South Korea Skin Care Market Overview, 2028

South Korea Skin Care Market Overview, 2028

The South Korea skin care market is one of most innovative markets. It is known for its advanced technology, unique ingredients, and cutting-edge products. The Korean beauty industry has gained a lot of popularity over the years, thanks to the growing interest in K-beauty and the Korean Wave. South Korea has a rich history of skin care and beauty rituals, and many Korean women follow a multi-step skin care routine that can involve up to 10 or more steps. This has led to a high demand for a wide range of skin care products, including cleansers, toners, essences, serums, moisturizers, masks, and sunscreens. The main drivers of the South Korea skin care market include the increasing popularity of K-beauty, the growing demand for natural and organic products, the rise of e-commerce, and the increasing focus on anti-aging products. Additionally, the South Korean government has been promoting the beauty industry as a key growth driver for the economy, which has led to increased investment and innovation in the market. Some of the challenges facing the South Korea skin care market include increasing competition from other countries and the need to constantly innovate to stay ahead of the competition. Additionally, there have been concerns about the safety and efficacy of some products, which has led to increased regulation and scrutiny from consumers and regulatory agencies.

According to the research report, ""South Korea Skin Care Market Overview, 2028"" published by Bonafide Research, The South Korea Skin Care market is projected to reach market size of higher than USD 13 Billion by 2028. South Korea is one of the fastest-changing beauty markets, introducing industry-leading innovations and globally setting trends. The current trend is the rise of do-it-yourself (DIY) beauty care. As a result, DIY hair coloring, nail care, and care in other K-beauty categories are fetching new customers within the country. Korean beauty start-ups have been able to break into the global market owing to the huge demand for K-beauty products. K-beauty product companies are investing more in packaging the product by making them more attractive and creative to highlight the attributes of the products. However, several companies are strategically acquiring K-Beauty start-ups and brands to stay on top of the current beauty market trends. Cleaner label products and claims, such as cruelty-free and eco-friendly, have been gaining more prominence in 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. 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 creates 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.

One of the key growth drivers of the South Korea skin care market is the growing inclination toward natural and vegan skin care products. Korean clean skincare products frequently advertise the phrase ‘Zero Water,’ which denotes a high concentration of undiluted natural components. Besides, in certain instances, ‘zero water’ in K-Beauty natural skincare products may be nearly equivalent to ‘natural.’ Additionally, in Korea, purchasing vegan is common, in contrast to many western countries where the concept of veganism is mostly applied to food.

The South Korea skin care market growth is hindered by declining Chinese consumer demands and changing distribution patterns brought on by sluggish domestic demand and heightened competition. The industry is shutting down branches as sales decline. Also, due to excessive packaging by several Korean brands, sustainability has become a significant problem in the skin care industry.

South Korea implemented the Recycling Act in December 2019, which is applicable and impacts all products available in South Korea. Under the Recycling Act, the usages of plastic materials that are difficult to recycle such as PVC and colored PET bottles have been banned. For the preservatives, UV-filters, and colorants, only the ingredients notified by the MFDS can be used. 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 companies owing to its high product margin, thereby making it further profitable for beauty companies.

South Korea skin care market segmented on face care, body care and lip care. South Korea is famous for its innovative and effective skincare products, and the face care segment is the most significant part of the South Korean skincare market. South Korean consumers are highly concerned with their skin's health and appearance and are willing to spend money on quality skincare products. The country's face care market includes a wide range of products, including cleansers, toners, essences, serums, moisturizers, sheet masks, and sunscreens. Facial serums are popular in South Korea's skincare market due to their ability to deliver potent active ingredients to the skin in a lightweight, easily absorbed formula. These serums often target specific skin concerns such as brightening, anti-aging, or hydration. Popular ingredients in Korean facial serums include hyaluronic acid, Vitamin C, and niacinamide. Some popular Korean brands for facial serums include Missha, Cosrx, and Innisfree.

In the South Korean skin care market, lip care is also a popular among other categories like lip gloss, lip balm, lip masl and lip scrub.. Many South Korean brands offer lip balms, lip masks, and lip tints to cater to the needs and preferences of consumers. The focus is not only on moisturizing the lips but also on adding color and providing long-lasting wear. Some popular South Korean lip care brands include Laneige, Innisfree, Etude House, and Tony Moly. Additionally, many of these brands offer innovative and unique ingredients in their lip care products, such as fruit extracts, honey, and shea butter.

In South Korea, body care products such as body lotions, body washes, and body scrubs are quite popular. Korean body care routines often involve exfoliating the skin to remove dead skin cells, followed by moisturizing to keep the skin hydrated and smooth. There is also a growing trend towards using body oils and serums for their nourishing and anti-aging benefits. South Korean brands are known for their innovative and high-quality formulations, using ingredients like rice bran, green tea, and shea butter. The use of body masks and patches to treat specific skin concerns like cellulite and stretch marks is also gaining popularity in the South Korean body care market. So that body lotion in dominating in the South Korea skin care market. Among the all body care products the body lotion is highly preferable in the market. In South Korea, body lotions are also popular as they help to keep the skin moisturized and prevent dryness. Many Korean body lotions are formulated with nourishing ingredients such as shea butter, jojoba oil, and ceramides, which help to soothe and hydrate the skin. Some popular Korean body lotions include The Face Shop, Mango Seed, Silk Moisturizing Lotion, Innisfree Jeju Camellia Body Lotion, and Nature Republic Aloe Vera Soothing Gel. South Korean body care products are known for their innovative and unique textures, such as light and watery lotions, fast-absorbing gels, and rich and creamy moisturizers.

In the end user segment female is dominating but the unisex also growing in the South Korea skin care market. The growth of the unisex market in South Korea's skincare industry can be attributed to several factors. There is a growing trend of gender-neutral skin care products worldwide, and South Korea is no exception. Many South Korean skincare products are formulated with ingredients that are effective for both men and women. Thirdly, the unisex market allows companies to expand their customer base and increase their revenue by targeting a wider audience.

In the distribution channel segment specialty stores is dominating the market channel among other like, hyper / supper market, convenience stores, online retails channel and many more. Some of the specialty stores which are famous in the South Korea skin care market are, Innisfree, Etude House, Nature Republic, The Face Shop, Missha, Tony Moly, Laneige, Mamonde, Holika, Skinfood.

Considered in this report
• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• South Korea Skin Care market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product type
• Face care
• Body care
• Lip care

By Face care products
• Face cream
• Face wash and cleanser
• Sun care (sunscreen SPF products)
• Facial Masks (sheet mask, leave in & wash off)
• Tonner
• Serums
• Shaving lotion & cream
• Others (Exfoliators, Eye creams, scrub, bleach)

By Body Care products
• Body Lotions
• Body wash
• Others (Body Oil, Body Powder)

By Lip Care products
• Lip Balms
• Lip Scrubs
• Lip Masks
• lip oil
• Others

By End User
• Female
• Male
• Unisex

By price range
• Mass
• Premium

By Distribution Channel
• Specialist retail shops
• Supermarkets / Hypermarkets
• Online retail channels
• Other distribution channel

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, government-generated reports, and databases. After gathering the data from secondary sources, primary research was conducted by making telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started doing primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations and organizations related to the Skin Care Market Industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.