Korea Cosmetic Market Size Likely to Reach at a CAGR of 7.8% By 2033

As per the current market research conducted by CMI Team, the Korea Cosmetic Market size is expected to record a CAGR of 7.8% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 5,178.3 Million. By 2033, the valuation is anticipated to reach USD 10,218.1 Million.

Korea Cosmetic Market: Growth Factors and Dynamics

• Innovation and Technology: As the global beauty market changes, technology and originality get better K-beauty elements. This leads to high demand for R&D activities in companies to come up with things such as cushion foundations, sheet masks, and essences. This continuous search for better ways of improving beauty keeps consumers on the market for such ever developing solutions.

• K-Beauty Trend and Global Influence: K-beauty has been a huge factor in increasing the worth of Korean cosmetics. Consumers from all over the world are attracted to K-beauty products thanks to its pop culture, which comprises K-pop and K-dramas. As a result, there has been an increase in export as well as foreign business ventures.

• Focus on Skincare: The need to purchase elegant cosmetic products such as beauty lotions drives the market in Korea. In and outside Korea, the multi-step skincare regimen, which may take the form of as many as 10 steps, has gained roots. This has also resulted in the proliferation of skin-care solutions aimed at specific skin issues such as ageing, moisturization and skin brightening.

• E-commerce and Digital Marketing: The introduction of e-commerce and other digital channels also revolutionized the Korean cosmetic market. Beauty products tend to be advertised and sold via the internet, through social media and through the use of beauty bloggers. Customers easily come across reviews of products, learn how to use the products and where to get them, thus guiding their buying behaviour.

• Natural and Organic Products: In recent years, more and more consumers are focusing on low-cost, natural and organic cosmetic products in Korea. More and more users prefer beauty products with natural ingredients without any toxic chemicals and in eco friendly packaging. Their interest in purchasing and manufacturing clean beauty products has only grown.

• Youth and Beauty Culture: Korea s female youth and beauty orientation helps the cosmetic line in a great way. Society’s pressure on looking good and following a proper skincare routine from an early age registration and subsequent regular use. There are products meant for certain age groups or skin issues such as anti-aging, acne, etc which are in plenty for this population.

• Government Support and Trade Policies: There is a considerable political will on the part of the Korean government to grow the cosmetic business including legislative support, investment in R&D and export promotion. The Korean cosmetic industry can expand their business overseas with the help of these free trade agreements and international advertisement activities.

Korea Cosmetic Market: Partnership and Acquisitions

• In 2024, L’oréal Paris launches colorsonic, colorsonic is a first-of-its-kind at-home hair color device with over 29 patents.

• In 2021, Amorepacific introduced ‘Bathbot’, a personalized bath bomb service offering customers a selection of 14 types with various flavors and fragrances. This service enhances customer experience and engagement, available exclusively at Amore stores across multiple locations in Korea.

Report Scope

Korea Cosmetic Market: COVID-19 Analysis

The COVID-19 pandemic changed the beauty market of South Korea which is the leader in skincare and cosmetic businesses. Governments imposed various lockdowns and social isolation which caused people to rethink their shopping habits from going to the stores to buying through the internet, thereby increasing the level of e-commerce in the beauty industry.

Makeup use became less attractive for people since there were not as many social gatherings during which wearing makeup would be appropriate as well as face masks greatly reduced the need for makeup. During lockdowns people naturally focused more on themselves hence an upsurge of interest in skincare products while the sales of colour cosmetics suffered.

Also, they shifted their business strategies to hygiene products like hand sanitizers and many more introduced skincare ranges with healing and shielding claims. Online consumer engagement through the use of digital creatives and influencers as well as virtual fitting apps became the order of the day for brands. Gradually the pandemic helped unfold the world’s most advanced beauty tech, which is South Korean beauty such as custom makeup and AI recommendations.

List of the prominent players in the Korea Cosmetic Market:

• Amorepacific Corporation
• LG Household & Health Care Ltd.
• Innisfree Corporation
• Etude Corporation
• The Face Shop Co. Ltd.
• Missha (ABLE C&C Co. Ltd.)
• Nature Republic Co. Ltd.
• Tony Moly Co. Ltd.
• Sulwhasoo (Amorepacific Corporation)
• Jart+ (Have & Be Co. Ltd.)
• Banila Co. (F&F Co. Ltd.)
• Clio Cosmetics Co. Ltd.
• Holika Holika (ENPRANI Co. Ltd.)
• Peripera (CLIO Cosmetics Co. Ltd.)
• HERA (Amorepacific Corporation)
• Others

The Korea Cosmetic Market is segmented as follows:

By Product Type

• Skincare
  • Moisturizers
  • Cleansers
  • Toners
  • Essences
  • Ampoules/Serums
  • Masks
  • Others
• Makeup
  • Face Makeup
  • Eye Makeup
  • Lip Makeup
  • Blush and Contour
  • Others
• Bath and Shower
  • Shower Gels
  • Soaps
  • Others
• Hair Care
  • Shampoos and Conditioners
  • Treatments and Masks
  • Styling Products
  • Others
• Others

By Gender

• Male
• Female

By Price Range

• Premium Product
• Mass Products

By Distribution Channel

• Supermarket/Hypermarket
• Convenience Stores
• Pharmacies/Drug Stores
• Online Retail Channels
• Others