Future Market Insights' market study suggests a moderate growth factor (CAGR of 5.90%) for the K-beauty product market in the coming decade. This growth is driven by a combination of factors including the continued influence of Korean entertainment and the wide availability of K-beauty products globally, fueled by e-commerce.
NEWARK, Del., March 13, 2024 /PRNewswire/ -- The global market size for K-beauty products is estimated to be US$ 10,875.7 million in 2024. In 2023, the market was valued at US$ 10,328.3 million. The market is projected to exhibit a CAGR of 5.90% over the forecast period and reach US$ 19,293.7 million by 2034.
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The Korean entertainment industry has had a significant influence on the daily lifestyles of people all over the world. The personal care industry, which has experienced substantial growth post-pandemic, owes a substantial part of its success to the overall contribution of K-beauty products in the international marketplace. The demand for K-beauty products has skyrocketed in recent years due to their innovative formulations, unique ingredients, and holistic approach to skincare.
The availability of multitude of products offered by market players is one of the significant factors driving growth in the K-beauty product market. From shampoos to face cleansers to electronic devices, the K-beauty product market has it all. Through effective marketing strategies, the products have reached every nook and corner of the world. This worldwide availability of K-beauty products has added billions of dollars to the overall market.
The emerging eCommerce sector in developing and underdeveloped economies has also boosted the K-beauty product market. Apart from this, the desire for flawless and porcelain skin, just like those of celebrities from K-pop, K-drama, and the Korean film industry, has also brought many women to the industry. However, due to short video platforms and social media influencers, K-beauty products are also being adopted by men around the world.
"There is a noticeable shift toward sustainable skin care products in the international market and K-beauty products have already adopted to these trends by sourcing, manufacturing, and packaging K-beauty products sustainably. This has made K-beauty products popular among eco-conscious consumers", says Sneha Varghese (Senior Consultant, Consumer Products & Goods at Future Market Insight's Inc.).
Key Takeaways from the Market Study
- The female demographic dominates the global K-beauty product market with a 67.70% share in 2024.
- Haircare products in the market accounted for a share of 27.10% in 2024.
- The K-beauty product market in India is predicted to grow at a CAGR of 7.90% through 2034.
- The K-beauty product market in China is predicted to rise at a 6.00% CAGR through 2034.
- The K-beauty product market in the United States has the potential to increase at a 4.20% CAGR through 2034.
- The Australian K-beauty product market is predicted to rise by 6.80% CAGR through 2034.
- The K-beauty product market in Germany is predicted to grow at a CAGR of 5.40% through 2034.
Competitive Landscape
- Key players like Cosrx, Laneige, Etude House, and Innisfree have established a significant market presence in the K-beauty industry.
- These leading companies have successfully expanded their reach worldwide due to the global popularity of K-beauty.
- Newcomers in the K-beauty product market are encouraged to bring fresh ideas, formulations, and products.
- This cut-throat competition ultimately benefits consumers by offering many innovative beauty products.
Purchase now and gain full access to the K-Beauty Product Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
Recent Developments
- Sulwhasoo sponsored New York's Metropolitan Museum of Art in March 2023, initiating a year-long deal. Brand ambassadors Rosé, Yuh-Jung Youn, and Jia Song provided funding for museum programs and events.
- In 2023, Justera Health Ltd. acquired Triniti Trading Corp., an authorized distributor of TonyMoly in Canada, diversifying its portfolio and solidifying its market presence.
About the Author:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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