South Korea Hair Care Market Insights Forecasts to 2032

• The South Korea Hair Care Market Size was valued at USD 1.19 Billion in 2022.
• The Market Size is growing at a CAGR of 2.0 % from 2022 to 2032.
• The South Korea Hair Care Market Size is expected to reach USD 1.45 Billion by 2032.

The South Korea Hair Care Market Size is expected to reach USD 1.45 Billion by 2032, at a CAGR of 2.0 % during the forecast period 2022 to 2032. The market's substantial expansion can be attributed to rising disposable income, changing lifestyles, and the K-beauty trends.

Market Overview

Hair care is the hygiene and cosmetic care given to the hair for it to be healthy, clean, and stylish. Haircare through various services and products includes scalp hair, facial hair, and hair on other parts of the body. To care for hair, various treatments are applied to it, including cutting, plucking, waxing, and coloring, among others. These treatments are applied to hair based on its type, customer demand, and fashion trends. The South Korean hair care market encompasses a diverse range of products and services aimed at maintaining, styling, and improving hair health and aesthetics. Shampoos, conditioners, hair masks, serums, styling products, and hair treatments are among the products available. Furthermore, salon and professional hair care services contribute significantly to the market's revenue.

Report Coverage

This research report categorizes the market for the South Korea hair care 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 hair care 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 hair care market.

Driving Factors

The growing awareness of hair health and aesthetics drives the demand for hair care products in South Korea. Additionally, the growing trend of customized and specialized hair care solutions caters to a wide range of consumer needs. Influencer marketing and celebrity endorsements have a significant impact on consumer purchasing decisions. Demand for time-saving hair care products rises as a result of urbanization and changing lifestyles, and government initiatives to promote the beauty and wellness industry drive market growth in South Korea.

Restraining Factors

Market expansion is hampered by intense competition among established and emerging players. Consumer trust is harmed by the presence of counterfeit and low-quality hair care products. Economic fluctuations and volatile exchange rates have an impact on product pricing and market stability, and environmental concerns about packaging waste and product ingredients pose sustainability challenges.

Market Segment

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

Based on the product type, the South Korean hair care market is segmented into shampoos, conditioners, hair oils, and styling products. Among these, the hair oil segment has the largest revenue share over the forecast period. There is a growing awareness of the widespread availability of various hair care oil products. Hair oils help to increase the strength and length of the hair, so consumers are looking for hair oil based on their hair type, and manufacturers are focusing on these areas of business, which are fueling the market's sale of hair oil.

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

Based on application, the South Korean hair care market is segmented into products and services. Among these, the services segment has the largest revenue share over the forecast period. The factors can be attributed to a desire for improved appearance, a growing population base, and the growing popularity of hair extensions.

• In 2022, the online segment is expected to hold the largest share of the South Korean hair care market during the forecast period.          

Based on the distribution channel, the South Korean hair care market is classified into supermarkets/ hypermarkets, convenience stores, retailers, and online. Among these, the online segment is expected to hold the largest share of the South Korean hair care market during the forecast period. As the trend of online shopping gains traction in South Korea, it is more convenient for consumers to buy products online, avoiding crowded stores. Furthermore, consumers have the luxury of browsing and shopping for products from the comfort of their own homes 24 hours a day, seven days a week. The trend of purchasing a variety of hair care products online to save time gained traction, particularly after the COVID-19 pandemic.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korean hair care 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

• LG Household & Health Care Ltd
• Tony Moly
• AEKYUNG Industry Co., Ltd.
• Mandom Corporation
• Amorepacific Corporation
• Others

Key Target Audience

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

Recent Development

• In June 2022, South Korean cosmetic titans Amorepacific and LG Household & Healthcare (LG H&H) both successfully launched shampoos that can conceal grey hair, indicating a high demand for anti-aging hair care products.

• In May 2022, CJ OnStyle, a South Korean firm, debuted a new personalized beauty brand with a bespoke shampoo developed in collaboration with K-beauty ODM giant Cosmax.

Market Segment

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

South Korean Hair Care Market, By Product Type

• Shampoos
• Conditioners
• Hair oils
• Styling products

South Korea Hair Care Market, By Application

• Products
• Services

South Korean Hair Care Market, By Distribution Channel

• supermarkets/ hypermarkets
• Convenience stores
• Retailers
• Online