K-Beauty Products Market

K-Beauty Products Market Size (2023 to 2028)

The worldwide K-beauty products market size was worth USD 11.8 billion in 2022. The market size is expected to grow at a CAGR of 11.3% from 2023 to 2028 and be worth USD 22.43 billion by 2028 from USD 13.13 billion in 2023.

K-beauty products focus on well-being and health. K-beauty 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.

MARKET DRIVERS:

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

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 because 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 that target and help skin problems further drives the growth of the K-Beauty products market.

The growing influence of social media is another major factor propelling the growth of the K-beauty products market. Advertisements and tutorial videos through online platforms such as Facebook and Instagram have generated great influence with viewers, which in turn has fuelled the growth of the K-beauty products market.

MARKET RESTRAINTS:

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 regarding sustainability, environmental impact, and animal welfare, is holding back the growth of the market.

REPORT COVERAGE:

This research report on the global K-beauty products market has been segmented and sub-segmented into the following categories.

K-beauty Products Market - By Product Type:

• Masks
• Cleansers
• Moisturizers
• Makeup
• Others

The mask segment had the highest share of K-beauty products in 2022. The domination of the masks segment is likely to continue in the worldwide K-beauty products market during the forecast period as they satisfy consumer desires for affordable and 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. Due to their convenience of use and affordability, sheet masks have gained a significant share in the K beauty products market.

K-beauty Products Market – By Distribution Channel:

• Online Retailers
• Supermarkets\Hypermarkets
• Specialty\Monobrand Stores
• Others

The specialty and mono-brand stores segment held the major share of the global market in 2022 and is anticipated to witness a healthy CAGR in the coming years. Consumers who buy beauty products prefer personalized service and advice and feel specialty or mono-brand stores as the best choice. 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 forecast period in the worldwide K-Beauty products market.

K-Beauty Products Market – By End-User:

• Men
• Women

K-Beauty Products Market – By Region:

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

The Asia-Pacific region holds the highest share of the global 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:

Some of the notable companies operating in the global K-beauty products market analyzed in this report include ABLE C&C CO., Ltd., Adwin Korea Corp, Annie's Way International Co., Ltd., The Beauty Factory, Ltd., Bluehug, Inc., BNH Cosmetics, Ceragem Health and Beauty Co, Ltd., CK Beauty Enterprise Inc., LG Household & Health Care and Amorepacific Corporation.