The South Korea market for cosmetics reached a value of more than USD 17.45 billion in 2023.The South Korea cosmetics market is expected to reach USD 28.02 billion by 2032 and grow at a CAGR of 5.4% between 2024 and 2032.
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Cosmetics and personal care items are used on the human body to clean, beautify, increase attractiveness, or alter its look. Cosmetics and personal care items, which include everything from deodorants, perfumes, make-up, and shampoos to soaps, sunscreens, and toothpaste, play an essential role in all almost all age groups.
DIY or Do-It-Yourself beauty care is another trend which especially blew up since the COVID-19 pandemic, and in order to prevent the spread of coronavirus, many people are inclined toward DIY hair care, hair dye, nail and foot care, nail extensions and many others. Its prominence has been further driven by social networking sites such as Kakao Talk, Instagram, TikTok, and YouTube, among others. Social media influencers act as catalysts and encourage viewers to try different DIYs, which drives the cosmetics market growth.
Hallyu, or the Korean wave, is another prominent factor influencing people to try Korean makeup and food. Over the past decade, K-Pop, and K-dramas have gained an enormous fan following overseas as well, which has also helped the cosmetics market grow exponentially. Many brands now hire celebrities for endorsement. A cosmetic brand called VT Cosmetics gained immense popularity after collaborating with the sensational global group BTS .
Beauty is an essential part of Korean culture and plays a significant role in landing a job. For this reason, both men and women invest a good amount of money in skincare and cosmetics products. Some even resort to cosmetic surgery to achieve the Korean Beauty standards. This is the most prominent factor propelling the growth of South Korea cosmetics market.
Manufacturers put a lot of emphasis on the research and development of cosmetics with more effectiveness to meet consumers' growing demand. Korean Beauty gained much popularity when they invented BB creams and cushion-based compacts . Since then, Korean cosmetic products have gained the attention of western brands and consumers for their innovations in the cosmetics industry. These days, many cosmetic brands are trying to inculcate organic and natural ingredients such as flowers, and snails, among others. People of South Korea are now much more inclined toward light or nude makeup to get a natural look. Such continuous innovations contribute to the cosmetics market growth in the country.
With the growing environmental concerns and consumer awareness regarding sustainability, many manufacturers have launched products with natural ingredients packed in eco-friendly packaging. Environmentally conscious consumers are on the rise in the country, propelling manufacturers to follow a sustainable approach. The chemical and energy company Hanwha Solutions subsidiary of Hanhwa Group, teamed up with Kolmar Korea and Yeon-U, a leading cosmetic brand and cosmetics container manufacturer. The partnership is aimed to boost the supply of sustainable cosmetics containers and replace 50% of the standard plastic packaging produced by Kolmar Korea by 2030. Furthermore, Vegan, cruelty-free, and clean-labelled beauty products are gaining traction in the South Korea. Also, microbiome beauty and skincare products are also in trend these days as they aid in boosting the immunity of the skin. Sustainable cosmetics are gaining a significant share in the South Korea cosmetics market owing to consumers’ awareness.
The broadband penetration and smartphone ownership are high in South Korea, and people are updated with the latest makeup and skincare trends through social media websites and apps, which also augments the market growth. According to the Korean National Statistical Office, in 2021, the payments for cosmetics products through online mode reached more than 14.2 billion. Hence companies heavily promote their cosmetics via social media platforms. Moreover, with the rising technological advancements, the beauty tech industry is also expanding in the country. Amore Pacific joined hands with AI/AR (Artificial Intelligence/ Augmented reality) company called Perfect and installed AI/AR mirrors in the showrooms for the customer to try on different cosmetics virtually and also get their skin analysis done for the customized skincare recommendations. Such customised and technologically advanced skincare services attract youth and tech-savvy people to invest in skincare and cosmetics products, thereby contributing to augmenting the South Korea cosmetics industry.
Since 2019, the South Korean government has regulated the Recycling Act in the country, which has banned the usage of PVC and coloured PET containers. As per the Ministry of Food and Drug Safety (MFDS), there are approx 1040 ingredients which are not permitted to be used in both functional and regular cosmetics products for the safety of citizens. The regulation of this act has augmented the sales of sustainable cosmetics in the conmetics industry.
The South Korea cosmetics market is a very fast-paced and dynamic industry, and the trends change rapidly. Hence the manufacturers get very little time to address the ever-changing needs of the consumers. Moreover, start-ups must equip themselves with the latest tools and technologies in this competitive market. The South Korea cosmetics market is incredibly cutthroat. Hence, the companies have to be very receptive to the changing beauty and makeup trends while ensuring good quality and regulatory compliance and launch the products at the best prices in very short duration to lead in the market. Therefore, to lead the market, organisations highly respond to the shifting trends in the South Korea cosmetics industry while maintaining high standards of quality and legal compliance. Products must also be launched in a short duration and at the best prices.
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Based on category, the South Korea cosmetics market is divided into skin care, hair care, bath and shower, makeup and colour cosmetics, and deodorants and fragrances, among others. Skin care is further classified into face care products, body care products and lip care products while the hair care is category is divided into shampoo and conditioners, among others. Bath and shower category is segmented into soaps, and shower gels, among others.
Based on price category, the South Korea cosmetics market can be segmented into mass and premium. On the basis of gender, the market can be bifurcated into male, female and unisex. Based on distribution channels, the market can be classified into hypermarkets and supermarkets, specialty stores, pharmacies/drug stores, and online, among others.
K-pop and K-dramas have grown the prominence of beauty and skincare products among the general population. Korean beauty standards are pretty high, providing significant impetus to all industry segments. Products such as skin care, hair care, bath and shower, makeup and colour cosmetics, and deodorants and fragrances, among others, have a prominent market share and are expected to perform well during the predicted period. The demand for hand creams and lotions grew during COVID-19 due to the frequent use of hand sanitiser. These factors offer opportunities for manufacturers to increase production to meet the rising demand in the South Korea cosmetics market.
Furthermore, celebrity endorsements along with sustainable packaging help in attracting environmentally conscious people. This factor is further promoted by the regulatory laws that ban harmful plastic usage in South Korea.
Based on price, the cosmetic products market of South Korea is divided into two categories which are mass and premium. Factors such as high disposable income and living standards greatly influence the market share of both segments. Mass-produced cosmetics secure significant share while the premium segment continuously expands in the country.
Since outer beauty matters in Korean society, people wear light makeup daily, leading to higher consumption of beauty and skincare products. Unisex cosmetics are also gaining momentum. Many renowned brands follow the path of innovation and set up artificial intelligence and augmented reality-based devices, which attract young and tech-savvy people to try the products and services. The unique and technological advanced cosmetics are making a great impact on the cosmetics market outside the country. All genders use these products. However, the highest consumption is by women.
In South Korea, men's beauty practises typically incorporate cosmetics, such as lip balm, BB cream, and eyebrow makeup. Making a good first impression at social gatherings and job interviews is crucial. Regular beautification treatments are also popular among men, which also propels the South Korea cosmetics market.
The growth of e-commerce is expected to be driven by the ease of use and doorstep delivery. The consumers also get to get to explore numerous cosmetics brands according to their budget. Retail industry however grows more aiding to the factors such as ease of trying different products before buying. When shopping for health or beauty items in Korea, Olive Young provides everything consumers require. Olive Young has everything from skin care to food and beverages to cosmetic accessories and beauty products. Apart from Korean cosmetics, they also provide imported cosmetics from other countries. People who own a CJ membership card may also receive cash back discounts, which makes them one of the leading stores in South Korea.The distribution channels available in the industry are hypermarkets and supermarkets, specialty stores, pharmacies/drug stores, and online, among others.
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Korendy Cosmetics Inc.: Korendy Cosmetics Inc. is a start-up company based in South Korea. The company was established in 2015 and aimed to provide the latest and trendiest cosmetics in South Korea and all around the world. The brand sells natural, organic, and vegan cosmetics as well.
Amorepacific Corporation: A subsidiary of Amorepacific Group Inc, Amorepacific Corporation is known for its high-quality beauty and personal care products. Innisfree, Etude, Fresh Pop Ryo, and Manonde, among others, are the names under which the company sells its products. It is based in Seoul, South Korea and has branches in Asia-Pacific countries and France, the US, Canada, Australia, and Russia, among others. At present, Amorepscific id the world’s 12th biggest cosmetic company.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Category||
|Breakup by Price Category||
|Breakup by Gender||
|Breakup by Distribution Channels||
|Trade Data Analysis||
*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 Cosmetics Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Cosmetics Historical Market (2018-2023)
8.3 South Korea Cosmetics Market Forecast (2024-2032)
8.4 South Korea Cosmetics Market by Category
8.4.1 Skin Care
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2023)
126.96.36.199 Forecast Trend (2024-2032)
188.8.131.52 Breakup by Type
184.108.40.206.1 Face Care Products
220.127.116.11.2 Body Care Products
18.104.22.168.3 Lip Care Products
8.4.2 Hair Care
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2023)
188.8.131.52 Forecast Trend (2024-2032)
184.108.40.206 Breakup by Type
8.4.3 Bath and Shower
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 Breakup by Type
188.8.131.52.2 Shower Gels
8.4.4 Makeup and Colour Cosmetics
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2023)
18.104.22.168 Forecast Trend (2024-2032)
8.4.5 Deodorants and Fragrances
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2023)
188.8.131.52 Forecast Trend (2024-2032)
8.5 South Korea Cosmetics Market by Price Category
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2023)
18.104.22.168 Forecast Trend (2024-2032)
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2023)
188.8.131.52 Forecast Trend (2024-2032)
8.6 South Korea Cosmetics Market by Gender
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2023)
18.104.22.168 Forecast Trend (2024-2032)
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2023)
188.8.131.52 Forecast Trend (2024-2032)
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2023)
18.104.22.168 Forecast Trend (2024-2032)
8.7 South Korea Cosmetics Market by Distribution Channels
8.7.1 Hypermarkets and Supermarkets
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2023)
188.8.131.52 Forecast Trend (2024-2032)
8.7.2 Specialty Stores
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2023)
18.104.22.168 Forecast Trend (2024-2032)
8.7.3 Pharmacies/Drug Stores
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2023)
188.8.131.52 Forecast Trend (2024-2032)
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2023)
18.104.22.168 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 Trade Data Analysis (HS Code- 3304)
10.1 Major Exporting Countries
10.1.1 By Value
10.1.2 By Volume
10.2 Major Importing Countries
10.2.1 By Value
10.2.2 By Volume
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Procter & Gamble Company
22.214.171.124 Company Overview
126.96.36.199 Product Portfolio
188.8.131.52 Demographic Reach and Achievements
11.2.2 LG Household and Health Co., Ltd.
184.108.40.206 Company Overview
220.127.116.11 Product Portfolio
18.104.22.168 Demographic Reach and Achievements
11.2.3 ABLE C&C, Inc.
22.214.171.124 Company Overview
126.96.36.199 Product Portfolio
188.8.131.52 Demographic Reach and Achievements
11.2.4 Korendy Cosmetics Inc.
184.108.40.206 Company Overview
220.127.116.11 Product Portfolio
18.104.22.168 Demographic Reach and Achievements
11.2.5 Amorepacific Corporation
22.214.171.124 Company Overview
126.96.36.199 Product Portfolio
188.8.131.52 Demographic Reach and Achievements
12 Industry Events and Developments
List of Key Figures and Tables
1. South Korea Cosmetics Market: Key Industry Highlights, 2018 and 2032
2. South Korea Cosmetics Historical Market: Breakup by Category (USD Million), 2018-2023
3. South Korea Cosmetics Market Forecast: Breakup by Category (USD Million), 2024-2032
4. South Korea Cosmetics Historical Market: Breakup by Price Category (USD Million), 2018-2023
5. South Korea Cosmetics Market Forecast: Breakup by Price Category (USD Million), 2024-2032
6. South Korea Cosmetics Historical Market: Breakup by Gender (USD Million), 2018-2023
7. South Korea Cosmetics Market Forecast: Breakup by Gender (USD Million), 2024-2032
8. South Korea Cosmetics Historical Market: Breakup by Distribution Channels (USD Million), 2018-2023
9. South Korea Cosmetics Market Forecast: Breakup by Distribution Channels (USD Million), 2024-2032
10. Major Exporting Countries by Value
11. Major Importing Countries by Value
12. Major Exporting Countries by Volume
13. Major Importing Countries by Volume
14. South Korea Cosmetics Market Structure
From 2024-2032, the South Korea cosmetic market attained a value of nearly USD 17.45 billion.
The South Korea cosmetic market is projected to grow at a CAGR of 5.4% between 2024 and 2032.
The South Korea cosmetic market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 28.02 billion by 2032.
The increasing demand for cruelty-free, clean-labeled, and eco-friendly products; the growing use of AI and AR in the beauty tech industry; and the revision and formulation of recycling and packaging norms are the key drivers of the market.
New beauty trends like DIYs, the rising influence of celebrities and the media, and the increasing demand for innovative cosmetic products are the key industry trends.
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 South Korea cosmetic industry are Procter & Gamble Company, LG Household and Health Co., Ltd., ABLE C&C, Inc., Korendy Cosmetics Inc. and Amorepacific Corporation, among others.
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