SOUTH KOREA BEAUTY & PERSONAL CARE MARKET FORECAST 2022-2028

The South Korea beauty & personal care market is expected to register a CAGR of 2.24% during the forecast period, 2022-2028, and is estimated to reach a revenue of $19.05 billion by 2028.

South Korea is one of the fast-changing beauty markets globally, encompassing industry-leading innovations and trends. The current trend of beauty care is the rising do-it-yourself (DIY). Accordingly, DIY hair coloring, nail care, and skin care are among the factors widening the market scope in the country.

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As of 2021, the major trends defining the South Korea beauty & personal care market are genderless, sustainability, and premiumization. The products that helped minimize stress witnessed a trend toward premiumization, benefiting the premium hand care, bath additives, and premium fragrances. Also, several local players are joining the consistently evolving sustainability trend. For instance, Olive Young, South Korea’s leading drugstore, supplements this trend with dedicated sections for vegan beauty and clean beauty.

Further, the genderless trend contributes to the demands of the MZ generation. It is a pairing of two groups, millennials and Generation Z. Color cosmetics took the lead, encompassing male-centric make-up products and nail products. For instance, in May 2022, Ohora, a gel nail strip brand, partnered with Wooyoungmi menswear brand showing male models wearing colorful nail strips.

There is a growing demand for halal-certified cosmetics in South Korea. Initially, these were specifically made for the communities that follow Islamic laws. However, currently, given their properties, many are opting for halal-certified natural cosmetics. Halal beauty has thus become a lifestyle in the country. This is also attributed to the rise of health-conscious consumers, raising the popularity of vegan, organic, and clean beauty. Additionally, the rising health concerns due to the harmful effects of artificial ingredients used in manufacturing beauty products have raised the demand for halal cosmetics in the country. Moreover, the growth prospects are accredited to the increasing certification of Korean cosmetics by the halal certification bodies (HCBs) in South Korea. Such factors boost growth opportunities in the South Korea beauty & personal care market.

The South Korea beauty & personal care market segmentation includes distribution channel and product type. The distribution channel segment includes hypermarkets, e-commerce, chemists/pharmacies, beauty specialists, drugstores/para pharmacies, supermarkets, and other distribution channels.

The pharmaceutical retail industry group entails businesses engaged in retailing prescription drugs or patent medicines, toiletries or cosmetics, with primary activities including prescription medicine dispensing, pharmacy retail operation, perfume & toiletry retailing, patent medicine, drug, and cosmetics. Also, beauty & personal care products are a key market for pharmacies and chemists. In addition, consumers tend to place more belief on pharmacies and chemists over a regular channel. At the same time, the counter consumption has shifted consumer focus to other channels. For instance, given their weak commercial approaching strategies, pharmacies are known as serious stores.

Some of the eminent companies operating in the South Korea beauty & personal care market include The Procter & Gamble Co, Estée Lauder Cos Inc, L’Oréal Groupe, LG Household & Health, etc.

The Procter & Gamble Co sells, markets, and manufactures several fabrics, health, beauty, personal care, family, feminine, baby, and home products. The company sells its products under different brands, Head & Shoulders, Fusion, Olay, Pampers, Gillette, Braun, Vicks and Oral- B, Ariel, Tide, Bounty, Pantene, etc. It has a presence in various countries across the Middle East & Africa, Europe, Asia-Pacific, North America, and South & Central America, with headquarters in Cincinnati, Ohio, the US.

The company provides a vast array of perfume and cologne brands like Escada, Dunhill, Dolce & Gabbana, Blue Stratos, Hugo Boss, Lacoste, and Christina Aguilera.

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