[Edaily Reporter Shin Ha-yeon ] The “K-Beauty” craze, which began with cosmetics, is expanding into the fields of skin care treatments and medical devices in Thailand. With the skin booster market in Thailand—where the aesthetic medicine market is valued at approximately 3 trillion won—expected to continue growing significantly, attention is turning to related South Korean companies.

In particular, L&C BIO(290650), which leads the market with its extracellular matrix (ECM)-based skin booster “Re2O,” is drawing market attention as it posts steep earnings growth this year. Having recently secured Thai marketing authorization for both Re2O and Re2O Fine, the key question is whether the company can extend the growth momentum it has demonstrated in the domestic market to overseas markets.

According to industry sources on the 6th, the influence of K-Beauty in Thailand is expanding beyond cosmetics into the aesthetic medicine sector. According to the Korea Trade-Investment Promotion Agency (KOTRA), Korean products ranked first in Thailand’s cosmetics import market in 2024, capturing a 19.02% market share.

Exports of Korean-made aesthetic medical devices are also on the rise. According to import-export trade statistics from the Korea Customs Service, based on HS codes that include energy-based equipment for skin care, South Korea’s exports to Thailand rose from approximately $22.11 million (about 30.2 billion won) in 2022 to about $49.88 million (about 68.2 billion won) in 2024—a 2.3-fold increase in just two years.

Thailand’s own aesthetic medical market is also substantial. According to Kasikorn Research Center, Thailand’s plastic surgery and aesthetic medical market was estimated to be worth approximately 75.2 billion baht (about 3.1 trillion won) last year. The U.S. Department of Commerce’s International Trade Administration (ITA) estimates that there are about 7,000 aesthetic medical clinics operating in the country.

Among these, skin boosters are emerging as a new growth market. According to market research firm Grand View Research, Thailand’s skin booster market is projected to expand from $28.8 million (approximately 39.4 billion won) last year to $85.4 million (approximately 116.7 billion won) by 2033. The projected compound annual growth rate (CAGR) for 2026–2033 is 14.6%.

Product ingredients are also diversifying beyond the traditional hyaluronic acid (HA) to include PN, PDRN, biostimulators, and exosomes. L&C BIO is seeking to differentiate itself in this market with “Lituo,” a product utilizing human-derived extracellular matrix (ECM).

“Rituo” is a product made by microparticulating acellular allogeneic dermis (hADM), which is derived from donated human skin with cells removed. While existing skin boosters have focused on hydration through HA or on inducing collagen production using PN, PDRN, and synthetic polymers, the company explains that “Lituo” is differentiated in that it utilizes various extracellular matrix (ECM) components—including collagen—based on human skin-derived ECM.

Lituo’s growth momentum is already reflected in the company’s financial results. L&C BIO’s consolidated revenue for the first half of this year reached 69.1 billion won, an 80.4% increase from 38.3 billion won in the same period last year. During the same period, operating profit turned from a 400 million won loss in the prior-year period to a 14.6 billion won profit, and the operating profit margin rose from -1.1% to 21.1%. On a non-consolidated basis, revenue reached 55.4 billion won and operating profit reached 15.3 billion won, representing increases of 78.4% and 589.7%, respectively.

The company explained that improved profitability was driven by an optimized product mix resulting from expanded domestic and international sales of Lituo, enhanced production efficiency, and the spreading of fixed costs. In particular, Lituo sales surged from approximately 6 billion won for the entire previous year to about 8 billion won in the first quarter of this year alone, surpassing the previous year’s annual sales in just one quarter.

L&C BIO has now entered the stage of extending the demand for Litouo, which has been confirmed in the domestic market, to overseas markets. According to the company, Litouo and Litouo Fine recently obtained official Class 4 medical device approval from the Thai Food and Drug Administration (Thai FDA).

Preparations for entering the Thai market have also been ongoing. For about two years prior to obtaining the approval, L&C BIO introduced the concept of ECM and its clinical applications to local medical professionals. Following last year’s “ASLS BANGKOK 2025,” the company also hosted an academic program on the clinical applications of Lituo and Lituo Fine, as well as human skin tissue ECM, at “ASLS BANGKOK 2026,” which took place last month.

The company is also expanding its production capacity to meet growing demand. The monthly production capacity for Lituo has been increased from 30,000 units to approximately 80,000 units, with plans to expand it to over 150,000 units by the end of the year. The company plans to use Thailand as a hub for its expansion into the ASEAN region and broaden its sales territory to include Vietnam, the Philippines, Malaysia, and Indonesia.

An L&C BIO official stated, “Thailand is a market with high demand for aesthetic medicine and medical tourism,” adding, “Based on the network of medical professionals we have built through local academic activities, we will expand sales of Litou and begin our full-scale entry into the ASEAN market.”