NORTH AMERICA K-BEAUTY PRODUCTS MARKET FORECAST 2023-2032

The North America K-beauty products market growth analysis encompasses the study of the United States and Canada. Over the years, the United States has emerged as the most valuable beauty and personal care market globally, generating approximately $89.5 billion in revenue in 2018. Further, facial cosmetics represented the second most profitable segment, with sales revenue totaling $1.9 billion. Given the significant size of the country’s market, consumers in the United States are also presented with an extensive array of brand choices, with numerous labels standing out as particularly popular. Additionally, according to a survey, consumer behavior in the United States beauty industry is highly influenced by special sales, unique products, as well as rewards programs, beyond factors such as price and location.

As consumers become increasingly concerned about potential toxicity in cosmetics, market segments offering chemical-free products made from natural ingredients and essential oils are expected to experience robust growth in the United States over the upcoming years. Furthermore, a 2019 global survey on the popularity of South Korean beauty products revealed that more than 29% of respondents in the United States consider K-beauty highly popular in their country, largely due to its emphasis on natural ingredients. Therefore, the abovementioned factors are anticipated to propel the market growth in North America during the forecasted period. 

The North America K-beauty products market is segmented into gender, product type, and distribution channel. The product type segment includes skincare, body care, and makeup. As Korean culture gains more prominence worldwide, an increasing number of K-beauty skincare products are being exported globally. Consequently, there has been a surge in competition within Korea to establish itself as the most innovative K-beauty brand; this competition has led to a continuous elevation in product quality. 

On the other hand, innovations in K-beauty have resulted in the introduction of unique ingredients such as donkey milk, snail slime, pigskin collagen, and bee venom, among others. Korean water-based cleansers have also witnessed a surge in popularity. These skincare products have earned a reputation for their remarkable ability to cleanse the skin by effectively removing impurities and dirt while preserving its natural oils. Moreover, the majority of K-beauty brands prioritize the use of gentle, natural components like green tea, rice water, and centella asiatica, thus ensuring a skin-friendly cleansing experience.

Some of the leading firms operating in the North America K-beauty products market include Peach & Lily, AmorePacific Corporation, The Crème Shop, etc.

The Crème Shop, headquartered in the United States, is a leading manufacturer of beauty & personal care products. The company sells its products under the following categories, namely, makeup and skincare, that are available worldwide via its online store. Some of its labels include CVS Pharmacy, Macy’s, Walmart, Marukai, Dolls Kill, ULTA Beauty, H-E-B, etc.