In 2024, the K-beauty product market is anticipated to be valued at US$ 10,875.7 million, with projections indicating a rise to US$ 19,293.7 million by 2034. The global K-beauty product market is poised to grow at a compound annual growth rate (CAGR) of 5.90% throughout the forecast period.
One of the key drivers propelling growth in the K-beauty product market is the wide array of offerings from various market players. Ranging from shampoos to face cleansers to electronic devices, the K-beauty market caters to diverse consumer needs. Thanks to effective marketing strategies, these products have penetrated every corner of the globe. This widespread availability has significantly contributed billions of dollars to the overall market value.
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The Korean entertainment industry has had a significant influence on the daily lifestyles of people all over the world. The personal care industry, which has experienced substantial growth post-pandemic, owes a substantial part of its success to the overall contribution of K-beauty products in the international marketplace. The demand for K-beauty products has skyrocketed in recent years due to their innovative formulations, unique ingredients, and holistic approach to skincare.
The emerging eCommerce sector in developing and underdeveloped economies has also boosted the K-beauty product market. Apart from this, the desire for flawless and porcelain skin, just like those of celebrities from K-pop, K-drama, and the Korean film industry, has also brought many women to the industry. However, due to short video platforms and social media influencers, K-beauty products are also being adopted by men around the world.
“There is a noticeable shift toward sustainable skin care products in the international market and K-beauty products have already adopted to these trends by sourcing, manufacturing, and packaging K-beauty products sustainably. This has made K-beauty products popular among eco-conscious consumers”, says an FMI analyst.
Business Growth Drivers in the K-Beauty Product Market:
- Global Popularity: The increasing global popularity of K-Beauty products due to their innovation, quality, and effectiveness is a significant growth driver. Consumers worldwide are drawn to the unique formulations and results-driven approach of Korean skincare and cosmetics.
- Digital and Social Media Influence: K-Beauty brands have effectively utilized digital and social media platforms to market their products, engage with consumers, and create trends. Influencers and beauty bloggers play a crucial role in promoting K-Beauty, driving demand and brand awareness.
- Product Innovation: Continuous product innovation and development of novel formulations are driving growth in the K-Beauty market. Korean brands are known for their cutting-edge technology, natural ingredients, and focus on addressing specific skincare concerns, attracting consumers seeking effective solutions.
- Expansion of Distribution Channels: The expansion of distribution channels, both online and offline, has facilitated greater accessibility to K-Beauty products globally. E-commerce platforms, specialty stores, and dedicated K-Beauty retailers have made it easier for consumers to purchase these products, fueling market growth.
- Cultural Influence and Trends: The increasing interest in Korean culture, including K-Pop and K-Dramas, has led to a surge in demand for K-Beauty products. Consumers are drawn to the aspirational lifestyle portrayed in Korean media, driving the adoption of Korean skincare and beauty routines worldwide.
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Industry Restraints in the K-Beauty Product Market:
- Regulatory Challenges: Compliance with varying regulatory standards across different countries poses a challenge for K-Beauty brands. Meeting regulatory requirements in key markets can be complex and time-consuming, impacting product launches and market expansion efforts.
- Competition from Western Brands: Despite the global popularity of K-Beauty, Western beauty brands remain strong competitors. Established Western brands often have greater brand recognition and distribution networks, posing a challenge for K-Beauty brands seeking to expand their market share.
- Supply Chain Disruptions: Disruptions in the supply chain, such as raw material shortages, logistics issues, and manufacturing delays, can impact the availability of K-Beauty products and increase costs. The COVID-19 pandemic highlighted vulnerabilities in global supply chains, affecting the beauty industry as a whole.
- Price Sensitivity: While K-Beauty products are known for their quality and efficacy, price sensitivity among consumers can be a restraint. Some consumers may perceive K-Beauty products as expensive compared to mass-market alternatives, limiting adoption, particularly during economic downturns.
- Brand Authenticity and Trust: Maintaining brand authenticity and trust is crucial for K-Beauty brands amidst increasing competition and scrutiny. Instances of counterfeit products, false marketing claims, or quality issues can damage brand reputation and consumer trust, hindering growth in the market.
Key Takeaways from the Market Study
- The female demographic dominates the global K-beauty product market with a 67.70% share in 2024.
- Haircare products in the market accounted for a share of 27.10% in 2024.
- The K-beauty product market in India is predicted to grow at a CAGR of 7.90% through 2034.
- The K-beauty product market in China is predicted to rise at a 6.00% CAGR through 2034.
- The K-beauty product market in the United States has the potential to increase at a 4.20% CAGR through 2034.
- The Australian K-beauty product market is predicted to rise by 6.80% CAGR through 2034.
- The K-beauty product market in Germany is predicted to grow at a CAGR of 5.40% through 2034.
Competitive Landscape
- Key players like Cosrx, Laneige, Etude House, and Innisfree have established a significant market presence in the K-beauty industry.
- These leading companies have successfully expanded their reach worldwide due to the global popularity of K-beauty.
- Newcomers in the K-beauty product market are encouraged to bring fresh ideas, formulations, and products.
- This cut-throat competition ultimately benefits consumers by offering many innovative beauty products.
Recent Developments
- Sulwhasoo sponsored New York’s Metropolitan Museum of Art in March 2023, initiating a year-long deal. Brand ambassadors Rosé, Yuh-Jung Youn, and Jia Song provided funding for museum programs and events.
- In 2023, Justera Health Ltd. acquired Triniti Trading Corp., an authorized distributor of TonyMoly in Canada, diversifying its portfolio and solidifying its market presence.
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Market Segmentation
By Product Type:
- Skin Care
- Cleanser
- Moisturizer
- Serum
- Sunscreen
- Others
- Hair Care
- Shampoo
- Conditioner
- Serums
- Others
By End-User:
- Men
- Women
By Distribution Channe:
- Supermarkets and Hypermarkets
- Specialty stores
- Online
- Pharmacies
By Region:
- Europe
- Asia Pacific
- North America
- Latin America
- Middle East and Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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