K-Beauty Products Market

K-beauty products market size (2023-2028)

The K-beauty products market was assessed at $ 11.8 billion in 2022 and is anticipated to reach over $ 16.2 billion by 2028, developing with a CAGR of 11.3% between 2023-2028

K-beauty products focus on well-being and health. The products are made with natural ingredients clearly labeled on their packaging. K-beauty focuses primarily on skincare while ensuring that its products are attractive and affordable. Korean beauty brands are continuously developing to embrace new innovations, especially in terms of raw materials. The use of snail slime, bee venom, starfish extract, pork collagen, and morph masks are some of the unique ingredients used to produce K-beauty products. The K-beauty industry is becoming a more and more lucrative business for cosmetics companies due to its high product margin, which makes it more profitable for beauty companies.

The increased awareness of the benefits and uniqueness of K-Beauty products among consumers all over the world is creating an excellent opportunity for expansion among players in the K-Beauty product market. Customers invest in beauty products from South Korea. This makes the market more attractive and promising for the future of the K-Beauty product industry.

K-beauty products Market growth and trends:

_{• By product type, the aluminum face mask segment accounted for the largest share of K beauty products in 2019, due to its wide demand among customers for affordable and fast-acting products. These products can inform various skin conditions such as hydration, firming, brightening, softness, and maintaining the beauty and health of the skin. Therefore, due to their affordability and ease of use, sheet masks have taken the largest share of the K-Beauty product market.}

• The specialized and single-brand stores estimate the highest market share among the other channels, with consumers who buy beauty products favoring personalized service and advice.

K-beauty Products Market Drivers and Restraints:

The increased consumption of cosmetics among women due to the increase in the number of women participating in social and economic activities has created a strong positive impact on the market for K-Beauty products. There is an increased demand for high-end, high-priced cosmetics as a result of rising income. These factors are cumulatively driving the market for K-beauty products globally. In addition, K-beauty products serve not only cosmetics for women but also beauty products for men. Therefore, the launch of new products for men's cosmetics, which target and help his skin problems, further drive the growth of the K-Beauty products market.

One of the most important elements of the worldwide popularity of K beauty products is the influence of social media. Advertisements and tutorial videos through online platforms such as Facebook and Instagram have generated great influence with viewers, which in turn has fueled the growth of the K-Beauty product market.

However, the rise of veganism may have a negative impact on the growth of K-Beauty products. The increase in the number of conscious consumers, especially in regard to sustainability, environmental impact, and animal welfare, is holding back the growth of the market.

K-BEAUTY PRODUCTS MARKET REPORT COVERAGE:

K-beauty products Market segmentation:

On the basis of  Product Type:

• Masks

• Cleansers

• Moisturizers

• Makeup

• Others

Among these, the mask segment had the highest share of K-beauty products in 2018 as they satisfy consumer desires for affordable, fast-acting products. These products can treat different skin conditions, such as firming, hydrating, soothing, brightening, and helping to maintain the beauty and health of the skin. Therefore, due to their convenience of use and affordability, sheet masks have gained a significant share in the K beauty products market.

On the basis of the distribution channel:

• Online retailers
• Supermarkets\hypermarkets
• Specialty\single brand stores
• Others

Specialty and single-brand stores represent the largest market share among all channels, as consumers who buy beauty products prefer personalized service and advice. Specialty stores offer valuable customer advice, after-sales service, deals, promotions, and other similar strategies that make them highly preferred by consumers. However, due to the ease of purchase and convenience, the online retail segment is expected to experience the fastest growth during the K-Beauty product market forecast period.

K-beauty products market on the basis of End-user:

• Men
• Women

Regional Analysis:

• North America (the United States, Canada, and Mexico)
• Europe (Germany, Spain, United Kingdom, Italy, France, Switzerland, and the rest of Europe)
• Asia-Pacific (India, China, Japan, Southeast Asia, and the rest of Asia-Pacific)
• Latin America
• The Middle East, and Africa)

Asia-Pacific holds the highest share of the K-beauty products market. This is mainly attributed to the presence of the largest consumers of these beauty products from Asian countries like China, Hong Kong, India, and South Korea.

Key market players:

Major players in the global K-Beauty industry analyzed in this report include

1. ABLE C&C CO., Ltd.
2. Adwin Korea Corp
3. Annie's Way International Co., Ltd.
4. The Beauty Factory, Ltd.
5. Bluehug, Inc.
6. BNH Cosmetics
7. Ceragem Health and Beauty Co, Ltd.
8. CK Beauty Enterprise Inc.
9. LG Household & Health Care
10. Amorepacific Corporation.