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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Market Breakup by Category, Price Category, Gender, and Distribution Channels:
- On the basis of the category, the market is categorised into skin care, hair care, bath and shower, makeup and colour cosmetics, and deodorants and fragrances, among others.
- The market, based on price category, is segmented into mass and premium.
- On the basis of the gender, the market is divided into male, female, and unisex.
- The market, based on distribution channel, is segmented into hypermarkets and supermarkets, speciality stores, pharmacies/drug stores, and online, among others.
Key Findings of the Report:
- The South Korean cosmetics market has experienced remarkable growth, propelled by distinct factors and evolving trends. Commonly known as "K-beauty," South Korean skincare and makeup products have gained international acclaim in recent years, fostering escalating global demand. This surge in demand has translated to significant market expansion across South Korea as international consumers have developed an affinity for the natural, science-based regimens intrinsic to K-beauty brands and formulations.
- Technological innovation plays a key role in driving the South Korea cosmetics market expansion. As a global hub for cutting-edge beauty research and development, South Korea continues to pioneer new advancements.
- The fusion of traditional ingredients with modern scientific methods has also yielded unique product formulations. By combining ancestral practices with contemporary research techniques, companies introduce innovative offerings that resonate with customers and support the ongoing development of the market.
- With growing concerns regarding ageing, key players are developing high-tech anti-ageing cosmetic products that are infused with collagen-boosting ingredients and antioxidants to address wrinkles, fine lines, and elasticity loss.
Table: Total market size for cosmetics in South Korea
Key Offerings of the Report:
- The EMR report gives an overview of the South Korea cosmetics market for the periods (2018-2023) and (2024-2032).
- The report also offers historical (2018-2023) and forecast (2024-2032) market information for the categories, price categories, gender, and distribution channels of cosmetics in South Korea.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, trade data analysis, along with providing an assessment of the SWOT and Porter’s Five Forces models.
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.
Key Highlights of the Report
| 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:
- Category
- Price Category
- Gender
- Distribution Channels
|
| Breakup by Category |
- Skin Care
- Hair Care
- Bath and Shower
- Makeup and Colour Cosmetics
- Deodorants and Fragrances
- Others
|
| Breakup by Price Category |
|
| Breakup by Gender |
|
| Breakup by Distribution Channels |
- Hypermarkets and Supermarkets
- Specialty Stores
- Pharmacies/Drug Stores
- Online
- Others
|
| Market Dynamics |
- SWOT Analysis
- Porter's Five Forces Analysis
- Key Indicators for Demand
- Key Indicators for Price
|
| Competitive Landscape |
- Market Structure
- Company Profiles
- Company Overview
- Product Portfolio
- Demographic Reach and Achievements
- Certifications
|
| Companies Covered |
- Procter & Gamble Company
- LG Household and Health Co., Ltd.
- ABLE C&C, Inc.
- Korendy Cosmetics Inc.
- Amorepacific Corporation
- Others
|
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