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Early figures for 2021 place Korea’s beauty market around 10 trillion KRW (7.5 billion USD), up from 7.6 trillion KRW (5.7 billion USD) in 2020.
— Min Chun, daxue consulting’s Korea key account manager
SEOUL, SOUTH KOREA, August 26, 2022 /EINPresswire.com/ — Daxue consulting released a public research report on Korea’s beauty market, download the Korean beauty market trends report here: https://daxueconsulting.com/south-korea-beauty-market-report/
Download the South Korean beauty market trends report to learn:
– Whether Koreans are leaning more towards the 10-step routine or minimalism
– What ‘clean beauty’ means to Korean consumers
– How Korean beauty consumers view European and Japanese beauty brands
– How to tap into South Korea’s digital ecosystem
Important statistics about South Korea’s beauty industry:
– South Korea’s beauty market was measured at 10.11 trillion KRW in 2019, dropping to 7.6 trillion KRW in 2020 due to the pandemic, according to Food and Drug Statistical Yearbook of MFDS Korea.
– The most top-of-mind cosmetics brand in South Korea is Sulwhasoo with 92.8% recognizability rate
– 61% of 20-50 year old South Korean consumers use health supplements
– Online shopping penetration is very high, at 95% for those in their 20s, and 60% for those in their 50s
Key findings from the report include:
1. Despite the market decline impacted by the Covid-19, the K-beauty market is expected to grow in the next few years. Domestic brands like Olive Young have been adjusting to the shifting trends. Foreign brands are also suggested to do so to capture a piece of the market.
2. The popular 10-step skin care routine, which started in Korea and was brought worldwide via the Korea-wave, is challenged by the new movement of minimalism. This also leads to Korean beauty brands changing their formulas to be more natural and simplistic, such as using Bakuchiol instead of Retinol for a Vitamin A solution.
3. Consumption of clean beauty in Korea is also rising. In fact, despite in the global market, veganism being driven by F&B, in Korea 50% of vegan certified products are cosmetics, compared to 27% in food and beverage.
4. To communicate with consumers, social media like YouTube and Instagram, and Naver are preferred channels. More brands are using them to communicate and interact with their consumers who have grown more “digital”. Although the digital aspect is important, brands should also build their offline presence through interactive and memorable pop-up stores, non-conventional and fun products, and limited-edition launches.
5. Domestic brands maintain a steady hand over the market. LG Household & Health Care (LG생활건강) and Amorepacific (아모레퍼시픽) are chaebols (Korean conglomerates) that dominate Korea’s beauty industry, with the latter operating 4,000 counters in Korea.
6. In the mature market, brands are appealing to Korean consumers through emotional appeal. Some strategies brands employ include: pop-up and experiential stores, releasing products outside of their main industry (i.e. a beauty brand releasing a F&B product), showing narrative or values in marketing, and releasing limited edition and collectable products.
Find more of daxue consulting’s Korean market insights.