South Korea Skin Care Market Forecast 2022-2028

South Korea Skin Care Market Forecast 2022-2028

KEY FINDINGS

The South Korea skin care market is estimated to register a CAGR of 2.00% during the forecast period, 2022-2028. The regulatory framework, innovative technologies, and rising preference for vegan products propel market growth. However, market growth is restrained by mono-ethnic skin care culture hinders the market growth.

MARKET INSIGHTS

In South Korea, cosmetics fall under two categories, regular cosmetics and functional cosmetics. Functional cosmetics encompass tanning, sunscreen, anti-wrinkle, and whitening products, and now include cosmetics, hair nutrients, and colorants that protect damaged skin. The Ministry of Food and Drug Safety (MFDS) authorizes the Korea Pharmaceutical Traders Association (KPTA) to review and certify import permission requests by importers. Also, the MFDS lays down clear procedures, regulations, and guidelines for advertisement, labeling, brand holder, and manufacturers.

Furthermore, the increasing composition of active ingredients offers growth opportunities. Active ingredients are chemicals that actively target a particular skin concern, like fine lines, pigmentation, and acne. The most common active ingredients are hydroquinone, glycolic acid, avobenzone, salicylic acid, retinoids, zinc oxide, vitamin C, benzoyl peroxide, etc. Moreover, private label goods are becoming increasingly prevalent in South Korea. Such factors propel the South Korea skin care market growth.

COMPETITIVE INSIGHTS

Some of the key firms in the market are Elca Korea Co Ltd, COSRX Inc, Amorepacific, LG Household & Health Care Ltd, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments