South Korea Vegan Cosmetics Market Overview, 2028

South Korea Vegan Cosmetics Market Overview, 2028

The vegan cosmetics market in South Korea has been growing rapidly in recent years, driven by increasing awareness and demand for ethical and sustainable products. South Korea is known for its booming beauty industry and has become a hub for innovative and cutting-edge cosmetic products. The country's interest in vegan cosmetics is mainly fueled by the desire for natural and organic ingredients that are environmentally friendly, cruelty-free, and safe for consumers. South Korean consumers are becoming more aware of the harmful effects of chemicals and animal products in cosmetics and are turning towards vegan alternatives. Many South Korean celebrities, such as actresses Park Shin-hye and Han Ye-seul, have publicly endorsed vegan cosmetic brands, leading to increased awareness and demand for these products. South Korea has a robust certification process for vegan products known as the Vegan Certification System. This system ensures that products are free from animal-derived ingredients and have not been tested on animals.

According to the research report ""South Korea Vegan Cosmetics Market Overview, 2028,"" published by Bonafide Research, the South Korea Vegan Cosmetics market is projected to reach a market size of above USD 500 Million by 2028. Rising environmental awareness and changes in consumer demands have prompted the cosmetics industry to develop products from plant ingredients. South Korean cosmetics companies are known for their innovative product development and are constantly introducing new and unique products to the market. Many of these companies are now developing vegan cosmetics as a way to meet the changing demands of consumers. There is a growing awareness among South Korean consumers of the ethical issues surrounding animal testing and the use of animal-derived ingredients in cosmetics. Many consumers are seeking out vegan cosmetics as a way to avoid products that contribute to animal cruelty. Based on the product types, they include skin care, hair care, colour cosmetics, and others. In South Korea, vegan skin care products have the highest market share in the country. Sunscreen is an important part of any skincare routine, and there are now many vegan options available in South Korea. These sunscreens are made with natural and mineral-based ingredients and are formulated to provide broad-spectrum protection without leaving a white cast. Serums are a staple of Korean skincare routines, and many vegan serums are now available that are made with natural and plant-based ingredients. These serums are formulated to target specific skin concerns, such as brightening, anti-ageing, or hydration.

The South Korean government has taken several initiatives to support the development and growth of the vegan cosmetics market in the country. The South Korean government offers financial incentives to companies that develop and produce eco-friendly and vegan products. These incentives include tax credits and subsidies for research and development. The government is also promoting the use of eco-friendly packaging for cosmetic products. Companies that use eco-friendly packaging materials or implement refillable packaging systems can receive financial incentives. The South Korean government has established a Vegan Certification System, which is a third-party certification process that verifies that products are free from animal-derived ingredients and have not been tested on animals. This certification system is aimed at promoting the production and consumption of vegan products in South Korea. Also, the government has supported vegan education programmes in schools and universities. These programmes aim to educate young people about the benefits of veganism and encourage them to make ethical and sustainable choices in their daily lives.

Based on the pricing segment, which includes premium and economic, in the country, the premium price range covers the highest market shares. Vegan cosmetics often require more expensive and complex ingredients, such as natural plant extracts and essential oils, which can be more costly to produce than synthetic ingredients. The vegan cosmetics market in South Korea is still relatively niche, and many vegan products are only available from specialty retailers or online. This limited availability can drive up the price of these products due to the higher costs of distribution and marketing. Based on the end users, which include the personal and commercial segments, in the country, the personal segment is leading the market. Based on the gender segments, which include men, women, and children, in the country, the women's segment is leading the vegan cosmetic market in South Korea. In the future, the children's segment will grow at the highest CAGR rate. Parental awareness of the possible threats to children's health and safety linked to conventional cosmetic items is growing. These products may include dangerous chemicals and artificial substances. As a result, a lot of parents are looking for organic and vegan substitutes for their kids.
Distribution channels include specialty stores, hypermarkets, supermarkets, online, and others. In the country, specialty stores cover the largest market shares. Here are some of the top specialty stores: A-True, Whamisa, Innisfree, and Dear Dahlia. There are several local manufacturers that offer a wide range of vegan cosmetics, including Purito, Round Lab, and Hanyul.
 
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 Vegan Cosmetics market with its value and forecast along with its segments
• Country-wise Hair Care market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type

• Skin care
• Hair Care
• Color Cosmetics
• Others

By Gender

• Men
• Women
• Children

By End Users

• Commercial
• Personal

By Price Range

• Economic
• Premium

By Distribution Channel

• Specialist Retail Stores
• Supermarket/Hypermarket
• Online Channels
• Other Distribution

The approach of the report:

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

Intended audience

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