K-Beauty ODMs Cosmax and Kolmar Lead Global Market as Top Two Players

South Korean cosmetics Original Development Manufacturing (ODM) giants Cosmax and Kolmar have solidified their positions as the dominant global forces in the industry, collectively leading the market. Cosmax maintains its status as the world's largest ODM company, while Kolmar has impressively climbed to second place, surpassing Italy's Intercos.

Recent financial data for the second quarter (April-June) reveals the scale of their success. Cosmax reported revenues of 794.9 billion won, with Kolmar's cosmetics division reaching 606.4 billion won. In contrast, Intercos recorded 465.8 billion won in the same period. Kolmar's ascent has been particularly notable; after trailing Intercos in the fourth quarter of last year, it reversed the rankings in the first quarter of this year and further extended its lead by 140.6 billion won in the second quarter.

Both companies posted record quarterly performances. Cosmax saw a 27.5% year-on-year increase in revenue for the second quarter, driven by balanced growth across its domestic and international operations. Its Korean division surpassed 500 billion won in quarterly revenue for the first time, and its U.S. subsidiary experienced nearly an 80% revenue surge, achieving its first-ever operating profit. Cosmax's subsidiaries in China and Southeast Asia also continued their growth trajectories.

Kolmar also set a new record, with its second-quarter revenue rising 31.2% compared to the previous year, largely fueled by its sun care products. This strong performance is attributed by industry observers to the shifting global cosmetics market, which is increasingly centered around emerging indie brands, a trend that favors domestic ODM companies like Cosmax and Kolmar.