The plans for expansion came after the company was selected by selected by the Korean Ministry of SMEs and Startups for its export package business project, a program that supports the overseas marketing efforts of local companies which plan to expand overseas.
Biopolytech currently distributes its two brands domestically on online platforms and offline stores such as Lotte Departmental stores and Shinsegae Mall.
SKINUA is known for its facial sheet masks range contain premium natural ingredients.
Its popular Bio-Cellulose Mask is made out of a special material made from fermented coconut that maximises absorption by reducing the loss of essence to evaporation.
The Ultra W modelling masks contain gold and collagen with active ingredients that firm and smooth skin, while the Natural Mask includes moisturising ingredients such as pearl, collagen, aloe vera and snail slime
“With this export project, SKINUA will become a mask brand representing K-Beauty and plans to advance into the global market,” said Lee Jeong-Hun, CEO of Biopolytech.
The second brand Biopolytech plans to distribute into SEA is Angel Bebe, a baby skin care brand for babies aged six months to five years.
The products are formulated using natural ingredients such as jojoba oil, rosehip oil, rosemary extract, aloe vera, and green tea extract. Angel Bebe does not contain synthetic pigment and alcohol to reduce irritation in sensitive baby skin.
The company did not specify when SKINUA and Angel Bebe will be arriving in the Vietnamese and Indonesian markets.
Emerging SEA markets
According to a report by Statista, the Vietnamese cosmetic industry is expected to bring $291m in revenue for 2018 and the market is expected to grow annually by 10.0%.
Despite the popularity of the “wet market” culture in Vietnam, the number of modern health and beauty drugstores have doubled between 2016 and 2017, reported Nielsen Vietnam.
The report further adds that that modern trade in Vietnam is set to accelerate over the next few years.
As the fourth most populated country in the world, Indonesia is an emerging market with enormous potential.
Earlier this year, the L'Oréal group reported that the massive archipelago was their fastest growing mass market.
Statista reports that the Cosmetics and Personal Care market amounts to about $5.5bn, and it is expected to grow annually at a CAGR of 7.2%. Currently, the largest segment in the market belongs to skin care, which is valued at approximately $2bn.