Press Release
Press Release
South Korea is recognised as one of the top ten beauty markets globally, known for its innovation, natural ingredients, and attractive packaging design. Cosmetic exports also reached record highs, growing 21.3 per cent year-over-year to USD 9.2 billion in 2021. The South Korea cosmetics market expansion is being fuelled by the rising export of cosmetics worldwide from the country.
In South Korea, cosmetics are governed by the Ministry of Food and Drug Safety (MFDS). Cosmetic products are categorised into two groups: functional cosmetics and regular cosmetics. Functional cosmetics, which until 2017 included whitening, anti-wrinkle, sunscreen, and tanning products now also comprise of hair colourants, hair nutrients, and cosmetics that protect damaged skin.
The MFDS reviews functional cosmetics for pre-market approval. For all other regular cosmetics, the MFDS has authorised the Korea Pharmaceutical Traders Association (KPTA) to evaluate and certify import permission requests submitted by the Korean importer.
South Korea's e-commerce channels have emerged as a prominent avenue for consumer purchases of cosmetic products, notwithstanding post-pandemic industry realignments. Domestic online retailers have implemented delivery solutions such as same-day and early-morning options. Cosmetics companies have also leveraged big data analytics for an extended period to evaluate customer behaviour trends, discern needs, stimulate demand, and formulate impactful marketing approaches.
Several Korean cosmetic companies are participating in the “Less Plastic” initiative in response to increasing pollution from excessive disposable plastic and delivery packaging usage. The firms are opting for biodegradable materials and decreasing plastic packaging amounts. Additionally, South Korea enacted the Recycling Act in December 2019, which applies to and affects all products available in the country, including cosmetics. Under the Recycling Act, utilising plastic materials like PVC and coloured PET bottles that are difficult to recycle has been prohibited.
Increasing merger and acquisition activities by key players such as Procter & Gamble Company (NYSE: PG) and Amorepacific Corporation (KRX: 090430) are aiding the market. For instance, in October 2023, the latter acquired 288,000 shares of COSRX, integrating it as its subsidiary, in an attempt to boost its global expansion.
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Table: Total market size for cosmetics in South Korea
The major players in the South Korea cosmetics market are Procter & Gamble Company, LG Household and Health Co., Ltd., ABLE C&C, Inc., Korendy Cosmetics Inc., and Amorepacific Corporation, 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.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Category |
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Breakup by Price Category |
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Breakup by Gender |
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Breakup by Distribution Channels |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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