The Korean beauty market is expanding enormously as its supplies have huge demands. The effectiveness and best results of the products have created a huge demand for these products globally. South Korea has gained one of the leading positions in the top 10 premier beauty markets around the world. The region represents nearly 2.8% of the total global market. The market size was about $9.4 billion. However, the export along with local production increased at a rate of 4.9% compared to 4.2% as that of the previous year.
Due to the COVID outbreak, the import showed a much low rate reaching to 3.1% downward rate. If you take a look at other regions the U.S imports created a market contribution of around $360 million whereas France made $462 million. Among all the others Korea remains at the top in 2019.
Distribution Channels of South Korean
South Korea is the leading country with the highest number of smartphone ownership counts. The fastest internet speed has made it possible for such a growing number of smartphone ownership. Moreover, with the outbreak of COVID-19, measures were taken that made a global shift of physical stores and businesses to digital platforms.
Due to which even schooling shifted digital. This increases smartphone usage greatly. So, when it comes to distributing products, social media channels or privately owned websites are preferred. Statistics put forward by the Korean National Statistical Office show the online transaction of cosmetics in 2020 to reach up to $10.6 billion.
Moreover, the contribution of cosmetics in the overall regions' sales accounts to be around 43.8%. As eCommerce sales methods are evolving the sales of cosmetic products are also increasing. The effectiveness of the products has attracted millions of active Korean cosmetic buyers.
Korean cosmetic products are divided into three main categories the first one is cosmeceutical or commonly called derma cosmetics. Next on the list is multi-functional products. The third category covers the organic and natural cosmetics types.
Opportunities and Challenges of Korean Cosmetic Market
Amore Pacific and LG Household and Healthcare are the two leading South Korean companies that are active local production entities. Apart from these, Koreans are more inclined in purchasing products imported internationally.
As the majority of brands have started offering shipping services to South Korean the consumers can purchase the products at the original prices in U.S dollars. According to the statistics, the overall international purchases accounted for $3.7 billion in 2020.
Moreover, there are two leading products in South Korea, the cosmeceuticals and derma cosmetics. Cosmeceuticals are those products that claim to have medicinal properties. These products are used majorly in the pharmaceutical industry. The domestic derma market generated almost $442 million in 2017. It has experienced a huge growth of about $1 billion in 2019.
List Of the Leading Korean Cosmetic Products
Fascinated with the trends and success of Korean products? Want to experience the same level of satisfaction and effectiveness? Get the following list of products:
· Water Sleeping Mask By Laneige
The Water sleeping mask is best for its hydrating properties. It keeps the skin oil-free and radiates it till the morning. You can shrug off the tension and stress hanging on your face after a tiring day at work with the help of this mask. It's gentle on the skin and gives a cooling effect. Its cost is around $25.
· Miracle Seed Essence By Primera
Miracle Seed Essence is one good skin hydrating serum. It keeps the skin oil-free and knocks off acne. The serum is made with the top ingredients that brighten the dark skin, cover the pores, and removes frown lines from the skin. It helps in uplifting the skin and keeping it well-nourished. The market price of the product is around $40.
· MadeCera Cream By SKINRX LAB
The ultra-moisturizing MadeCera Cream acts as an effective barrier. It is light on the surface but tough on dark spots and acne. The Niacinamide present in it helps in kicking off the bacteria and while adenosine provides effective anti-aging properties. The serum keeps the skin smooth and enhanced. It adds a glow and increases the health of all the skin layers.
The Korean market is highly adaptable. The cosmetic brands keep on improving and improving with time. As a new trend arrives or the innovation of any technological component happens in the world, the enthusiast in the region gets involved in creating better opportunities of manufacturing highly effective cosmetic products. Its not just about facial products, you can get products related to skin and body and find the same level of satisfaction and appeal. In all over South Korea, several manufacturers are there using advanced techniques and ways to produce noteworthy products.
Published by Eliza Martin