Asia-Pacific K-beauty Products Market: Growth Prospects 2024-2032

Asia-Pacific K-beauty Products Market: Growth Prospects 2024-2032

As per Triton’s research report, the Asia-Pacific K-Beauty products market is estimated to progress in terms of revenue at a CAGR of 9.80% during the forecast period 2024-2032.

The origin and manufacturing of K-beauty products primarily occur in an Asian country, contributing to the region’s prominence, growing middle-class population, and awareness regarding skincare and makeup products. ‘in-cosmetics Asia’ is the leading personal care and cosmetic ingredient event in this region that brings together top product manufacturers witnessed 11,772 visitors in 2023. In this regard, the K-beauty products market’s success in the APAC region is driven by its focus on quality ingredients, innovative formulations, and effective marketing strategies, especially through social media and Korean celebrity endorsements.

The countries analyzed in this region include China, Japan, South Korea, India, Australia & New Zealand, ASEAN Countries, Rest of Asia-Pacific.

South Korea leads with a major market share, recording $837.38 million in 2023.

South Korea is the hub of K-beauty product manufacturing, which led the global companies to drive their interest in Korean cosmetics.

As per OEC World, in 2022, South Korea exported $8.17B in perfumery & cosmetics, which accounts for a significant portion of global exports in the beauty and personal care industry. In this regard, L’Oreal, the world’s largest cosmetics company, acquired the Korean cosmetics company named Style Nanda.

Additionally, the popularity of the country’s pop culture attracts consumer segments comprising Millennials and GenZ by maintaining a strong digital engagement.

K-Beauty Products Market Forecast for China & Japan

Skincare products dominate China’s cosmetics market, accounting for over 60 percent of sales wherein creams and moisturizers are particularly popular. In recent years, South Korean beauty products have gained immense popularity in China by leveraging affordable luxury pricing, alignment with natural beauty and skincare trends, effective marketing campaigns on Chinese social media, and strategic collaborations with influencers. Approximately 29% of Chinese consumers, particularly the younger population, prefer to buy luxury cosmetics products, especially through online platforms like Alibaba and Douyin, thereby leading to consistent growth in the K-beauty products market.

Similarly, Japan’s aging population has also benefited certain companies giving rise to natural and organic beauty products. The country’s tourism also contributes to the growth of the K-beauty products market, as foreign consumers eagerly spend on Japanese brands during their visits.

The K-Beauty products market is segmented by product type, distribution channel, and gender. Based on gender, it is further classified into male and female. The women’s K-beauty products market offers a wide range of skincare and makeup products. Emphasizing natural and organic ingredients, K-beauty skincare has become a preferred choice for female consumers due to its ability to address specific skin concerns.

The key companies in the market include Able C&C Co Ltd, Amore Pacific Corporation, Adwin Korea Corporation, Banila Co, Clio Cosmetics, BNH Cosmetics Co Ltd, COSRX Inc, Cala Products, LG H&H Co Ltd, and Peach & Lily.

Able C&C Co Ltd is a Korean cosmetic company that offers products under various brands, including, Cellapy, Mefactory, and Sengdo etc. Its main product categories comprise base makeup, point makeup, body care, hair care, skincare, masks, cleansing, and men’s cosmetics. The company sells its products through franchise stores, retail outlets, and online platforms, catering to both domestic and international markets such as America, Japan, and China. It is headquartered in Seoul, South Korea.

Latest from the Company:

The company extended its partnership with Japan’s Daiso, a discount chain, by launching an affordable makeup line named ‘Pure Candy’. The product range comes in 3 exclusive colors and includes a lip balm, blusher, and lip tint, all priced at just $2.19.