SEOUL, March 30 (Korea Bizwire) — South Korea’s cosmetics industry, directly hit by the coronavirus outbreak, is eyeing hand sanitizers and other hygiene products to make a comeback.
Sales of hand sanitizers and tissues released by Aekyung Industrial Co., a South Korean household goods and cosmetics maker,. in January skyrocketed following the coronavirus outbreak during the Lunar New Year.
While the company raised production quotas with the ongoing pandemic situation, it is struggling to meet with high demand.
Cosmetics giant AmorePacific Corp. also jumped into the hand sanitizer market, speeding up preparations to release a new product.
“We will release a new product as early as next month, or before the third quarter at the latest,” said the company.
AmorePacific’s Happy Bath hand sanitizers rapidly sold out after reaching a 900 percent increase in sales during the Lunar New Year holiday.
Hand sanitizers made by Nature Republic Co., another local cosmetics firm, saw daily sales jump 42-fold in the first week of March compared to the pre-coronavirus era three months ago.
Original equipment manufacturers (OEMs) in the cosmetics industry are also scrambling to meet high demand.
Cosmetics manufacturer Cosmax Co. anticipated a 3,000 percent increase in hand sanitizer sales in the first two quarters this year compared to the previous year.
Kolmar Korea Co., a South Korean cosmetics original development manufacturing company, also raised production to maximum quotas following a spike in demand from distributors.
“Cosmetics businesses are expected to focus on hand sanitizers and other related products to meet high consumer demand generated by keen interest in health and hygiene,” said an industry expert.
Lina Jang (email@example.com)