hy, Cosmax NBT Signs Business Agreement to Target Health Supplement Market

Development of Products Applying Sleep Functional Ingredient Ashwagandha Underway

hy accelerates its attack on the health functional food market.

On the 28th, hy announced that it has signed a joint business agreement (MOU) for ‘strategic mutual cooperation’ with Cosmax NBT, a company specializing in health functional foods.

This agreement is a collaboration for the commercialization of functional raw materials and personalized health functional food businesses that both companies possess. According to the agreement, hy will develop products applying the sleep health functional raw material ‘Ashwagandha Extract’ developed by Cosmax NBT. Ashwagandha extract is known to have generally improved sleep quality through human application tests.

Furthermore, the two companies will cooperate to establish a personalized health functional food business system. hy will be responsible for customer management and delivery using 11,000 Fresh Managers nationwide. Deliveries will be made according to the set delivery cycle to help customers maintain consistent intake. Cosmax NBT will be responsible for production.

hy is also promoting the expansion of its B2B raw material supply channels. Cosmax NBT has agreed to review the application of hy’s B2B raw materials in OEM products currently in production. The plan is to enhance product value by applying natural raw materials such as probiotic strains, Kkudzipong leaf extract, and fermented deer antler extract.

Kim Byung-jin, CEO of hy, said, "Through cooperation with a company specializing in health functional foods, we have established a foothold to expand the healthcare market," adding, "We will maximize synergy for growth by exchanging the competitiveness that both companies possess."

This content was produced with the assistance of AI translation services.