Cosmax breaks ground in Thailand for growing ASEAN beauty market

Cosmax CEO Lee Byung-man, center, and Deputy Secretary General of the Board of Investment of Thailand Suthiket Thatpitak-Kul, second from left, join a groundbreaking ceremony for Cosmax Thailand's new manufacturing plant in Bang Phli District in Thailand, Thursday. Cosmax Thailand CEO Kang Min-gu, second from right, and Ambassador of Korea to Thailand Park Yong-min, right, also joined the ceremony. Courtesy of Cosmax

The design for Cosmax Thailand's second manufacturing plant in Thailand / Courtesy of Cosmax

Cosmax, a major original development manufacturing (ODM) company in Korea for beauty product brands, broke ground on its second manufacturing plant in Thailand to boost supply for the country and the Southeast Asian region, according to the company, Wednesday.

The new plant’s groundbreaking took place in Bang Phli District on Thursday. The company invested 1.5 billion baht ($43.9 million) into building the four-story structure with a total floor area of 36,000 square meters. The scale is four times larger than the existing plant of the company’s Thai subsidiary, Cosmax Thailand. The new plant's construction is scheduled for completion September 2026.

The new plant will triple Cosmax Thailand’s overall production capacity, raising it up to 230 million items per year.

The company said the new plant is designed to boost eco-friendly management, reducing voltaic organic compounds emissions and wastewater and recycling production waste. The plant has already acquired certifications from the Thai government for drug safety and halal and vegan qualifications.

The new plant’s construction comes as the Southeast Asian region's beauty product market has been growing, particularly in Thailand with the largest market in the region. Cosmax Thailand last year registered 43.5 billion won ($29.7 million) of sales, up 70.4 percent from previous year. From 2022 until 2024, the company’s average annual growth was 51 percent.

The Korea Trade-Investment Promotion Agency estimated that the Thai beauty product market this year will hit $812 million, jumping by 11.5 percent from 2023.

Kang Min-gu, head of Cosmax Thailand, said the new plant will cement Thailand as the new K-beauty platform for the Southeast Asian region.

“The new plant will meet the fast-rising demand from the Thai beauty market. It will transform the country into the center of the region’s beauty manufacturing industry,” Kang said.

Cosmax currently runs 19 manufacturing plants in China, the United States, Indonesia and Thailand.