Huons said Thursday it has agreed with major companies from Europe, Russia and Brazil to supply 100 billion won worth of its botulinum toxin product Hutox, an anti-wrinkle treatment.
After getting the export approval for Hutox in October 2016, Huons휴온스 has been actively exporting its product to other countries, including the preparation to enter the U.S. and Europe market from the second half of this year.
The global market size for botulinum toxin reached 4 trillion won ($3.5 billion) in 2016 and is expected to reach 7 trillion won ($6.2 billion) in 2020. With strategic alliances with companies in Europe, Brazil, and Russia, Huons has prepared to enter the global botulinum toxin market, which is multiplying every year.
Huons has entered into a strategic alliance with a multinational company located in Spain, and expects its market share to reach 11 percent of its total market value of 300 billion won ($266 million) by 2021, the company said.
The Russian market is about one million vials annually. Huons is planning to expand its market share to 10 percent, aiming to grow to produce more than 1.2 million vials by 2021-2022 with the completion of product registration.
"As the cosmetics market in the world grows, interest in botulinum toxin is increasing, so we are preparing for production and sales in the global market such as the America and Europe,” said Um Key-an엄키안, CEO of Huons.
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