South Korea’s botulinum toxin exports are hovering to unprecedented ranges, hitting report highs for the second consecutive month in October as “Okay-botox” merchandise take international beauty markets by storm.
Based on various knowledge supplier KED Aicel, exports of Korean-made botulinum toxin reached $41.66 million final month, up 26.4% from a 12 months earlier.
The expansion fee surpasses the 25.4% acquire posted by Korea’s booming semiconductor exports throughout the identical interval.
Demand has spiked in rising economies, the place customers are drawn to the merchandise’ “natural-looking outcomes and inexpensive costs,” based on trade officers.
China is the biggest abroad market, accounting for $23.5 million of third-quarter exports, adopted by the US with $18.8 million, Brazil with $17.3 million and Vietnam with $10.8 million.
Main producers Hugel Inc. and Daewoong Pharmaceutical Co. are spearheading the growth.
Hugel’s abroad income, spanning toxins and fillers, climbed 20.9% year-on-year to 118.3 billion gained ($82.6 million) within the first half of 2025, whereas Daewoong’s exports jumped 30.2% to 98.3 billion gained.
“In contrast with American or European merchandise, Korean injectables are cost-effective and ship extra pure facial expressions,” reads a promotional line from a Singaporean aesthetic clinic, reflecting the rising international status of the so-called “Okay-toxin.”
EXPORTS EXCEED $100 MILLION PER QUARTER
Based on KED Aicel, within the July-September interval, Korea’s botulinum toxin exports hit an all-time excessive of $114.6 million, up 24.2% from a 12 months earlier. This marks the primary quarterly exports to have topped $100 million for 2 straight quarters.
Development has been strongest in Vietnam, the place Korean botox imports surged 279.6% to $10.8 million within the third quarter, buoyed by a rising center class and booming demand for cosmetics procedures.
KOTRA’s Hanoi workplace famous that Korean toxins and fillers “take pleasure in a robust status for security, efficacy and worth.”
Shipments to Brazil almost doubled on-year to $17.3 million, aided by Daewoong’s 180 billion gained Nabota-branded product provide contract signed earlier this 12 months with a neighborhood distributor.
Thailand, the place Hugel’s Letybo model controls greater than half the market, recorded a 68.1% leap to $6.6 million.
The corporations are additionally intensifying their push into the world’s two greatest magnificence markets, the US and China.
The US botulinum toxin market reached $4.74 billion in 2023, based on market tracker Fortune Enterprise Insights.
Daewoong entered the US market in 2019, whereas Hugel secured FDA approval final 12 months and just lately appointed Carrie Strom, former international president of Allergan, now a part of AbbVie, as its new international CEO.
China, in the meantime, has develop into one of many fastest-growing aesthetic markets, with injectable ingredient gross sales increasing 30% yearly since 2021 to 34.6 billion yuan ($4.9 billion) final 12 months.
Hugel is the one Korean firm to have efficiently entered China’s regulated market, the place its exports climbed 24.3% year-on-year to $23.5 million within the third quarter.
MARGIN PRESSURE MOUNTS
Analysts mentioned Korean botulinum toxin makers at the moment are getting into a extra aggressive section of globalization that may check whether or not the “Okay-toxin” increase can translate from quantity progress into sustainable international management.
Regardless of the sturdy export momentum, profitability amongst Korean toxin makers is diverging, as intensified value competitors erodes margins throughout key markets.
Based on Kiwoom Securities Co., Hugel’s third-quarter working revenue is projected at 55.3 billion gained, up simply 3.6% from the year-earlier interval.
“Value cuts in elements of Southeast Asia and Latin America have tempered Big’s progress,” mentioned Kiwoom analyst Shin Min-soo. He trimmed his goal value for Hugel to 450,000 gained from 500,000 gained earlier, which continues to be 72% above the inventory’s latest value of 262,000 gained.
Daewoong Pharmaceutical is predicted to put up more healthy outcomes, with third-quarter working revenue seen rising almost 30% to round 45 billion gained, buoyed by continued double-digit export progress of its Nabota merchandise.
SK Securities Co. analyst Lee Solar-kyung set a goal value of 210,000 gained, a 51% premium over the present 139,400 gained for Daewoong.
Medytox Inc., nevertheless, is struggling.
Its second-quarter working revenue slumped 55.9% to six.3 billion gained, at the same time as exports grew 15.7% from a 12 months in the past, as aggressive value cuts took a toll.
As soon as a market darling whose shares traded above 600,000 gained in 2019, Medytox closed at 120,200 gained on Oct. 31, simply one-fifth of its peak degree.
