South Korea Cosmeceuticals Market to Reach Around USD 819.99 Million by 2032, Driven by The Growing Popularity of Natural and Calming Ingredients in Korean Skincare

The growing popularity of Korean culture, referred to as the "Hallyu wave," which includes the globalisation of Korean entertainment, skincare and beauty, and fashion to other countries is aiding the South Korea cosmeceuticals market growth. Popular South Korean skincare products with anti-ageing and skin-whitening properties typically consist of natural ingredients such as licorice, niacinamide, beta-glucan, snail mucus, ginkgo biloba, ginseng, green tea, pomegranate, and soy. Niacinamide, green tea, licorice, and soy are significantly used in cosmeceuticals related to anti-ageing and skin whitening.

The addition of a "Korean Beauty" section on various e-commerce channels like Amazon (NASDAQ: AMZN) is leading to the mainstreaming of K-beauty, aiding the market expansion. Besides, growing concerns regarding acne, uneven skin tones, sun damage, and wrinkles, among others, in South Korea are favouring the market.

In September 2023, Food Company Hy, formerly known as Korea Yakult, a division of Yakult Honsha Co. Ltd. (TSE: 2267), launched Leti 7714 Triple Lift-Up Anti-Ageing Cream, a product of lactic acid bacteria culture fermentation. This is the second cosmetic product under Fredit Beauty that Hy has manufactured, the first being the NK7714 Hyper Boosting Ampoule.

Natural ingredients, including Indian mulberry extract, moringa seed oil, and nasturtium extract, are used in the microcapsule formulation. Retinoids, bakuchiol, and a next-generation anti-wrinkle ingredient, with adenosine, a functional ingredient certified by the Ministry of Food and Drug Safety, are the three anti-ageing compounds included in the velvety textured cream. The triple helix structure of collagen is strengthened by the three main components, improving skin elasticity.

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Market Analysis by Product, Material Type, and Distribution Channels:

• The market, on the basis of product, can be segmented into skin care, hair care, and oral care, among others.

• Based on material type, the market can be segmented into natural and multifunctional/ synthetic.

• The various distribution channels for cosmeceuticals include supermarket/hypermarkets, convenience stores, speciality stores, and online, among others.

Key Findings of the Report:

• South Korea has one of the fastest ageing populations and one of the lowest birth rates, 0.78 in 2022, in the world. Hence, the growing ageing population is driving the focus on preventative measures, using calming and nourishing ingredients like mugwort and ginseng to gain consumer attention.

• Consumer awareness of organic ingredients and ethical sourcing practices, coupled with the rising demand for clean-labelled products, drive the South Korea cosmeceuticals market growth.

• South Korea is regarded as one of the prominent cosmetics markets globally. In 2021, the cosmetics market in South Korea accounted for USD 14.5 billion, a 9.8% increase from 2020. As a result, the South Korea market for cosmeceuticals is also expanding.

• In March 2023, the Korean government revealed its intentions to develop big data and IoT-based personalised skin diagnostic programmes and customised cosmetics in order to support the country's bio-health sector. Such favourable government initiatives and technological advancements are expected to surge the demand for cosmeceuticals in the coming years.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea cosmeceuticals market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the products, material types, and distribution channels of cosmeceuticals in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea cosmeceuticals market are Amorepacific Corporation, Able C&C Co., Ltd., Unilever plc, Memebox Corporation, L’Oréal S.A, Beiersdorf AG, LG H&H Co., Ltd., F&CO Co.,Ltd. Estee Lauder Inc., and TONYMOLY Co., Ltd. among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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