The Asia Pacific K-Beauty Products Market is anticipated to increase with a CAGR of 9.23% during 2021-2026.
Asia Pacific K-Beauty Products Market Scenario:
Wellness and health are heavily emphasized in K-beauty products. Natural components are used to make the items, which are clearly labeled on the box. K-beauty is known for its emphasis on skincare while also ensuring that its products are fashionable and accessible. Korean beauty products are constantly evolving to incorporate new technologies, particularly in terms of raw materials. Snail slime, bee venom, starfish extract, pig collagen, and morphing masks are just a few of the unusual substances found in K-beauty products. Because of its high product margins, the K-beauty industry is becoming more successful for cosmetic businesses, making it even more beneficial.
To expand its global network, BNH Cosmetics Co. has announced its marketing partnership with KMA, Korea Model Association. This partnership will further provide BNH Cosmetics with young, energetic, and talented ambassadors along with KMA to further enlarge its strategies overseas.
Asia Pacific K-Beauty Products Market Drivers
Women's increased use of cosmetics due to increased female engagement in social and economic activities has had a significant positive impact on the K-beauty products market. In addition, following the rise in income levels, there is a larger demand for high-priced premium cosmetics. These factors combine to drive the APAC market for K-beauty products. Furthermore, K-beauty goods cater not only to women's cosmetics but also to men's cosmetics. As a result, new product launches for men's cosmetics target and aid their skin difficulties to fuel the market's growth.
The influence of social media is one of the most important factors in the global success of K-beauty products. Advertisements and video instructions on social media sites like Facebook and Instagram have hugely impacted viewers, propelling the K-beauty sector.
On the contrary, increased consumer knowledge of the benefits and distinctiveness of K-beauty products across the APAC creates a massive opportunity for market expansion for K-beauty product manufacturers. In addition, customers are spending money on beauty goods made in South Korea. As a result, the market becomes more attracting and promising for the future of the K-beauty sector.
Veganism's growing popularity, on the other hand, may have a detrimental impact on the growth of K-beauty products. The growing number of environmentally sensitive consumers, particularly regarding sustainability, environmental effect, and animal welfare, is limiting the expansion of the K-beauty products business.
Asia Pacific K-Beauty Products Market By Product Type:
Sheet masks, by product type, captured the most K-beauty market share in 2019 since they appeal to consumers' desires for inexpensive and quick-acting treatments. These products can help maintain the skin's attractiveness and health by tightening, hydrating, soothing, and brightening, among other things. As a result of their ease of use and price, sheet masks have a significant market share.
Asia Pacific K-Beauty Products Market By End User:
The Asia Pacific K-beauty products market is divided into male and female categories based on the end consumer. The female segment accounts for most of the end-user segment; however, due to rising image consciousness and self-esteem, the male segment is expected to develop faster.
Asia Pacific K-Beauty Products Market By Distribution Channel:
The Asia-Pacific K-beauty products market is divided into three categories based on distribution channels: online retail, supermarket/hypermarket, and specialty/mono-brand stores. Consumers who buy beauty products want personal service and guidance. Hence specialty and mono-brand stores have the biggest market share of all the channels. Customers like specialty stores because they provide excellent customer counseling, after-sales service, deals, promotions, and other similar techniques. Moreover, the online retail segment is predicted to develop at the fastest rate throughout the K-beauty products market forecast period, owing to its ease of use and convenience.
The Asia Pacific K-Beauty Products Market Report includes the segmentation of countries:
Asia-Pacific held the greatest market share in the K-beauty products market geography category, as Asian nations such as China, India, Hong Kong, and South Korea are the main users of K-beauty products. Furthermore, due to rising population and purchasing power, the Asia-Pacific region will likely maintain its dominance in the geography sector during the projection period.
The rising need for convenience and product availability in India has driven enterprises to have an online presence. Furthermore, in the post-pandemic world, the country will likely see a major increase in e-commerce sales. Furthermore, expanding consumer awareness of beauty products, a growing focus on personal hygiene, shifting purchase habits, and a never-ending path toward sustainability are principally responsible for high consumer consciousness.
People in Singapore are very interested in improving their beauty. As a result, mass skincare, premium products, and color cosmetics top their shopping lists, with Japanese, French, and American brands dominating. Hence, their position as market leaders in the cosmetics sector has a significant impact on their propensity. Furthermore, in recent years, K-beauty products have progressively gained a major market share in the country. Therefore, these factors are expected to have an impact on the growth of the Asia-Pacific K-beauty products market.
Impact of COVID-19 on Asia Pacific K-Beauty Products Market
Manufacturers of K-Beauty goods are shifting their focus to hand sanitizers, cleaning agents, and personal care products, which have been in high demand throughout the pandemic. Keeping in mind the advent of the COVID-19 epidemic, producers have intensified their social media advertising of herbal skincare products in order to reach a larger audience. Lockdowns and curfews were enforced in countries worldwide, affecting people's lifestyles, health and well-being, and manufacturing businesses. Moreover, many exporters are experiencing critical hurdles during this epidemic, including import and export limitations on commodities, as well as quarantine and lockdown measures enforced by governments.
Key Players listed in the Asia Pacific K-Beauty Products Market
The companies covered in the report:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 K-Beauty Products Market, By Product Type
6.1.1 Sheet Masks
6.1.6 Market Size Estimations & Forecasts (2021-2026)
6.1.7 Y-o-Y Growth Rate Analysis
6.1.8 Market Attractiveness Index
6.2 K-Beauty Products Market, By End-User
6.2.3 Market Size Estimations & Forecasts (2021-2026)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 K-Beauty Products Market, By Distribution Channel
6.3.1 Online Retail
6.3.3 Specialty/Monobrand Stores
6.3.4 Market Size Estimations & Forecasts (2021-2026)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global K-Beauty Products Market, by Region
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.2 By Product Type
7.2.3 By End-User
7.2.4 By Distribution Channel
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By Product Type
7.3.3 By End-User
7.3.4 By Distribution Channel
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By Product Type
7.4.3 By End-User
7.4.4 By Distribution Channel
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By Product Type
7.5.3 By End-User
7.5.4 By Distribution Channel
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By Product Type
7.6.3 By End-User
7.6.4 By Distribution Channel
8. Key Player Analysis
8.1 ABLE C&C CO., Ltd.
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Adwin Korea Corp
8.3 Annie's Way International Co., Ltd.
8.4 The Beauty Factory, Ltd.
8.5 Bluehug, Inc.
8.6 BNH Cosmetics
8.7 Ceragem Health and Beauty Co, Ltd.
8.8 CK Beauty Enterprise Inc.
8.9 LG Household & Health Care
8.10 Amorepacific Corporation
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures