国化妆品原料企业，首尔经济日报称本土原料技术估值不足

As K-beauty expands its global reach, overseas chemical and ingredient companies are moving faster to secure Korean ingredient suppliers and technology firms. The aim is to gain access to the ingredient and formulation technology and supply chains built up in the Korean market and expand them into global operations. At home, however, some argue that ingredient companies with strong technology are not being valued at what they are worth.
IMCD, a Dutch specialty chemicals and ingredients distributor, acquired a 100% stake in Korean cosmetics ingredient supplier Dongyang FT in January, according to the beauty industry on the 30th. Founded in 2009, Dongyang FT supplies ingredients to cosmetics manufacturers while also supporting ingredient blending and formulation development through its own research and development facilities. Its operating profit rose to 9 billion won in 2024 from 5.4 billion won in 2023, and reached 17.8 billion won last year.
IMCD is a major player in the global specialty chemicals and ingredients distribution industry, posting revenue of 4.7789 billion euros (about 7.643 trillion won, or $5.2 billion) last year. It has been aggressive in securing a foothold in the K-beauty value chain, acquiring the life sciences division of Korean ingredients distributor YCAM in the second quarter of last year.
Since acquiring Dongyang FT, the company has expanded beyond supplying ingredients in Korea into product development. In January it set up a beauty and personal care application laboratory and "Beauty Studio Seoul" in Seoul, allowing brands and manufacturers to combine ingredients and textures and develop prototypes. The strategy is to build local product development capability by tapping the speed at which new products are developed in the Korean market.
Brenntag, a German chemicals and ingredients distributor, is also expanding its investment in the Korean market. On the 3rd of this month, Brenntag signed a deal to acquire Woojin Trading, a Korean cosmetics ingredients distributor. Founded in 1999, Woojin Trading has distributed beauty and personal care ingredients on the strength of its network of global ingredient suppliers and its own laboratory. Brenntag plans to use the acquisition to strengthen its business base in Korea and expand into the Asian market.
Investment is also flowing toward technology companies, not just ingredient suppliers. BOLD, the corporate venture capital arm of L'Oreal Group, invested 10.5 billion won in Korean biotech firm OliX in June. The two companies plan to use OliX's short interfering RNA (siRNA) technology to develop solutions for skin and hair health, and later to extend joint research into nail health.
One reason global companies are focusing on Korean firms is an industry that turns out new products quickly, with cycles of roughly six months to a year from planning to mass production. For a global ingredients maker, acquiring a Korean supplier means it can immediately test which ingredients and formulations draw a fast market response, and it is then well positioned to roll out validated ingredients into global markets. "Another advantage is that securing a Korean ingredient supplier that serves multiple brands lets you benefit broadly from K-beauty's growth, regardless of whether any one brand succeeds or fails," an industry official said.
In contrast to the courtship from global companies, voices inside and outside the domestic ingredients industry say K-beauty's popularity has not translated into an "ingredient premium." As beauty brands and manufacturers rely on imported ingredients, competitive domestic ingredients are not feeding through into actual product development and market expansion. According to a report by the Korea Institute of Science and Technology Information (KISTI), Korea holds about 24,000 of the roughly 230,000 global patents related to natural cosmetics, or 10%, putting it alongside China as a country with globally competitive technology. But the report noted that "the technological competitiveness reflected in patents is not translating sufficiently into development, production and commercialization in the ingredients industry itself, and dependence on imported ingredients also remains high."
Experts advise that K-beauty needs to move beyond growth centered on finished products and make an effort to show the market the technology and distinctiveness of its ingredients. While domestic ingredient companies struggle to build their own brands for lack of capital and global networks, they say, overseas companies are reaping the rewards. "When consumers buy K-beauty products, they don't go so far as to distinguish whether the hyaluronic acid is Korean or Chinese," an industry official said. "Ingredients also need B2B marketing and branding that can convey quality and technology to consumers and brands."