According to a new report published by Allied Market Research, titled, "K-beauty Products Market by Product Type, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global K-beauty products market size was valued at $9.3 billion in 2018 and is projected to reach $21.8 billion by 2026, registering a CAGR of 11.3% from 2019 to 2026. K-beauty products refer to the skincare and makeup products originated from South Korea. These beauty products emphasize particularly on skin aesthetics such as health, hydration, and luminous textured skin. Korean women have traditionally favored glowing ‘glass’ skin over layers of foundation and lengthy skin care regimes with focus on toning and clarifying. Their beauty standards focus on the appearance of moisture on the skin, resulting in an augmented fondness for cremes over powders. Products in this segment are manufactured using unique ingredients such as snail slime, bee venom, starfish extract, pig collagen, and morphing masks.
The sheet masks segment is anticipated to exhibit the highest market share during the K-beauty products market forecast period. They 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 acquire a large share in the K-beauty products market.
The K-beauty products market is primarily driven by the consumers inclination toward products inspired with unique ingredient formulas. For instance, the use of pearls in skin brightening products and propolis from bees for nourishing, are two other unusual components found in K-beauty products. In addition, as consumers become more meticulous regarding their lifestyle choices, they are looking deeper than superficial solutions and choosing more traditional healthy approaches of beauty. Hence, the rise in demand for natural and organically derived ingredients in cosmetic and personal care products, has created new avenues in the K-beauty cosmeceutical market.
The global K-beauty products market analysis is carried on the basis of 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 K-beauty products market is classified into male and female. Depending on distribution channel, it is categorized into online retail, supermarket/hypermarket, specialty/monobrand stores, and others. 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, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key Findings of the K-beauty Products Market :
- Based on product type, the sheet mask segment accounted for the highest K-beauty products market share in 2018, growing at a CAGR of 11.3% and cleanser segment growing fastest with a CAGR of 11.8% between 2019 and 2026.
- Based on end user, the female segment accounted for about 69% of the market share in 2018. However, the male is expected to grow at a CAGR of 12.1% during the forecast period.
- Based on distribution channel, the specialty store segment accounted for about 58% of the market share in 2018. However, the online retail segment is expected to grow fastest at a CAGR of 13% during the forecast period.
- Based on region, Asia-Pacific accounted for about 70% of the market by share and is expected to grow at a CAGR of 11.1%.
The key players operating in the K-beauty products industry are L’Oréal, 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.