SOUTH KOREA COSMETIC MARKET

South Korea cosmetic market is estimated to grow at CAGR of 5.2%% till 2031, largely driven by the increasing interest in skincare items and the surge in online shopping.

Market Drivers and Emerging Trends

A key factor fostering the South Korea cosmetic market size expansion is the surge in interest in skincare products. The beauty industry is heavily centered around skincare as consumers focus on healthy and glowing skin. The need for makeup is also on the rise particularly among younger demographics which highlights a growing interest in using cosmetics that complements the established focus on skincare. Kpop idols and other celebrities in the country have a profound effect on beauty trends. Their visibility and influence drive consumer interest in various cosmetics which encourages fans to emulate their styles and preferences.

The rising emphasis on personal grooming and overall appearance combined with the powerful impact of K-beauty trends has contributed substantially to the escalating demand for cosmetics which reflects a broader cultural movement toward beauty and self expression. More consumers are seeking makeup options that deliver a natural and dewy glow which is consistent with the K-beauty trend. This trend has resulted in a surge in sales for items such as lip tints and cushion compacts which are designed to enhance features while maintaining a fresh appearance.

The rise of online shopping has provided consumers with a convenient way to buy cosmetics which boosts market growth within South Korea and globally. Beauty brands in the country have responded by fortifying their e-commerce strategies which makes it simpler for global customers to discover and purchase their products. The cross-border e-commerce market saw total consumption of USD 4.7 billion in 2022 which represents a 46 percent notable increase from the figures recorded in 2019 prior to the pandemic.

Among the emerging South Korea cosmetic market trends is the increasing interest in personalized products. Innovations have allowed brands to offer beauty products that are tailored to the unique needs. Several companies are increasingly using data analytics to design customized skincare that cater to specific skin types. This approach is likely to drive additional advancements in the market.

South Korea cosmetic market analysis observes one challenge facing the industry which is the growing regulatory scrutiny over labeling and ingredients. With consumers expressing greater concern about the beauty products’ safety many brands are under increasing pressure to ensure their formulations are compliant with regulatory standards. It could lead to the need for reformulating products or enhancing quality control protocols.

Based on the product the market is categorized into skin care, hair care, makeup and others. The skincare segment is projected to maintain the highest revenue share driven by an increasing demand for various products including face creams which come in multiple sizes to cater to consumer preferences. There is also a strong demand for products like cleansers and sunscreens in the country as they are considered vital components within the comprehensive skincare routines. These items are essential for maintaining healthy skin and are integral to multistep beauty regimen that many consumers adhere to.

According to distribution channels the market is categorized into online and offline segments. The offline category is expected to lead the market largely due to the high preferences to visit physical outlets when purchasing cosmetics. Consumers favor this channel primarily because they can view and try the products in-store which ensures they find the right fit for their needs. The widespread cosmetics availability in physical outlets such as department stores and salons has contributed to the segment growth.

The online segment is growing rapidly as e-commerce continues to rise since the country is notable for having the highest smartphone ownership and broadband penetration rate along with the exceptionally fast internet speeds. The Korean National Statistical Office reported that cosmetics online transactions reached USD 8.1 billion.

Top Market Players

Several major players within the market include Korendy Cosmetics, Amorepacific Corporation, The Face Shop, Nature Republic, among others.

Segments covered in the Report:

The South Korea Cosmetic Market has been segmented on the basis of product and distribution channel. Based on the product, the market is segmented into skin care, hair care, makeup, fragrance, others. Based on the distribution channel, the market is segmented into offline, online.

Market Segmentation

South Korea Cosmetic Market by Product

• • Skin Care
  • Hair Care
  • Makeup
  • Fragrance
  • Others

South Korea Cosmetic Market by Distribution Channel

• • Offline
  • Online

South Korea Cosmetic Market Leading players (Option 1: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Korendy Cosmetics
  • Amorepacific Corporation
  • The Face Shop
  • Nature Republic