Global cosmetics ODM (research, development, and manufacturing) corporations COSMAX said on the 21st that it signed a memorandum of understanding (MOU) on the 16th with global functional materials corporations SYENSQO to target the global textured hair market.
SYENSQO is a corporations founded in Belgium in 1863 and supplies a wide range of raw materials from those for automotive and aircraft parts to cosmetic ingredients. In the cosmetics sector, it is a global leading corporations in hair-care materials, such as plant-derived hair-conditioning ingredients.
COSMAX will use this MOU to expand raw material and research cooperation with SYENSQO. It will leverage specialized materials and diverse research experience on multiethnic hair in the European and U.S. markets. In addition, COSMAX plans to apply its Corelink-S technology to products to address the vulnerabilities of textured hair that is prone to breakage. It will then push to verify feel and performance through evaluations by a global panel.
Through this, COSMAX plans to introduce shampoos and hair essences dedicated to textured hair for overseas markets, including the United States. It also plans to conduct joint research on textured hair and the scalp and, in the mid to long term, develop COSMAX-exclusive raw materials.
COSMAX pursued this MOU in recognition of the growth potential of the global textured hair market. According to SYENSQO, the global textured hair market reached about $12 billion (about 17 trillion won) last year and is expected to grow at an average annual rate of 5% to 10%. Unlike Korea and the East Asian market, where straight hair is dominant, the United States forms a massive market with 50% of the population having textured hair, and Latin America reaches 75%.
Choi Gyeong, CEO of COSMAX, said, "Through collaboration with SYENSQO, COSMAX has laid the groundwork to take another leap forward," and emphasized, "As the hair-care field accounts for 20% of the overall cosmetics market and is highly important, we will introduce innovative products that can satisfy consumers across various regions."