K-Beauty Market Research

• Global Market: The global beauty market size is approximately 571.1 billion dollars, and Korea is ranked as the world's third largest beauty exporter.

 

• Korean Market: The Korean beauty market is expected to be approximately 12.6 billion dollars as of 2023, and is expected to grow at an average annual rate of 2.6% between 2023 and 2027.

 

• Clean Beauty: The global clean beauty market is growing to 15.3 billion dollars, and Korea's clean beauty products are gaining trust in the global market based on natural ingredients.

 

 1. Eco-friendly and vegan beauty:

o    o Vegan certified products and sustainable practices are becoming major trends.

o    o The vegan beauty market is worth about $24.8 billion and has great growth potential.

 

2. Hair care:

o The K-hair care market is growing at an average of 21% annually, led by customized solutions and professional home care products.

 

3. Tech beauty:

o Lazy beauty devices and high-tech products are emerging as convenient solutions for busy consumers.

 

Global Influence

• The major export destinations for Korean cosmetics are China, the United States, and Japan, and the proportion of exports to countries other than China has been increasing recently.

 

• In the Asia Pacific region, K-beauty continues to gain popularity based on its effectiveness and innovation, and is showing particularly high growth in Japan and India.

 

Execution Strategy

• Develop sustainable skincare products targeting environmentally sensitive consumers.

• Target busy consumers by launching convenient products incorporating cutting-edge technology.