Major aesthetic companies in South Korea are moving away from a single-product focus to expand their portfolios. As growth limitations become evident with reliance on a single flagship item, these companies are adopting strategies to broaden both their product lines and business sectors.
According to market research firm Data Bridge Market Research, botulinum toxin is widely used for wrinkle improvement, facial contouring, and sweat gland treatments, accounting for 44.3% of the domestic beauty market in 2024. However, as the market matures and competition intensifies, there are concerns that relying solely on toxins will hinder growth. An industry insider noted, "As it becomes harder to attract new patients, we have entered a saturation phase where increasing domestic sales with a single product is challenging."
Companies are accelerating their efforts to expand their product lines. By securing a variety of products such as fillers and dermacosmetics, they can propose multiple treatment combinations to clinics, enhancing their sales competitiveness. Given the aesthetic market's nature, which often involves repeat procedures, the ability to connect existing customers with diverse products is also seen as a significant advantage.
Hugel is one of the companies actively pursuing portfolio diversification. In the first half of this year, botulinum toxin drove performance growth, while non-toxin segments, including fillers and cosmetics, accounted for about 41% of total sales. The company is also strengthening its bundling strategy, offering combinations of toxins, hyaluronic acid (HA) fillers, sutures, and skin boosters. This approach aims to position fillers and skin boosters as complementary treatments rather than competitors.
Pharmarise is expanding its business around its flagship product, Rejuran. While its medical device segment still accounts for more than half of its revenue, the cosmetics division, led by Rejuran cosmetics, is on the rise. In the second quarter, cosmetics sales surged nearly 96% year-on-year, driving international sales growth. The company plans to enter Costco in the U.S. in the third quarter.
Pharmarise is also expanding its new product lines. Following the scalp booster utilizing its patented cosmetic ingredient c-PDRN, it is enhancing its gynecological product line based on DOT® PN ingredients. Recently, it launched 'Gyner,' its first product in the gynecological market. Although the health supplement business is still small, the company aims to grow by increasing its presence in pharmacies.
Jetema recently announced a new vision to become a 'total bio healthcare company.' Currently, over 60% of Jetema's revenue comes from its filler business. The company plans to expand its existing operations while developing high-value bio pipelines, including GLP-1 obesity treatments and age-related eye treatment products, as future growth drivers. To support this strategy, it has appointed Yoo Geun-jik, a former CEO of a cosmetics company, as the vice president overseeing the dermacosmetics division.
Industry experts believe that competition in the aesthetic market is shifting from individual products to portfolios. One industry insider remarked, "In aesthetics, relying on a single product can lead to greater performance volatility as competition intensifies. Clinics prefer to source multiple products from a single company, so portfolio competitiveness can determine a company's overall competitiveness."
* This article has been translated by AI.
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