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The South Korea cosmeceutical market size reached a value of more than USD 445.2 million in 2022. The South Korea cosmeceutical industry is expected to grow at a CAGR of 6.5% between 2023 and 2028, reaching a value of USD 637.4 million by 2028.
Cosmetics with bioactive chemicals that are marketed as having medicinal advantages are called cosmeceuticals. The name is a combination of the words "cosmetics" and "pharmaceuticals." The word "cosmeceutical" describes a product that falls between cosmetic and pharmaceutical quality. These "professional" cosmetics include active components to promote healthier skin. These include antioxidants and anti-ageing compounds like vitamin C, vitamin A, peptides and marine extracts, among others. These components are termed "active" since they cause changes in the skin, whether it's enhancing texture and skin tone, plumping ageing skin, or lowering pigmentation.
The increasing consumer inclination toward natural and nutrient-dense products for both beauty and healthcare can be attributed to the expansion of the cosmeceuticals industry in South Korea. The need for anti-ageing solutions to avoid wrinkles, uneven skin tone, age spots, and damaged hair is growing. As a result, the cosmeceutical sector witnessed significant market opportunities for product launches and development of the cosmeceutical industry in South Korea. Moreover, South Korea is likely to become a super-aged society by 2025. With the increasing ageing population, a large portion of the population spends on beauty and skincare products. This factor has prompted manufacturers to place more emphasis on skin care products with active anti-ageing properties.
Many cosmeceutical formulations contain botanical extracts. The most often used extracts are those from green tea, pine bark, grape seeds, pomegranate, Coffea arabica and resveratrol. Botanical extracts provide a wide range of phenolic and polyphenolic antioxidants that reduce the generation of metalloproteinases, limit the formation of free radicals, and boost collagen synthesis. Polyphenols offer photoprotection and shield against skin cancer. Protein glycation, which leads to wrinkling and sallowness seen in people with UV exposure, is inhibited by polyphenols. Cyclooxygenase 2, inhibiting NF-B, and other inflammatory pathways, also function as an anti-inflammatory substance. Clinical studies support the advantages of topically applied plant extracts, which include reducing pigmentation, lowering skin redness, and improving fine lines and wrinkles. Furthermore, the growing disposable income and high standards of living further promotes the cosmeceutical market growth.
Korea's culture places a lot of emphasis on looks, and as a result, many individuals have undergone plastic surgery and used skincare and cosmetics to match the expected image of their nation. The craze around Korean skincare and cosmetics recently began with the Korean wave. People feel embarrassed by their natural characteristics as a result of the glorifying of unhealthy and unattainable beauty standards, which often impair their self-esteem. In order to conform to the standards, people spend a lot of money on beauty products, which boosts the cosmeceutical market growth in South Korea.
On the basis of product, the South Korea cosmeceutical market can be segmented into skincare, hair care, and oral care, among others. The skin care segment is sub-segmented by type into anti-ageing, anti-acne, sun protection, and moisturisers, among others. The hair care segment is subdivided by type into shampoos and conditioners, and hair and dyes, among others. Based on material type, the South Korea cosmeceutical market can be divided into supermarket/hypermarkets, convenience stores, specialty stores, and online stores, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea cosmeceutical market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
The growing popularity of K-beauty and the launch of innovative cosmeceuticals are providing impetus to the industry growth across all three segments. Moreover, with the increasing number of skin concerns and the desire to get perfectly flawless skin, people are willing to spend on cosmeceutical products, leading to the expansion of the cosmeceutical market in South Korea. In the skin care segment, anti-ageing, sun protection, and skin lightening, among others, secure the major portion. In hair care segment, shampoos and conditioners hold the major share.
The availability of high-quality cosmeceuticals at competitive prices, along with the surge of organic products with plant-based formulations due to growing consumer awareness, are bolstering the cosmeceutical market in South Korea. Other factors, such as high smartphone and social media usage, as well as hectic lifestyles, are propelling online sales in the country. With the ease of access, offline stores such as convenience stores, specialty stores, and hypermarkets and supermarkets are also expected to follow a positive trajectory. The consumers’ growing environmental sensitivity regarding sustainable products and their packaging compels the manufacturers to incorporate eco-friendly materials, which also aids the continuous research and development in the cosmeceutical industry of South Korea.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Product||
|Breakup by Material Type||
|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 Opportunities and Challenges in the Market
8 South Korea Cosmeceuticals Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Cosmeceuticals Historical Market (2018-2022)
8.3 South Korea Cosmeceuticals Market Forecast (2023-2028)
8.4 South Korea Cosmeceuticals Market by Product
8.4.1 Skin Care
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
188.8.131.52 Breakup by Type
184.108.40.206.3 Sun Protection
8.4.2 Hair Care
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Breakup by Type
188.8.131.52.1 Shampoos and Conditioners
184.108.40.206.2 Hair Colours and Dyes
8.4.3 Oral Care
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.5 South Korea Cosmeceuticals Market by Material Type
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.5.2 Multifunctional/ Synthetic
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.6 South Korea Cosmeceuticals Market by Distribution Channels
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.6.2 Convenience Stores
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.6.3 Speciality Stores
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
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 Amorepacific Corporation
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.2 Able C&C Co., Ltd.
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.3 Unilever plc
10.2.3.1 Company Overview
10.2.3.2 Product Portfolio
10.2.3.3 Demographic Reach and Achievements
10.2.4 Memebox Corporation
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
10.2.5 L’Oréal S.A
10.2.5.1 Company Overview
10.2.5.2 Product Portfolio
10.2.5.3 Demographic Reach and Achievements
10.2.6 Beiersdorf AG
10.2.6.1 Company Overview
10.2.6.2 Product Portfolio
10.2.6.3 Demographic Reach and Achievements
10.2.7 LG H&H Co., Ltd.
10.2.7.1 Company Overview
10.2.7.2 Product Portfolio
10.2.7.3 Demographic Reach and Achievements
10.2.8 F&CO Co.,Ltd
10.2.8.1 Company Overview
10.2.8.2 Product Portfolio
10.2.8.3 Demographic Reach and Achievements
10.2.9 Estee Lauder Inc.
10.2.9.1 Company Overview
10.2.9.2 Product Portfolio
10.2.9.3 Demographic Reach and Achievements
10.2.10 TONYMOLY Co., Ltd.
10.2.10.1 Company Overview
10.2.10.2 Product Portfolio
10.2.10.3 Demographic Reach and Achievements
11 Key Trends and Developments in the Market
List of Key Figures and Tables
1. South Korea Cosmeceuticals Market: Key Industry Highlights, 2018 and 2028
2. South Korea Cosmeceuticals Historical Market: Breakup by Product (USD Million), 2018-2022
3. South Korea Cosmeceuticals Market Forecast: Breakup by Product (USD Million), 2023-2028
4. South Korea Cosmeceuticals Historical Market: Breakup by Material Type (USD Million), 2018-2022
5. South Korea Cosmeceuticals Market Forecast: Breakup by Material Type (USD Million), 2023-2028
6. South Korea Cosmeceuticals Historical Market: Breakup by Distribution Channels (USD Million), 2018-2022
7. South Korea Cosmeceuticals Market Forecast: Breakup by Distribution Channels (USD Million), 2023-2028
8. South Korea Cosmeceuticals Market Structure
In 2022, the South Korea cosmeceutical market attained a value of nearly USD 445.2 million.
The market is projected to grow at a CAGR of 6.5% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2027 to reach USD 637.4 million by 2028.
The surge of botanicals, high demand for organic cosmeceuticals, rising disposable income, high standard of living, increased social media and smartphone usage are the key drivers of the South Korea cosmeceutical industry.
The Declining Birth Rate and High Ageing Population, along with high beauty standards for both men and women are the key trends in the cosmeceutical industry of South Korea.
The dominant type of cosmeceuticals in the industry are skincare, hair care, and oral care, among others.
The leading distribution channels in the market are supermarket/hypermarkets, convenience stores, specialty stores, and online stores, among others.
The major players in South Korea cosmeceutical industry 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.
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