South Korea Cosmeceuticals Market Introduction and Overview
According to SPER Market Research, the South Korea Cosmeceuticals Market is estimated to reach USD 27.89 billion by 2033 with a CAGR 5.45%.
The report includes an in-depth analysis of the South Korea Cosmeceuticals Market, including market size and trends, product mix, distribution channels, and supplier analysis. Cosmeceuticals are a class of skincare products that combine medicinal and cosmetic qualities. These cosmetics are intended to improve skin tone while also offering health advantages. Active components like growth factors, peptides, and antioxidants are frequently present in them, and they are designed to address particular skin issues including acne, aging, and hyperpigmentation. In contrast to conventional cosmetics, which are largely focused on improving appearance, cosmeceuticals—which are frequently supported by scientific research—aim to improve skin health on a deeper level.
- In January 2022, Colorsonic and Copyright, two state-of-the-art advancements in beauty technology, were unveiled by the L'Oréal Group to both clients and stylists. They are both lightweight, portable gadgets with color apps. Consumers may use Colorsonic, but hair salons are granted copyright.
- Amorepacific, a leader in natural luxury skin care, revealed in September 2022 that it has acquired Tata Harper, a premium clean beauty company. Amorepacific plans to use the brand acquisition to grow its product line in the Americas and Europe.
Market Opportunities and Challenges
Opportunities: One of the beauty marketplaces with the highest rate of change is South Korea, which has introduced trends and industry-leading technologies. The emergence of DIY beauty care is the current trend. As a result, DIY nail care, hair coloring, and other K-beauty categories are drawing in new clients from within the nation. Originally created specifically for Islamic communities, halal-certified natural cosmetics are becoming increasingly popular due to their beneficial qualities. Halal beauty is a way of life rather than just a belief system. Halal beauty is thriving because of the growing need for conscientious cosmetics due to the appeal of clean, organic, and vegan beauty.
Challenges: The cosmeceuticals market in South Korea is experiencing significant expansion and innovation, but it also confronts a number of challenges. One major problem is the fierce rivalry, which makes it challenging for new entrants to gain traction from both domestic and foreign businesses. Regulatory obstacles can also make the licensing procedure for products more difficult because the market is governed by stringent laws about claims and ingredients. Another problem that may arise is consumer mistrust; when the market gets saturated, it gets harder to tell which goods are actually helpful and which are just making exaggerated claims. Additionally, as consumer preferences change quickly, firms must constantly innovate, which puts a pressure on resources.
Market Competitive Landscape
There are numerous regional and international firms in the South Korean market for beauty and personal care goods, including Amorepacific Corporation, Nature Republic, and The Face Shop Inc. As a result, fierce competition exists in the market. Additionally, Amorepacific Corporation, a significant market share holder of cosmetics and beauty products, owns a number of well-known brands, including Laneige, Etude House, and Innisfree.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Product Type, By Category, By Distribution Channel
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| Regions covered | Eastern Region, Western Region, Northern Region, Southern Region
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| Companies Covered | 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.
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COVID-19 Impact on South Korea Cosmeceuticals Market
The South Korean cosmeceuticals market was significantly impacted by the COVID-19 outbreak. At first, shoppers gave priority to necessities above cosmetics, which led to a drop in sales as a result of store lockdowns and decreased foot traffic. But as things changed, the popularity of internet buying increased, which caused cosmeceuticals to move onto e-commerce platforms. Companies made adjustments by improving their internet visibility and starting online advertising operations to draw in customers. Demand for products that support skin health, such as those with soothing and protective qualities, was also fueled by the pandemic's increased emphasis on health and wellbeing. Consumer preferences have also changed due to the surge in mask wear, leading skincare firms to innovate in formulation to address issues like maskne, or acne brought on by wearing masks.
Key Target Audience:
- Skincare Enthusiasts
- Health-Conscious Consumers
- Aging Population
- Acne-Prone Individuals
- Sensitive Skin Users
- Beauty Professionals
- Men’s Grooming Segment
- Millennials and Gen Z
Our in-depth analysis of the South Korea Cosmeceuticals Market includes the following segments:
| By Product Type: | Personal Care ProductsHair CareConditionerShampooOthersSkin CareFacial Care ProductsBody Care ProductsLip Care ProductsBath and ShowerShower GelsSoapsOthersOral CareToothbrushToothpasteMouthwashes and RinsesOthersMen’s Grooming ProductsDeodorants and AntiperspirantsCosmetics/Make-up ProductsFacial CosmeticsEye CosmeticsLip and Nail Make-up ProductsHair Styling and Colouring |
| By Category: | Premium ProductsMass Products |
| By Distribution Channel: | Specialty StoresSupermarkets/HypermarketsConvenience StoresPharmacies/Drug StoresOnline Retail ChannelsOthers |
Key Topics Covered in the Report:
- South Korea Cosmeceuticals Market Size (FY’2024-FY’2033)
- Overview of South Korea Cosmeceuticals Market
- Segmentation of South Korea Cosmeceuticals Market By Product Type (Personal Care Products, Cosmetics/Make-up Products)
- Segmentation of South Korea Cosmeceuticals Market By Category (Premium Products, Mass Products)
- Segmentation of South Korea Cosmeceuticals Market By Distribution Channel (Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores, Pharmacies/Drug Stores, Online Retail Channels, Others)
- Expansion Analysis of South Korea Cosmeceuticals Market
- Problems and Obstacles in South Korea Cosmeceuticals Market
- Competitive Landscape in the South Korea Cosmeceuticals Market
- Impact of COVID-19 and Demonetization on South Korea Cosmeceuticals Market
- Details on Current Investment in South Korea Cosmeceuticals Market
- Competitive Analysis of South Korea Cosmeceuticals Market
- Prominent Players in the South Korea Cosmeceuticals Market
- SWOT Analysis of South Korea Cosmeceuticals Market
- South Korea Cosmeceuticals Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the South Korea Cosmeceuticals Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. South Korea Cosmeceuticals Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in South Korea Cosmeceuticals Market
7. South Korea Cosmeceuticals Market, By Product Type (USD Million) 2020-2033
7.1. South Korea Cosmeceuticals Market Size, Share and Forecast, By Product Type, 2020-2026
7.2. South Korea Cosmeceuticals Market Size, Share and Forecast, By Product Type, 2027-2033
7.3. Personal Care Products
7.3.1. Hair Care
7.3.1. Conditioner
7.3.1. Shampoo
7.3.1. Others
7.3.2. Skin Care
7.3.2. Facial Care Products
7.3.2. Body Care Products
7.3.2. Lip Care Products
7.3.3. Bath and Shower
7.3.3. Shower Gels
7.3.3. Soaps
7.3.3. Others
7.3.4. Oral Care
7.3.4. Toothbrush
7.3.4. Toothpaste
7.3.4. Mouthwashes and Rinses
7.3.4. Others
7.3.5. Men’s Grooming Products
7.3.6. Deodorants and Antiperspirants
7.4. Cosmetics/Make-up Products
7.4.1. Facial Cosmetics
7.4.2. Eye Cosmetics
7.4.3. Lip and Nail Make-up Products
7.4.4. Hair Styling and Colouring
8. South Korea Cosmeceuticals Market, By Category (USD Million) 2020-2033
8.1. South Korea Cosmeceuticals Market Size, Share and Forecast, By Category, 2020-2026
8.2. South Korea Cosmeceuticals Market Size, Share and Forecast, By Category, 2027-2033
8.3. Premium Products
8.4. Mass Products
9. South Korea Cosmeceuticals Market, By Distribution Channel (USD Million) 2020-2033
9.1. South Korea Cosmeceuticals Market Size, Share and Forecast, By Distribution Channel, 2020-2026
9.2. South Korea Cosmeceuticals Market Size, Share and Forecast, By Distribution Channel, 2027-2033
9.3. Specialty Stores
9.4. Supermarkets/Hypermarkets
9.5. Convenience Stores
9.6. Pharmacies/Drug Stores
9.7. Online Retail Channels
9.8. Others
10. South Korea Cosmeceuticals Market Forecast, 2020-2033 (USD Million)
10.1. South Korea Cosmeceuticals Market Size and Market Share
11. South Korea Cosmeceuticals Market, By Region, 2020-2033 (USD Million)
11.1. South Korea Cosmeceuticals Market Size and Market Share By Region (2020-2026)
11.2. South Korea Cosmeceuticals Market Size and Market Share By Region (2027-2033)
11.3. Eastern Region
11.4. Western Region
11.5. Northern Region
11.6. Southern Region
12. Company Profile
12.1. Amorepacific Corporation
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. Banila Co.
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. Clubclio.Co.Ltd
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. Dr. Jart+
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. L'Oréal S.A.
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. Nature Republic
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. PFD Co. Ltd
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. SON&PARK
12.8.1. Company details
12.8.2. Financial outlook
12.8.3. Product summary
12.8.4. Recent developments
12.9. The Face Shop (LG Household & Health Care)
12.9.1. Company details
12.9.2. Financial outlook
12.9.3. Product summary
12.9.4. Recent developments
12.10. Samsung Electronics
12.10.1. Company details
12.10.2. Financial outlook
12.10.3. Product summary
12.10.4. Recent developments
12.11. Unilever Plc
12.11.1. Company details
12.11.2. Financial outlook
12.11.3. Product summary
12.11.4. Recent developments
12.12. Others
13. Conclusion
14. Reference Links
15. List of Abbreviations
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
