PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320112
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320112
K-beauty products market size was valued at USD 8,709.3 Million in 2022, expanding at a CAGR of 9.7% from 2023 to 2030.
K-beauty products place a strong emphasis on wellness and health. Additionally, natural ingredients are used to manufacture these products that are labeled clearly on their packaging. K-beauty majorly focuses on skincare while also ensuring that its products are affordable and cool. Moreover, the Korean beauty industry is continuously growing to embrace innovations, particularly in terms of raw materials. The unique ingredients being used to manufacture K-beauty products such as bee venom, morphing masks, snail slime, starfish, and pig collagen extract. Furthermore, due to its high product margin, the K-beauty industry is becoming increasingly lucrative for cosmetic companies, thus making it profitable for beauty companies.
The greatest asset is Korean beauty products. Additionally, in Korea, women's skincare routines can range from four to twenty steps, with numerous products used for multiple skin issues. Natural materials are used to make these cosmetics. Some substances that are typical of Eastern culture are difficult to locate in Western beauty products because. To combat the visible indications of aging Koreans have always known and utilized snail slime as an ingredient in anti-wrinkle lotions. Moreover, in K-beauty products two more unique ingredients seen are bee propels for nourishing and the usage of pearls in skin-brightening products. Consumers are very selective about the products that they use on their skin and want natural components. As a result, consumer choice and preferences in skin care products have benefited the K-beauty products industry. To meet the rapidly expanding demand from international markets Korean beauty companies make the most of their expertise in digital and e-commerce. However, an increase in the trend of veganism can make a negative impact on the growth of K-beauty products. Furthermore, social media influence is the most significant element in the worldwide popularity of K-beauty products. Through online platforms, advertisements and video tutorials have generated great influence over the viewers, which has likely to drive the growth of the K-beauty products market.
The global k-beauty products market is segmented on the basis of product type, end user, distribution, and region.
The market is divided into two categories based on product type: hair care and skin care. The skin care segment is likely to possess the market share. The K-beauty products are applicable without any irritation for all skin types. These products can be used on sensitive skin to other skin types. Additionally, a rise in awareness and popularity is attributed to an increase in the demand for K-beauty skin care products among consumers. Moreover, the hair care segment is anticipated to grow with a large revenue share. K-beauty hair care products often use herbal and natural ingredients. Green tea, ginseng, fermented botanical extracts, and camellia oil helps with nourishment, hydration, and improved hair and scalp health is offered by these ingredients.
The market is divided into two categories based on end-users: female and male. The women segment is expected to dominate the market over the forecast period. For women who are active in social and economic routines, the consumption of cosmetic goods has significantly increased. In addition, there is a larger desire for luxury and trendy beauty products as income increases. These factors are contributed to the growth of the segment.
The market is divided into four categories based on distribution: online, pharmacies, specialty stores, and supermarkets & hypermarkets. Supermarkets and hypermarkets are likely to maintain their dominance in the market. These stores are beneficial for working women with busy schedules as supermarkets and hypermarkets are one-stop stores. Moreover, these retail stores have been concerned with offering in-person product demonstrations so that customers to choose from several brands before making a purchase.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Many businesses providing various tour types market for K-beauty products that are extremely competitive. To effectively compete, various key players are focusing the majority of their attention on new product types, collaborations, product launches, and branching into new markets. For instance, in September 2021, Quench Botanics launched a K-beauty product tailored for local consumers. Additionally, the brand was conceived to provide Indian consumers with a K-beauty experienced that is catered to their lifestyle, needs, and concerns.
For instance, in November 2022, L'Oreal introduced Shihyo a new K-beauty brand as it looks to target North Asian consumers across "beauty-intense" regions. Additionally, the brand's collection comprises 24 herbal constituents steeped in fermented rice and other Asian innovative processes.