Korean Skin Care Products Market Size was valued at USD 9.2 Billion in 2022. The Skin Care Products Market industry is projected to grow from USD 9.5 Billion in 2023 to USD 12.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.40% during the forecast period (2024 - 2032). Increasing consumer focus on skincare and self-care routines and growing demand for natural and organic skincare products are the main market drivers anticipated to propel the Skin Care Products Market in Korea.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Popularization of products inspired by unique ingredient formulations and digital marketing strategies drives the skin care products market CAGR. The composition of Korean beauty products is their most valuable asset. Women's skincare procedures in Korea can take anything from four to twenty phases, with various products used to treat different skin issues. These cosmetics are made almost completely of natural materials. Furthermore, many compounds are difficult to find in Western beauty products because they are associated with Eastern cultures. Koreans have long known about and used snail slime as an anti-wrinkle lotion ingredient to combat the visible indications of aging. Pearls in skin-brightening cosmetics and bee propolis in nourishing goods are two more unusual ingredients seen in K-beauty products. Today's consumers are quite picky about the cosmetics they put on their skin, preferring ones made with natural components. As a result, consumer preferences and product choices in skin care have helped the K-beauty industry. Furthermore, Korean beauty companies use their digital and e-commerce expertise to meet the continually expanding demand in international markets.
Several Korean skincare brands, like Sokoglam and Peach & Lily, have been brought to Korea through online stores, expanding the market worldwide. Furthermore, multinational cosmetic shops are creating sections on their websites specifically for Korean skincare brands. Sephora, a French international retailer of personal care and cosmetics, has just launched a K-Beauty business. The K-beauty explosion has piqued the interest of Western journalists and social media influencers as well. K-beauty brands have been recognized for using this unique internet method to boost their popularity. Moreover, the growing popularity of social media influencers is a key driver of industry growth. Organic skincare manufacturers invest in social media campaigns to promote their products and expand their marketing reach. The prominence of social media influencers in these markets has prompted large businesses, including L'Oreal, to form strategic collaborations with influencers, notably for their beauty and makeup lines. Furthermore, e-commerce is a very valuable platform, particularly for cosmetics players that operate on a small or medium size, because it helps them promote their products. As a result, the popularity of social media influencers is expected to drive considerable growth in the worldwide natural skin care products market throughout the forecast period. Thus, driving the Korean Skin Care Products market revenue.
The Korean Skin Care Products Market segmentation, based on Product, includes Skin Care and Hair Care. The skin care category dominated the market in 2023. K-beauty products are suitable for all skin types without causing inflammation. These products are suitable for both sensitive and other skin types. Furthermore, as knowledge and popularity expand, people are increasingly interested in K-beauty skin care products.
Figure 1: Korean Skin Care Products Market, By Product, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Korean Skin Care Products Market segmentation, based on End-user, includes Men and Women. The men segment among end consumers is expected to experience the fastest CAGR. Men's growing skin concerns, including aging, sensitivity, acne, dryness, and inflammatory diseases, are projected to fuel demand for K-beauty products. K-beauty product manufacturers are introducing unique products specifically for males, like KEOJI's Snail Truecica Miracle Serum, an after-shave serum. The product contains mucus extracted from black snails, which is often used in therapeutic facials.
The Skin Care Products Market in Korea is divided into distribution channels, which include supermarkets and hypermarkets, specialty stores, online stores, and pharmacies. Supermarket and hypermarket distribution channels dominated the market in 2023. Supermarkets and hypermarkets are one-stop stores ideal for working women with hectic schedules. These retailers have focused on providing in-person product demonstrations, allowing customers to choose from a variety of brands before making a purchase. Furthermore, supermarkets and hypermarkets offer clients access to a diverse choice of products.
The Korean Skin Care Products Market is a vibrant and quickly expanding business. South Korea, known for its creative and effective skincare products, has emerged as a global beauty and cosmetics market leader. Korean skincare products are highly sought after due to their emphasis on natural ingredients, innovative formulations, and distinctive beauty rituals. There are numerous products on the market, including cleansers, toners, serums, moisturizers, masks, and more. Korean skincare companies have grown in popularity around the world due to their emphasis on healthy, glowing skin. The market is being pushed by expanding consumer awareness, increased desire for personalized skincare solutions, and the influence of K-beauty trends.
Leading market players are investing heavily in research and development in order to expand their End-user lines, which will help the Skin Care Products Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new End-user launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Skin Care Products industry must offer cost-effective items.
Major players in the Skin Care Products Market are attempting to increase market demand by investing in research and development operations, including BANILLA CO, AMOREPACIFIC, The Crème Shop, Clio, CARVER KOREA CO. (Unilever), Able C&C, The Face Shop, Inc., Nature Republic, TolyMoly, LG HOUSEHOLD & HEALTH CARE LTD.
Korean Skin Care Products Industry Developments
In July 2022, Saturday Skin has teamed with Nykaa to increase its visibility in the Indian market. Saturday Skin will provide a variety of skincare products through the Nykaa website and mobile app as part of this agreement.
In November 2022, L'Oréal announced the debut of C-Beauty, K-Beauty, and J-Beauty consumers in partnership with Shihyo, a Korean brand. The brand's product line contains 24 herbal ingredients steeped in fermented rice and other creative Asian procedures.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 9.2 Billion |
| Market Size 2023 | USD 9.5 Billion |
| Market Size 2032 | USD 12.4 Billion |
| Compound Annual Growth Rate (CAGR) | 3.40% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Technology, Distribution Channel, and Region |
| Countries Covered | Korea |
| Key Companies Profiled | BANILLA CO; AMOREPACIFIC; The Crème Shop; Clio; CARVER KOREA CO. (Unilever); Able C&C; The Face Shop, Inc.; Nature Republic; TolyMoly; LG HOUSEHOLD & HEALTH CARE LTD. |
| Key Market Opportunities | Expansion into emerging markets with rising disposable incomes. |
| Key Market Dynamics | Growing influence of social media and beauty influencers in promoting skincare routines. |
Frequently Asked Questions (FAQ) :
The Korean Skin Care Products Market size was valued at USD 9.5 Billion in 2023.
The market is projected to grow at a CAGR of 3.40% during the forecast period, 2024-2032.
The key players in the market are BANILLA CO; AMOREPACIFIC; The Crème Shop; Clio; CARVER KOREA CO. (Unilever); Able C&C; The Face Shop, Inc.;
The Skincare products category dominated the market in 2023.
The men had the largest share in the market.
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