South Korea Cosmeceuticals Market Outlook
According to a new report by Expert Market Research titled “South Korea Cosmeceuticals Market Size, Share, Analysis, Report, Demand, Forecast 2024-2032″, the South Korea cosmeceuticals market grew significantly in 2023. Aided by the compelling convergence of cosmetics and pharmaceuticals and an ever-growing demand for skincare solutions with medical benefits, the market is projected to further grow at a CAGR of 6.5% between 2024 and 2032.
According to the South Korea cosmeceuticals market analysis, cosmeceuticals, a portmanteau of cosmetics and pharmaceuticals, signify the fusion of beauty and health. These products bridge the gap between cosmetic skincare items and pharmaceutical drugs, offering both aesthetic appeal and therapeutic value. Renowned for their efficacy in combating a range of skin concerns, from aging signs to sun protection, cosmeceuticals are being readily incorporated into the daily regimens of South Koreans. Their active ingredients, derived from both natural and synthetic sources, cater to a diverse set of skin needs, elevating their stature in the beauty market.
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South Korea, globally recognised as the mecca of skincare and beauty innovations, has been at the forefront of the cosmeceutical’s evolution. The escalating consumer emphasis on a holistic approach to skincare, encompassing not only surface-level treatment but also addressing the root causes, is a major propellant for the South Korea cosmeceuticals market growth. With discerning consumers constantly seeking products backed by scientific research, cosmeceuticals have carved a significant niche for themselves.
Furthermore, the undeniable influence of K-beauty, a term synonymous with South Korean beauty standards and trends, has bolstered the cosmeceuticals trend. The intrinsic South Korean focus on a radiant, youthful, and flawless complexion has underscored the importance of products that offer both immediate and long-term benefits. This dual approach, inherent to cosmeceuticals, has further augmented their demand.
On the industrial front, the sheer innovation characterising South Korea’s beauty landscape is influencing the South Korea cosmeceuticals market outlook. Cosmetics brands are incessantly collaborating with pharmaceutical companies, tapping into the latter’s expertise to create products that are both efficacious and appealing. This synthesis has paved the way for groundbreaking products that deliver tangible results, magnifying consumer trust and subsequently, demand.
In addition to the domestic fervour, South Korea’s cosmeceuticals are enjoying immense popularity overseas. With the global allure of K-beauty and its promise of scientifically-backed beauty solutions, international consumers are flocking towards South Korean cosmeceuticals. This global demand, in tandem with domestic consumption, is further amplifying the South Korea cosmeceuticals market demand.
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Market Segmentation
The market can be divided based on product, material type, and distribution channels.
Market Breakup by Product
- Skin Care
- Anti-Ageing
- Anti-Acne
- Sun Protection
- Moisturisers
- Others
- Hair Care
- Shampoos and Conditioners
- Hair Colours and Dyes
- Others
- Oral Care
- Others
Market Breakup by Material Type
- Supermarket/Hypermarkets
- Convenience Stores
- Speciality Stores
- Online
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the South Korea cosmeceuticals market. Some of the major players explored in the report by Expert Market Research are as follows:
- Amorepacific Corporation
- Able C&C Co., Ltd.
- Unilever plc
- Memebox Corporation
- L’Oréal S.A
- Beiersdorf AG
- LG H&H Co., Ltd.
- F&CO Co.,Ltd
- Estee Lauder Inc.
- TONYMOLY Co., Ltd.
- Others
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