We summarized the news concerning domestic and international beauty and health from the last week.
With the government lifting the obligation to wear masks outdoors, the color cosmetics market is getting animated.
According to retailers, sales of color cosmetics, which have been on a gradual rise since May this year, are now experiencing a rapid rise since September. Regarding color cosmetics, the news of the increase in the number of color cosmetics incorporating vegan concepts is drawing attention.
The vegan trend is affecting the health functional food market as well as cosmetics.
This may be relevant to the increase in the domestic vegetarian population, which was only 150,000 in 2008 but expanded to 1.5 million in 2018 and is now estimated to have increased to 2.5 million last year.
The vegan market is expected to expand further in the future since Korea's leading food companies and cosmetics companies are actively joining to prepare for this demand.
Amid the acceleration of Olive Young's dominance system, which has dominated the offline distribution of cosmetics by defeating prominent competitors such as GS and Lotte, sales have exceeded KRW 1 trillion in the first half of this year.
Analysts say that the decision to postpone the listing plan as the IPO market recently froze is a result of confidence coming from their impressive growth.
AmorePacific and LG Household & Health Care, which have been unable to escape from the swamp of stagnation due to the sluggish Chinese market, have also been acknowledged.
AmorePacific has shown its willingness to grow its pet business as a future growth engine, and LG Household & Health Care is looking for a new M&A target that can create synergy with existing businesses with cash and cashable assets worth 523 billion won.
The growth of the inner beauty market, so-called "eating cosmetics" among health functional foods, is also gaining attention.
The market, which was 500 billion won in 2019, has grown to 1 trillion won this year and is expected to grow into a 2 trillion won market by 2025.
The news of the success of another idea product has also been reported.
Partial mask packs, which were mainly popular among golfers, are showing a noticeable increase as they become well-received by outdoor sports such as hiking, tennis, and bicycles.
This can be seen as a case of creating new demand by changing the purpose and target of existing products.
Last week, we told you that functional foods with new features added to regular foods are pouring out.
We believe a good idea can come out if one looks at the two cases above carefully and analyzes them.
What we feel about each news briefing is that markets and customers are changing more rapidly compared to the past.
Among these market changes and trends, The K-Beauty Science selects and delivers to readers what the industry must know.
We are preparing seminars and conferences in which experts from related fields participate as speakers in order to deliver more detailed and specific information through magazines.
In October, we have prepared the following four seminars to diagnose new changes and trends, so we ask for your interest and participation.
(Contact: 031-689-3070) (For more information on the seminar, visit The K-Beauty Science website at www.thekbs.co.kr)
1. Inner Beauty Pivoting Seminar
- Date and place: October 6th (Thu) from 1:00 p.m. to 5:00 p.m. Seoul Hongdae Station Small Theater Under the Cloud
- Presentation: Euromonitor Team Head Mun Kyung-sun / Nutri Managing Director Jeong Hee-cheol / Age@lips Lee Representative Jeong-seok / Kolmar Korea Researcher Son Hee-seung / Korean Intellectual Property Office Shin Gwi-im / Food and Drug Administration Researcher Yoon Tae-hyung / Sejong University Professor Lim Tae-gyu
2. Beauty Insight Trend Concert
- Date and place: October 19th (Wed) from 1:00 p.m. to 5:00 p.m. Auditorium on the 31st floor of Lotte World Tower in Jamsil, Seoul
- Presentation: Kim So-hee CEO of Trend Lab Kim So-hee / Vice President of L'Oreal Korea Yoon Yeo-ran / Ideaware Researcher Lee Si-na / CEO of Leperry Choi In-seok / CEO of Idomi Company Kim Jong-un / Director of CLIO Lee Ji-won / Editor of WGSN Ann Sharon
3. Seminar on trends in the post-COVID-19 era, cosmetics industry trends, and R&D trends (co-hosted by Seoul Metropolitan Government and the Korea Health Industry Promotion Agency)
- Date and place: October 20th (Thu) from 2 p.m. to 5 p.m. Conference Hall A, Seoul Biohub Industrial Support Building, Hongneung, Seoul
- Presentation: J2K Bio Director Bae Jun-tae / ActiveOn Deputy Director Kim Na-hyun, Researcher Kim Dae-geon / Cosmax Researcher Jung Ji-hee / Hong-ul CEO Onew/ GFC Director Seo Won-sang / UL Korea Deputy Director Choi Jeong-soon
4. 2023 Cosmetics Inspection: 2023 Beauty Industry Trend - Changing Paradigm (co-hosted by Daebong LS)
- Date and place: October 27th (Thu) from 1:00 p.m. to 5:00 p.m. 3rd floor of Textile Center Building, Teheran-ro, Gangnam-gu, Seoul
- Presentation: Professor Choi Hoon of Psychology Department at Hallym University / CJ OnStyle Representative Oh Seok-min / Team Leader Woo Chang-sung of Wadiz / Director Ham Kyung-man of Daebong LS / P&K & VAIV / CEO of Onirica Cosmetics Marco Nannini
※For more information on this article, please contact The K Beauty Science. We offer it for free of charge, and only for those who request it. Contact: office@thekbs.co.kr