Global K-Beauty Products Market Report and Forecast 2024-2032

Global K-Beauty Products Market Outlook

The global K-beauty products market size reached approximately USD 12.39 billion in 2023. The market is assessed to grow at a CAGR of 8.4% between 2024 and 2032 to attain a value of around USD 23.62 billion by 2032.

Key Trends in the Market

K-beauty, variously known as Korean beauty, is a phenomenon that is characterised by a focus on effective formulas and natural ingredients to improve skin health. Some of the leading ingredients used in K-beauty products are rice water, green tea, and ginseng, among others.

• South Korea has emerged as a significant soft power and the popularity of Korean culture across the world has boomed in recent years, buoyed by surging interest in Korean pop music (K-pop) and Korean soap operas (K-dramas). Hence, the flourishing Korean wave and increasing endorsements of skincare and cosmetics by renowned Korean celebrities are fuelling the K-beauty products market demand.

• The growing skin consciousness and increasing concerns regarding the negative impact on the skin due to rising pollution, especially among the young population, are boosting the usage of K-beauty products that are vegan, cruelty-free, and focus on nourishing and hydrating the skin. To capitalise on this trend, various companies in Western countries are also launching their range of Korean cosmetics and skincare products to target the growing millennials and Gen-Zs.

• Innovative digital marketing strategies adopted by key players are also aiding the K-beauty products market growth. In addition, colourful packaging as well as demonstrations and reviews on social media platforms like Facebook and Instagram are also attracting customers towards Korean skincare and cosmetics.

• Some prominent K-beauty products market trends include surging investments in R&D activities and innovations by key players. Manufacturers are increasingly attempting to incorporate natural and organic ingredients that can nourish and protect the skin while offering benefits like sun protection, brightening, and anti-ageing.

• In the forecast period, the rising trend of personalisation and customisation is likely to support the market development. Companies are actively deploying technologies like big data analysis and artificial intelligence to diagnose and analyse the skincare requirements of customers and provide personalised products to customers accordingly.

Besides, the K-beauty products market expansion is further propelled by the growing digitisation of the cosmetics sector, fuelling the usage of technologies such as AR (augmented reality) mirrors to help customers virtually test makeup.

Market Analysis

Based on product type, the market is segmented into skincare, makeup, and haircare, among others. On the basis of distribution channel, the K-beauty products market segmentation includes supermarkets and hypermarkets, speciality stores, and online stores, among others.

Based on end-use, the market is bifurcated into male and female. The major regional markets for K-beauty products include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global K-beauty products market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• LG H&H Co., Ltd.

• Amorepacific Us, Inc.

• Atomy Co., Ltd. 

• Able C&C Co., Ltd.

• It’s Hanbul Co., Ltd. 

• Clio Cosmetics Co., Ltd.

• Unilever Plc

• Ceragem Co., Ltd. 

• Cosmax Inc.

• Annie’s Way International Co., Ltd. 

• Others

Market Share by End-Use

As per the K-beauty products market analysis, women are the major users of Korean cosmetics and skincare products. Beauty products are widely used by women as a form of self-expression and to enhance their overall appearance. The inclination towards natural make-up and no-makeup looks among women is also boosting the demand for Korean skincare products that are made from harsh-free ingredients and create a natural and radiating look.

Meanwhile, the demand for beauty products among men is expected to significantly grow in the forecast period amid the growing trend of grooming. The increasing launches of unisexual cosmetics and skincare products, coupled with the rising awareness regarding the importance of skincare among men, are also likely to favour the market demand in the coming years.

Market Share by Region

The Asia Pacific accounts for a significant portion of the K-beauty products market share. In countries like Indonesia, Cambodia, the Philippines, and Singapore, among others, the popularity of K-beauty is rapidly increasing, supported by the high influence of the Korean wave. The growing association of Korean beauty as clean, organic, functional, and natural products is also aiding the market expansion.

Moreover, the surging availability of innovative K-beauty products on e-commerce platforms in countries like India is further aiding the market growth.

Competitive Landscape

Amorepacific Us, Inc. is a beauty and cosmetics company based in South Korea. It was founded in 1945, and since has expanded its presence in 5 countries across the globe. The company provides customers with health and beauty solutions through its 30 brands, including Innisfree, Sulwhasoo, Mamonde, and Laneige, among others.

Atomy Co., Ltd., established in 2009, is a marketing company with direct operations in 27 regions across the world. It uses consumer-oriented marketing strategies and offers high-quality products at reasonable prices. Headquartered in Chungcheongnam-do, South Korea, the company aims to enhance customer satisfaction through its innovative products.

Able C&C Co., Ltd. is a South Korean cosmetics and beauty company that creates brands and products that can meet evolving customer requirements. Some of its leading brands are The Style, MISSHA, BeautyNET, M, and A'PIEU, among others. Its products are sold through online retail platforms, franchise stores, and retail stores.

Other K-beauty products market players include LG H&H Co., Ltd., It’s Hanbul Co., Ltd., Clio Cosmetics Co., Ltd., Unilever Plc, Ceragem Co., Ltd., Cosmax Inc., and Annie’s Way International Co., Ltd., among others.

Key Highlights of the Report