韩国水凝胶面膜出口高增且供给偏紧，ODM 제닉等受益但催化已被提前交易

Riding the global K-beauty boom, hydrogel mask sheets have become a product that Korean makers cannot produce fast enough to meet demand. As orders surge, led by North America, mask sheet exports have climbed nearly 26% this year, but supply is struggling to keep pace.
Korea's mask sheet exports totaled $414.36 million in the first seven months of this year, up 25.8% from $329.30 million a year earlier, according to the Korea Customs Service on the 25th. Exports also rose 14.1% year-on-year last month to $60.96 million.
One of the products driving the recent growth is the hydrogel mask sheet. While a standard sheet mask soaks essence into non-woven or cotton fabric, a hydrogel mask is made by setting a gel formulation blended with active ingredients into a face shape.
Its close fit to the skin, cooling sensation and longer wear time are cited as reasons for its popularity. It also sells at a higher price than standard sheet products. According to the Korea IR Council, hydrogel mask sheets sell for about $5 (around 6,920 won) per sheet and around $19 (around 26,320 won) for a pack of four at major North American retail channels.
After Biodance products gained popularity overseas, other Korean brands including Medicube, Anua, Mediheal, Ingredient Editor and Torriden are also expanding their related lineups. In the United States, their sales points are widening to offline retail networks such as Sephora, Target, Costco and Walgreens.
Market research firm Grand View Research projected that the global hydrogel face mask market will more than double, from $116 million in 2023 to $240 million in 2030. The expected compound annual growth rate is 11.0%.
Hard to Make, Even When They Sell
Demand is rising quickly, but expanding supply is not easy. Hana Securities said in a recent report that supply is failing to keep up with global demand for hydrogel mask sheets.
Standard sheet masks can be largely automated, with a process centered on filling sheets with essence and sealing them. Hydrogel masks, by contrast, must go through multiple steps, from blending raw materials to high-temperature coating, cooling, molding and punching, and sealing.
Because each brand differs in size, shape and folding method, there are limits to fully automating the entire process. Raw material is lost when cutting the masks into a face shape, and defect rates vary with a worker's skill, making yield management difficult.
Initial investment is also considerable. Building a single production line requires up to about 500 million won, and each line is understood to employ 20 to 30 workers. The equipment also stretches about 30 meters long.
For these reasons, domestic manufacturers are limited to Genic, Cosmax, Encos, iCure and Jinkostec. Cosmecca Korea recently joined the market with its own production line.
Supply Shortage Spreads Gains to ODM Makers as Lines Expand
With orders piling up, ODM firms with production experience have moved to expand capacity. Genic increased its production lines from eight in the first quarter of this year to 11 in the second quarter, then added a 12th line last month. It plans to install three more lines by next month and bring them online from October. Hana Securities projected Genic's third-quarter revenue at 55.5 billion won.
Cosmecca Korea also built four production lines at its Cheongju plant this year. Cosmax has been improving early yield problems as it accumulates production experience, and it is expanding its eye patches and client base using hydrogel technology.
Park Jong-dae, an analyst at Meritz Securities, said in a report on the 19th that "as K-beauty indie brands grow larger and diversify their production sources, the benefits are spreading even to small and mid-sized ODM firms," adding that "a true trickle-down effect has begun."
Overseas demand also remains solid. According to Park, K-beauty exports to Europe are growing at a rate exceeding 40% year-on-year. As overseas distribution networks for hydrogel products expand, how stably domestic ODM firms can absorb rising orders while maintaining yields is expected to determine their earnings.