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.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

Contact Us:

Expert Market Research
Website: www.expertmarketresearch.com
Email: [email protected]
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.