South Korea Cosmetics Market Insights Forecasts to 2032

• The South Korean Cosmetics Market Size was valued at USD 16.23 Billion in 2022.
• The Market is Growing at a CAGR of 5.01% from 2022 to 2032.
• The South Korean Cosmetics Market Size is Expected to reach USD 26.45 Billion By 2032.

The South Korea Cosmetics Market Size is expected to reach USD 26.45 Billion by 2032, at a CAGR of 5.01% during the forecast period 2022 to 2032. The report includes various segments as well as an analysis of the trends and factors influencing the market.

Market Overview

Cosmetics are designed to enhance the beauty and physical appearance. They include a variety of products such as skincare, haircare, nail care, and color cosmetics. Cosmetic products have traditionally been made with artificial ingredients. However, as consumer preferences for natural sources grow, manufacturers are increasingly incorporating natural materials into cosmetic production to promote a more appealing aesthetic. The increasing consumer focus on personal grooming and appearance is one of the major drivers of cosmetic product growth in South Korea. In recent years, the cosmetics industry has grown significantly. Cosmetic manufacturers are collaborating with E-commerce companies to reach a larger audience to expand their customer base.

Report Coverage

This research report categorizes the market for South Korean cosmetics market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korean cosmetics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korean cosmetics market.

Driving Factors

During the forecast period, growth is expected to be driven by a significant increase in brand recognition and the influence of cosmetic items via social platforms. The growing consumer preference for natural products, combined with increased knowledge of natural ingredient-based cosmetics and their effects on the body, is driving market growth. Celebrities and millennials continue to favor fragrance products, which is expected to drive South Korean market growth during the forecast period. The increasing innovation and product development of cosmetic manufacturers will also have a significant impact on future market potential.

Restraining Factors

Cosmetic markets are characterized by competition, innovation, and a steady flow of information. However, the abundance of options and information can lead to customer confusion and skepticism. This skepticism is due to several factors, including prior experiences, information overload, and the influence of social networks.

Market Segment

• In 2022, the personal care products and beauty segment accounted for the largest revenue share over the forecast period.

Based on the product type, the South Korean cosmetics market is segmented into personal care products and beauty, make-up/cosmetics. Among these, the personal care products and beauty segment has the largest revenue share over the forecast period. Growing demand for a wide range of products such as face cream, powder, and sunscreen lotions, all of which are readily available in a variety of sizes. The availability of beauty products containing active ingredients with healing and nurturing properties aided market growth. One of the major factors driving market growth during the forecast period is the significant rise in fashion trends of changing hair colors with proper hair cosmetics in South Korea.

• In 2022, the offline segment accounted for the largest revenue share over the forecast period.

Based on the distribution channel, the South Korean cosmetics market is segmented into online, and offline. Among these, the offline segment has the largest revenue share over the forecast period. The main factor that contributed to the significant market share is consumers' strong preference for offline retail outlets that sell cosmetics. The easy availability of cosmetics and personal care items in brick-and-mortar retail establishments such as department stores, specialty-multi retailers, and salons and spas also contributed to the growth of sales in the offline channel sector.

• In 2022, the women segment accounted for the largest revenue share over the forecast period.

Based on end users, the South Korean cosmetics market is segmented into men and women. Among these, the women segment has the largest revenue share over the forecast period.  A strong female preference for skincare and cosmetics for makeup and hair contribute the countries market growth. The fact that women spend more money on cosmetics and beauty products than men does help to explain why women have the largest market share. As a result, a sizable proportion of women in South Korea use various cosmetics goods, such as skin and hair products containing natural ingredients, contributing to the segment's largest market share.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korean cosmetics market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Amorepacific Corporation
• Nature Republic
• The Face Shop Inc.
• Clubclio. Co. Ltd
• Dr. Jart+
• SON&PARK
• PFD Co. Ltd
• Unilever Plc
• L'Oréal S.A.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)
•  

Recent Development

• In January 2022, Colorsonic and Copyright, two cutting-edge innovations in beauty technology for customers and hairstylists, were introduced by the L'Oréal Group. Both are light, portable devices with color applications. Colorsonic is intended for home use, while Copyright is reserved for hair salons.

• In September 2022, Amorepacific announced the acquisition of Tata Harper, a pioneer in natural luxury skin care. Amorepacific will expand its products in the Americas and Europe by acquiring the brand.

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korean Cosmetics Market based on the below-mentioned segments:

South Korean Cosmetics Market, By Product Type 

• Personal Care Products and Beauty
• Make-up/Cosmetics

South Korea Cosmetics Market, By Distribution Channel

• Online
• Offline

South Korea Cosmetics Market, By End User

• Men
• Women