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2021
K-beauty Products Market

K-beauty Products Market

by Product Type (Sheet Masks, Cleansers, Moisturizers, Makeup and Others), End User (Male and Female), and Distribution Channel (Online Retail, Supermarket/Hypermarket and Specialty/Monobrand Stores): Global Opportunity Analysis and Industry Forecast, 2021-2027
Update Available On-Demand

Report Code: A05784
Pages: 289
Feb 2021 | 23872 Views
Author(s) : Nitesh Chouhan, Himanshu Vig , Roshan Deshmukh
Tables: 112
Charts: 53
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COVID-19

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The K-beauty products market size was valued at $10.2 billion in 2019 and is projected to reach $13.9 billion by 2027, growing at a CAGR of 9.0% from 2021 to 2027. Asia-Pacific is one of the prominent regions in the market that solely accounted for approximately 70% of the total K-beauty market share in 2019. 

K-beauty products emphasize greatly on wellness and health. The products are manufactured using natural ingredients that are labeled clearly on their packaging. K-beauty focuses majorly on skincare while simultaneously ensuring that their products are cool and affordable. The Korean beauty brands are continuously expanding to embrace new innovations, especially in terms of their raw materials. The use of snail slime, bee venom, starfish extract, pig collagen, and morphing masks are some of the unique ingredients being used to produce K-beauty products. The K-beauty industry is becoming an increasingly lucrative business for cosmetic companies owing to its high product margin, thereby making it further profitable for beauty companies. 

K-Beauty-Products,-2021-2027

Surge of cosmetics consumption among women due to increase in number of female participations in social and economic activities has created a strong positive impact on the K-beauty products market. There is a greater demand for high priced premium cosmetics subsequent to the rise of income levels. These factors cumulatively drive the market of K-beauty products worldwide. In addition, K-beauty products not only cater women’s cosmetic products, but also men’s beauty products. Hence, new product launches for men’s cosmetics, which target and aid their skin issues further propels the growth of the market.

One of the most significant elements for the global popularity of K-beauty products is the influence through social media. Advertisements and video tutorials through online platforms such as Facebook and Instagram have generated tremendous influence over the viewers, which has consequently driven the growth of the K-beauty products market.

However, the rise in trend of veganism can create a negative impact on the growth of K-beauty products. The increase in number of conscious consumers especially in regard to sustainability, environmental impact, and animal welfare restrain the K-beauty products market growth. 

On the contrary, rise in awareness of the benefits and uniqueness of K-beauty products among consumers across the globe create vast opportunity for expansion among the K-beauty products market players. Customers are investing in beauty products that originate from South Korea. This makes the market more appealing and promising for the future of K-beauty products industry.

The global K-beauty products market is segmented into product type, end user, distribution channel, and region. The product type segment comprises sheet masks, cleansers, moisturizers, makeup and others.

On the basis of end user, the market is classified into male and female. Depending on distribution channel, it is categorized into online retail, supermarket/hypermarket and specialty/monobrand stores. Region wise, it is studied across North America (U.S., Canada, and Mexico), Europe (Germany, Spain, UK, Italy, France, Switzerland, and rest of Europe), Asia-Pacific (India, China, Japan, Southeast Asia and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

By product type, the sheet masks segment garnered the largest K-beauty products share in 2019, since these are appealing to consumers’ desires for affordable and fast acting products. These products can address different skin conditions such as tightening, moisturizing, soothing, brightening, and help sustain the skin’s beauty and health. Hence, owing to its convenience of use and affordability, the sheet masks acquired a large share in the market. 

K-beauty Products Market
By Product Type

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Sheet mask segment dominates the global market and is expected to retain its dominance throughout the forecast period.

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Based on end user, the global K-beauty products market is categorized into male and female. The female segment comprises the major share of the end user segment, however the male segment is anticipated to grow at a higher growth rate owing to increasing image-conscious and self-esteem.

K-beauty Products Market
By End User

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Male segment is expected to grow at a highest CAGR of 9.9% during the forecast period.

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Based on distribution channel, the market is classified into online retail, supermarket/hypermarket and specialty/monobrand stores. Specialty and monobrand stores account for the highest market share among all the channels since consumers buying beauty goods prefer personal service and advices. Specialty stores offer valuable counselling to the customers, after sales service, offers, promotions and other similar strategies which make them highly preferred by consumers. However, due to ease of shopping and convenience, the online retail segment is expected to grow at the fastest rate during the K-beauty products market forecast period. 

K-beauty Products Market
By Distribution Channel

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Online retail segment is expected to grow at a highest CAGR of 11.2% during the forecast period.

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Asia-Pacific occupied the largest market share in the K-beauty products market region segment, since the largest consumers of K-beauty products are the Asian countries such as China, India, Hong Kong, and South Korea. Furthermore, the Asia-Pacific region is expected to maintain its dominance in the region segment during the forecast period owing to increase in population and rise in purchasing power. 

K-beauty Products Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific dominates the market and is expected to grow with a CAGR of 8.1% during the forecast period

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The major players in the global K-beauty products industry analyzed in this report include ABLE C&C CO., Ltd., Adwin Korea Corp, Annie's Way International Co., Ltd., The Beauty Factory, Ltd., Bluehug, Inc., BNH Cosmetics, Ceragem Health and Beauty Co, Ltd., CK Beauty Enterprise Inc., LG Household & Health Care, and AMOREPACIFIC CORPORATION.

Covid-19 Impact Analysis

  • COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December 2020.
  • K-Beauty products manufacturers are switching their preference to produce hand sanitizers, cleaning agents, and personal care products, which have been gaining major demand during this pandemic.
  • The outbreak of the COVID-19 pandemic, manufacturers have increased social media advertisement of using herbal skin care products to reach a large consumer base.
  • Countries around the world imposed lockdowns, and curfews, which has hugely impacted lifestyles, health & wellbeing, and affected manufacturing industries.
  • Import and export restrictions on goods and quarantine and lockdown measures imposed by governments are key challenges exporters are facing during this pandemic.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the K-beauty products market analysis from 2019 to 2027 to identify the prevailing market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and K-beauty products market opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis of the K-beauty products market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market industry. 
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes analysis of regional as well as K-beauty products market trends, key players, market segments, application areas, and K-beauty products growth strategies. 

K-beauty Products Market Report Highlights

Aspects Details
By Product Type
  • SHEET MASK
  • CLEANSER
  • MOISTURIZER
  • MAKEUP
  • OTHERS
By End User
  • Male
  • Female
By Distribution Channel
  • Online Retail
  • Supermarket/Hypermarket
  • Specialty/Monobrand Stores
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (India, China, Japan, South-East Asia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players ABLE C&C CO., LTD., ADWIN KOREA CORPORATION, AMOREPACIFIC CORPORATION, ANNIE’S WAY INTERNATIONAL CO., LTD., BNH COSMETICS, LLC, CALA PRODUCTS, CARVER KOREA CO., LTD. (UNILEVER GROUP), CERAGEM MALAYSIA SDN BHD, COSRX, INC., LG HOUSEHOLD & HEALTH CARE LTD.
 

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The demand for K-beauty products is on the rise across the globe. They have become so popular that South Korea has now turned into one of the top industrial hubs for beauty products. The market players use the platform of social media as a great means for influencing consumers across the globe. There is a rise in the impact of beauty influencers such as skincare gurus and makeup artist due to increase in number of consumers using social media channels. These influencers illustrate step-by-step skincare regime and thereby endorse the various K-beauty products. 

Demand for organic and natural beauty products has gained momentum in the beauty industry owing to the growth in consumer health consciousness. The ingredients used to manufacture K-beauty cosmetics are almost entirely natural. This shift in consumer purchasing behavior has led to an increase in preference for K-beauty products since these products are manufactured with extensive R&D and are made using unique ingredients, which cater specific skin issues. In addition, cosmetic products for men demonstrate strong growth in countries such as China, Japan, and other Asian regions. Unlike its western counterparts, the Korean beauty industry attracts men’s attention with skin care cosmetics and all-in-one products. This is another crucial element which propels the growth of the K-beauty products market. Moreover, Korea’s skin-care industry is said to be a leader in terms of innovation. The K-beauty products are hence considered to be tremendously effective and worthy of their value.

However, the demand for cosmetic products composed using animal ingredients is expected to hamper the market owing to the rise in veganism among consumers worldwide. The increase in number of conscious consumers especially in regard to sustainability, environmental impact, and animal welfare can thereby restrain the K-beauty products market development.

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