A category of skincare products known as "cosmeceuticals" combines cosmetic and therapeutic properties. These cosmetics are meant to provide health benefits in addition to enhancing skin tone. They often contain active ingredients such as growth factors, peptides, and antioxidants, and are made to target specific skin conditions like acne, aging, and hyperpigmentation. Cosmoteceuticals, which are usually backed by scientific research, attempt to enhance skin health lower down than conventional cosmetics, which are primarily focused on looks.
South Korea Cosmeceuticals Market Driving Factors and Challenges
Drivers: South Koreans are drawn to their K-pop idols and keep up with all of their trends. The region is seeing a rise in sales because to 2022 K-pop trends like puppy eyes, gradient lips, glitter beneath the eyes, and many more. People are drawn to having this kind of makeup as a result. These are the market's driving forces. Additionally, cosmetics and personal care firms partner with K-pop celebrities and bands. This is driving up product purchases even more. Introducing industry-leading technologies and worldwide establishing trends, South Korea is one of the beauty marketplaces that is changing the fastest. Do-it-yourself (DIY) beauty care is becoming more and more popular. DIY nail care, hair coloring, and other K-beauty categories are thereby attracting new clients within the nation.
Challenges: The South Korean cosmeceuticals market is growing and innovating a lot, but it also faces a lot of challenges. A significant issue is the intense competition, which makes it difficult for newcomers to obtain traction from both domestic and overseas companies. Because the market is regulated by strict laws regarding claims and substances, regulatory barriers can also make the licensing process for products more challenging. Consumer mistrust is another issue that could occur since it becomes more difficult to distinguish between products that are genuinely useful and those that are merely making exaggerated claims when the market becomes saturated. Furthermore, businesses must constantly innovate due to the rapid changes in consumer tastes, placing a strain on available resources.
Impact of COVID-19 on South Korea Cosmeceuticals Market
The COVID-19 outbreak had a major influence on the cosmeceuticals market in South Korea. Initially, consumers prioritized essentials above cosmetics, resulting in a decline in sales due to store lockdowns and a decline in foot traffic. However, as times evolved, online shopping grew in acceptance, leading cosmeceuticals to shift to e-commerce sites. To attract clients, businesses made modifications by increasing their online exposure and launching online advertising campaigns. The pandemic's increased focus on health and wellbeing also increased demand for skin health products, such as those with soothing and protecting properties.
South Korea Cosmeceuticals Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Amorepacific Corporation, Banila Co., Clubclio Co. Ltd, Dr. Jart+, L'Oréal S.A., Nature Republic, PFD Co. Ltd, SON&PARK, The Face Shop (LG Household & Health Care), Samsung Electronics, Unilever Plc.
South Korea Cosmeceuticals Market Segmentation:
By Product Type: Based on the Product Type, South Korea Cosmeceuticals Market is segmented as; Personal Care Products, Cosmetics/Make-up Products.
By Category: Based on the Category, South Korea Cosmeceuticals Market is segmented as; Premium Products, Mass Products.
By Distribution Channel: Based on the Distribution Channel, South Korea Cosmeceuticals Market is segmented as; Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores, Pharmacies/Drug Stores, Online Retail Channels, Others.
By Region: This research also includes data for Eastern, Western, Southern and Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.