Korea Beauty & Personal Care Products Market
Korea beauty & personal care products market report gives comprehensive outlook on Korea beauty & personal care products The report on Korea beauty & personal care products market gives historical, current, and future market sizes (US$ Mn) on the basis of personal care products, cosmetics/make-up products, and distribution channel. This report studies Korea beauty & personal care products market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, Korea beauty & personal care products market report includes human demographics, regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global market to better equip clients with possible investment opportunities across the regions and market unmet needs.
Korea Beauty & Personal Care Products Market:
Korea beauty & personal care products market was valued US$ 10.0 billion in 2019, and is projected to reach US$ 23.5 billion by 2026, registering a CAGR of 11.3%. The increase in consumption of cosmetics among women due to the increase in the number of women participating in social and economic activities has had a strong positive effect on the demand for Korea beauty & personal care products. The growth of the Korea beauty & personal care products market is further fueled by new product launches for men’s cosmetics that target and support their skin problems. The power of social media is one of the most important elements of the global success of Korea beauty & personal care products. The increase in the trend of veganism, however, may have a negative effect on the production of K-beauty products. Market growth is limited by the increase in the number of conscious consumers, especially in terms of sustainability, environmental impact and animal welfare.
Increased preference towards organic and natural cosmetics:
Consumers are becoming increasingly aware of the ingredients in their products in the South Korean beauty and personal care industry and tend to use natural and organic ingredients and processes in the manufacture of such products. For example, as of 2017, 44% of women in South Korea planned to use more natural and organic ingredients or fewer chemicals in their beauty products, according to a survey conducted by Philips. In addition, to maximize their efficacy, different skincare products are fortified with natural ingredients such as Aloe Vera. This organic beauty movement may be due to certain chemicals with the potential to cause harm to both the skin and the environment. Therefore, it is expected that this trend in organic beauty will boost the demand for organic and natural cosmetics.
South Korea dominates the market during the forecast period:
South Korea’s cosmetics industry is recognized as a global innovation base for cosmetics. Most parts of the globe are now starting to follow the latest patterns set by the Korean cosmetic industry. Cushion foundations & BB creams have been introduced all over the world, for example. Essentially, the South Korean cosmetics industry focuses on skin hydration & pigmentation reduction. South Korean beauty trends include skin care development, unlike Japan’s cosmetic & beauty trend of keeping it plain. Furthermore, the packaging of beauty products, such as hand gel in gummy bears and face powder in panda palettes, is very different from the rest of the world. Such packaging is also one of the key reasons that has attracted a great number of buyers and increased exports.
Key players profile in the market include-
- Amorepacific Corporation
- Nature Republic
- The Face Shop Inc.
- In December 2019, Sisun International, the company behind South Korean apparel retailer Michaa, launched its new sun care brand and is looking forward to expanding its business into the cosmetic market.
- In November 2019, Estée Lauder Companies acquired a K-beauty skincare brand Dr. Jart+.
Key Findings of the Report:
- Korea beauty & personal care products market expanding at significant CAGR over 2020 to 2026 owing to increase in consumption of cosmetics among women, new product launches for men’s cosmetics.
- Based on region, South Korea accounted for larger market revenue share and projected gain market revenue share over the forecast period.
- Players focusing on innovation of novel testing kits and collaboration strategies to retain market position in global market.
Personal care products
- Hair care
- Skin care
- Bath & shower
- Oral care
- Men’s grooming products
- Deodorants & antiperspirants
- Facial cosmetics
- Eye cosmetics
- Lip & nail make-up products
- Hair styling & coloring
- Specialty stores
- Convenience stores
- Pharmacies/drug stores
- Online retail channels
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026).
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies.
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market.