Leading Companies in the South Korea Cosmetics Market

The South Korea cosmetics market reached a value of approximately USD 17.45 billion in 2023. The market is projected to grow at a CAGR of 5.4% between 2024 and 2032, reaching a value of around USD 28.02 billion by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by the rise in demand for sustainable and cruelty-free cosmetics.

South Korea is considered one of the top beauty markets across the globe, known for innovation, packaging, and natural ingredients. South Korea boasts a strong economy, ranking as the tenth largest globally and the fourth largest in Asia. It features an upper-middle-income per capita, which has supported the development of a high-spending middle class, consolidating its economic strength.

As beauty enthusiasts increasingly incline towards innovative products and multi-step skincare routines, the emphasis on attaining flawless and radiant skin has positioned the Korean skincare sector as a global trendsetter, thus supporting the South Korea cosmetics market growth.

The prevailing trends among Korean consumers predominantly centre on sustainable, eco-friendly, and climate-conscious lifestyles. Key ingredients such as hyaluronic acid, collagen, natural/organic substances, ceramides, probiotics, and peptides are currently gaining traction. Additionally, microbiome cosmetics, which boost skin immunity, have garnered significant interest from several prominent beauty and skincare brands.

South Korea has a strong penetration of smartphones and internet connectivity, supporting the South Korea cosmetics market expansion. South Korea is witnessing a rise in online purchases of cosmetics due to the convenience provided by it. According to the Korean National Statistical Office, in 2022, the cosmetics online shopping transactions was valued at USD 8.1 billion. Celebrity endorsements and promotions on social media platforms such as Instagram and TikTok are becoming more prevalent in South Korea. E-commerce channels are enhancing the accessibility of the products, and also the products with premium packaging coupled with discounts are witnessing a heightened demand. Furthermore, with the growth in purchasing power, the market for cruelty-free cosmetics in South Korea is anticipated to expand significantly.

New technologies such as AI are transforming the Korean beauty sector. Company’s such as AmorePacific has a new artificial intelligence (AI) laboratory with latest technologies, recommend the best lipstick colour for an individual. The improved personalisation of product purchases are further supporting the market growth.

Table: South Korea Cosmetic Production and Trade (2019-2021)

In July 2024, the South Korean government collaborated with the beauty sector to improve the small and medium-sized enterprises (SMEs) in the K-beauty sector. This collaboration aims to strengthen the country’s position in the global beauty market.

Top 5 Cosmetic Companies in South Korea:

Procter & Gamble Company

The Procter & Gamble Company is an American multinational consumer goods company. The company conducts its business in segments such as baby care, fabric care, feminine care, grooming, hair care, home care, oral care, personal health care, and skin and personal care. Through the skin and personal care segment, the company provides its products through brands such as Olay and Od Spice. The hair care brands of the company include Head and Shoulders, Pantene, and Herbal Essence.

LG Household and Health Co., Ltd.

LG Household and Health Co., Ltd. is a cosmetics, household goods and beverage company with product portfolio of the prestigious cosmetic brands such as OHUI (stem cell technology), WHOO (traditional Korean herbal medicine), Su:m (natural fermentation technology), and belif (medicinal herb).  Under the health segment, the company provides products for hair care, skincare, oral, laundry, cleaning, aromatics, baby and others.

ABLE C&C, Inc.

ABLE C&C, Inc is a Korean beauty brand based in Seoul. The brands of the company include MISSHA, A’pieu, CHOGONGJIN, stila, Cellapy, LAPOTHICELL, Mefactory, MERZY, HONESI, BODY HOLIC, and Sengdo. In 2022, the company launched an integrated online platform 'Able Shop. In 2022 June, the company launched the brand CHOGONGJIN. ABLE C&C is considered South Korea’s first brand shop.

Korendy Cosmetics Inc

Korendy is a South Korean beauty company providing the customers with globally recognized Korean brands, including Mixsoon, Moremo, Amuse, Medicube, Anua, Beauty of Joseon, Anua, Cosrx, Klairs, and I'm From. The company offers top-quality skin care and cosmetic products.

Amorepacific Corporation

Amorepacific Group is among Korea's leading beauty company, housing more than 30 beauty, personal care, and health care brands including Sulwhasoo, Laneige, Innisfree, AP Beauty, Hera, primera, IOPE, Mamonde, Hanyul, Espoir, Etude, Odyssey, Be Ready and Holitual. The product portfolio of the company includes perfume, medical beauty, beauty device, inner beauty, hair care, body care, dental care, and tea culture in addition to cosmetics.