South Korean cosmetics have captured a significant global market share over the past decade because of their innovative products and unique approach to skincare. According to the Korean Cosmetics Association, the value of South Korea's cosmetics market grew from $4.4 billion in 2011 to $15.7 billion in 2021. Its value is predicted to reach $21.54 billion by 2027.
One standout success story within the industry is Outin Futures. Founded in 2000, the company began as a research and development partner and an original design manufacturer (ODM) for other beauty and wellness companies before launching its house brand, Neogen, in 2008.
This initial phase allowed Outin Futures to gain valuable insights into the cosmetics market, understand consumer preferences, and fine-tune its manufacturing processes.
“Outin Futures is targeting a wide range of export markets, including the United States, Japan, Russia and Indonesia, and conducts sales through various platforms. In 2023, the company is making efforts to solidify its brand vision and continuously expand its product portfolio in the global market,” Outin Futures Vice President and Chief Marketing Officer Janet Kim said.
In developing its Neogen brand, Outin Futures increased spending on research and combined the latest biotechnology with knowledge of natural ingredients to create products that pushed the boundaries of skincare innovation. The combination of traditional Korean skincare and the latest scientific innovation generated a faithful following across the globe.
Marketing has played a vital role in Neogen's growth. Recognizing the effectiveness of a good story, the company shares testimonials from customers and experiences from social media influencers. Going beyond selling its products, Neogen also wants to promote the brand's values, the science behind its formulations, and the transformational experiences of its customers. The marketing approach has created a deep emotional connection with its consumers and strong brand loyalty.
“Neogen has made significant progress in the U.S. market, with sales occurring through various channels, such as Home Shopping Network HSN, the giant chain COSTCO, Amazon US, as well as the K-beauty ambassador Soko Glam. As a cosmetics manufacturer, our goal is to expand exports based on excellent cosmetics development capabilities to achieve continuous global growth,” Kim said.
