The South Korean market for colour cosmetics reached a value of about USD 2.70 billion during 2018-2023. The market is further expected to grow at a CAGR of about 5.9% in the forecast period of 2024-2032 to reach a value of around USD 4.53 billion by 2032. Consumer awareness regarding natural and organic colour cosmetics and growing e-commerce is expected to drive market sales during the forecast period.
There is a psychological term ‘Lipstick effect’, according to which wearing makeup boosts confidence, makes people feel physically attractive, and increases attitude, self-esteem, and personality. It makes people feel confident in themselves and gives a perception of powerful roles. Using cosmetics might help people cope with health issues like anxiety, depression, and chronic illnesses, as it gives a sense of control, optimism, and confidence in overwhelming situations. Because cosmetics promote self-expression and give a method to regain command through the application process, applying makeup can also act as a sort of art therapy. It is powerful to have complete control over what people are doing at any given time and how they will accomplish it. Colours have a significant impact on our daily lives. They affect consumers' purchasing decisions. It identifies attractiveness and aids in the formation of likes and dislikes. With the rapid ageing of the population, people tend to focus more on their appearances. Hence, the demand for cosmetics for aged citizens is likely to keep rising. Many brands collaborate with older high-profile celebrities and artists to promote their products and reach out to the older generation and young customers. All these factors are likely to aid the growth of the South Korea colour cosmetics market.
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South Korea is among the world's most dynamic beauty markets, with an impact on worldwide trends. Augmented reality is a technology that will play an important role in the cosmetics industry in the future. Many offline beauty stores in South Korea offer in-store augmented reality mirrors that act as virtual assistants, allowing customers to virtually try on makeup. This mirror lets users apply lipstick, eyeshadow, and other cosmetics in real-time without having to try them on physically. High consumption of colour cosmetics is being caused by developing trends in natural beauty products through internet streaming of new launches. In addition, the immense popularity of K-pop, K-drama, and K-food, collectively referred to as the "K-Wave", the Korean cosmetics sector has also attracted attention, coining the term "K-Beauty" to reflect its growing prominence, adding further growth to the South Korea colour cosmetics market.
Colour cosmetics contain an extensive range of dyes and pigments. These are a combination of colourants and cosmetics ingredients used for beautification. Foundation, eye shadow, nail paints, lipsticks, concealer, and bronzer, among others, are some of the leading colour cosmetics in South Korea.
By target market, the South Korea colour cosmetics market can be divided into:
Based on application, the South Korea colour cosmetics market can be segmented into:
On the basis of distribution channel, the South Korea colour cosmetics market can be bifurcated into:
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The media and entertainment industry majorly influence the concept of beauty, and celebrities and artists set the norms as appearance plays a significant role in Korean society. Both men and women use products like BB cream, foundation, and concealer, which are driving the cosmetics market in South Korea. As a result, the companies cater to the needs of both genders.
Since COVID-19, there has been a steady demand for DIY products like DIY hair dyes, nail paints, nail art, and other Korean beauty categories throughout the country. Blending colour cosmetics with skincare ingredients to improve their benefits is expected to lead to increased market growth. The market expansion during the pandemic was supported by the large increase in the sales of colour cosmetics through online distribution. The mass product category is also expected to show a positive or growing trajectory as the companies have started producing innovative and quality colour cosmetics at a very inexpensive rate, which is one of the significant factors for the competitiveness among colour cosmetics market key players.
The growing demand for natural or organic cosmetics, products that are free of animal testing, and innovative and eco-friendly packaging designs is expected to increase the market further. Organic cosmetics or natural products are becoming increasingly popular and are being seen as high-quality and premium products. This is attracting a wide range of consumers in the South Korea colour cosmetics market. Furthermore, in 2018, the Korea National Assembly passed a bill that banned companies from testing cosmetics on animals, affecting the sales of such products positively.
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The report provides an in-depth research of the following prominent players in the South Korea colour cosmetics market, giving a detailed understanding about the competitive landscape, capacity, and recent developments including mergers, acquisitions, and investments, capacity expansion, and plant turnarounds:
The EMR report provides a detailed assessment of the market on the basis of the Porter's five forces model, combined with a SWOT analysis.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Target Market||
|Breakup by Application||
|Breakup by Distribution Channels||
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Industry Opportunities and Challenges
8 South Korea Colour Cosmetics Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Colour Cosmetics Historical Market (2018-2023)
8.3 South Korea Colour Cosmetics Market Forecast (2024-2032)
8.4 South Korea Colour Cosmetics Market by Target Market
8.4.1 Mass Products
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2023)
184.108.40.206 Forecast Trend (2024-2032)
8.4.2 Prestige Products
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2023)
22.214.171.124 Forecast Trend (2024-2032)
8.5 South Korea Colour Cosmetics Market by Application
8.5.1 Hair Products
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2023)
184.108.40.206 Forecast Trend (2024-2032)
8.5.2 Lip Products
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2023)
22.214.171.124 Forecast Trend (2024-2032)
8.5.3 Face Products
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2023)
184.108.40.206 Forecast Trend (2024-2032)
8.5.4 Eye Make Up
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2023)
22.214.171.124 Forecast Trend (2024-2032)
8.6 South Korea Colour Cosmetics Market by Distribution Channels
8.6.1 Supermarkets and Hypermarkets
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2023)
184.108.40.206 Forecast Trend (2024-2032)
8.6.2 Cosmetic Stores
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2023)
22.214.171.124 Forecast Trend (2024-2032)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2023)
184.108.40.206 Forecast Trend (2024-2032)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Competitive Landscape
10.1 Market Structure
10.2 Company Profiles
10.2.1 L'Oréal S.A.
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.2 EM Cosmetics LLC
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.3 CLIO COSMETICS
10.2.3.1 Company Overview
10.2.3.2 Product Portfolio
10.2.3.3 Demographic Reach and Achievements
10.2.4 Unilever Plc
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
10.2.5 Revlon Inc
10.2.5.1 Company Overview
10.2.5.2 Product Portfolio
10.2.5.3 Demographic Reach and Achievements
11 Industry Events and Developments
List of Key Figures and Tables
1. South Korea Colour Cosmetics Market: Key Industry Highlights, 2018 and 2032
2. South Korea Colour Cosmetics Historical Market: Breakup by Target Market (USD Million), 2018-2023
3. South Korea Colour Cosmetics Market Forecast: Breakup by Target Market (USD Million), 2024-2032
4. South Korea Colour Cosmetics Historical Market: Breakup by Application (USD Million), 2018-2023
5. South Korea Colour Cosmetics Market Forecast: Breakup by Application (USD Million), 2024-2032
6. South Korea Colour Cosmetics Historical Market: Breakup by Distribution Channels (USD Million), 2018-2023
7. South Korea Colour Cosmetics Market Forecast: Breakup by Distribution Channels (USD Million), 2024-2032
8. South Korea Colour Cosmetics Market Structure
From 2018-2023, the South Korea colour cosmetic market attained a value of nearly USD 2.70 billion.
The market is projected to grow at a CAGR of 5.9% between 2024 and 2032.
The South Korea colour cosmetics market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 4.53 billion by 2032.
The increasing demand for cruelty-free and eco-friendly products and the growing use of artificial intelligence-based solutions like an augmented mirror, and the influence of celebrities and media are driving the growth of the South Korea colour cosmetics market.
New beauty trends like DIYs, increasing demand for natural and organic products, and focus on psychological wellbeing and self-expression are the key industry trends.
The target markets include mass products and prestige products.
The products find applications in hair products, lip products, face products, and eye make-up, among others.
The distribution channels in the market are supermarkets and hypermarkets, cosmetic stores, and online, among others.
The major players in the industry are L'Oréal S.A., EM Cosmetics LLC, CLIO COSMETICS, Unilever Plc, and Revlon Inc, among others.
The South Korea colour cosmetics market attained a value of USD 2.70 billion in 2023, driven by the rising cosmetics industry in the region. Aided by the rising technological advancements, the market is expected to grow at a CAGR of 5.9% in the forecast period of 2024-2032. The market is projected to reach USD 4.53 billion by 2032.
EMR’s report gives a comprehensive and detailed research on the market, covering all the aspects of the market. Based on the target market, the colour cosmetics industry can be segmented into mass products and prestige products, with prestige products accounting for the largest market share. The products find applications in hair products, lip products, face products, and eye make-up, among others. The distribution channels in the South Korea colour cosmetiocs market are supermarkets and hypermarkets, cosmetic stores, and online, among others. The key players in the above market include L'Oréal S.A., EM Cosmetics LLC, CLIO COSMETICS, Unilever Plc, and Revlon Inc, among others.
EMR reports are prepared with the assistance of advanced analytical tools and the expertise of their highly accomplished team. The report provides our clients with market insights which are precise, actionable, and help them strengthen their position in the competitive market.
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