The new modification to the Cosmetics Act enables beauty brands to repackage and sell customised imported cosmetics items in small quantities.
This recent amendment, which is currently awaiting approval from the National Assembly, will allow cosmetics manufacturers to produce various customised cosmetics items for sale. To enable importation, these items, which are defined as goods that require the addition of other ingredients, must adhere to a specific process, which is currently being reviewed.
Following the update to the act, the cosmetics and beauty items can now be resold once the quantity has been adjusted and sales listed at a reduced cost.
The MFDS, a government agency that looks after public health protection and cosmetics and pharmaceutical safety, has recently announced a variety of cosmetic reforms that have been passed by the State Council and are now being placed in front of the National Assembly.
As part of the bill, a certification system was suggested relating to natural and organic food. This is anticipated to result in stricter regulations around organic cosmetics production and marketing.
If approved, these measures are expected to provide cosmetics companies with increased formulation freedom. These changes are also likely to encourage brands to also prioritise the inclusion of natural and organic ingredients, standards and claims of beauty items.
The cosmetics act will also look at implementing an inspector system that aims to identify and report faulty cosmetics. This decision comes as a result of concerns regarding a lack of certification process for natural and organic cosmetics products, reducing customer trust and information.
APAC regulatory portal, Chemlinked, emphasised cosmetics packaging standards in China, Korea, ASEAN and the wider region.
To date, while these requirements vary, the ASEAN, China and Korea markets have stipulated specific rules regarding cosmetics packaging. Other Asian countries, however, have not issued standards, despite safety being iterated as a primary concern for producers throughout APAC.
The Asian market is considered to be the leading contributor to the cosmetics packaging market, representing 32.5% of the sector since 2014. It is predicted to reach $330 bn (€281.3 bn) by 2024, data from Transparency Market Research reveals.
With a healthy and secure compound growth rate (CAGR) of 4.4%, the global cosmetics packaging market and associated regulatory concerns are expected to play an important role in global and APAC growth in the period between 2014 and 2024.