The South Korea cosmetics market reached a value of more than USD 15.71 billion in 2021 and is expected to reach USD 21.54 billion by 2027, growing at a CAGR of 5.4% between 2023 and 20281. One of the key trends driving this growth is the rising popularity of DIY (Do-It-Yourself) beauty care, which has been further driven by social networking sites such as Kakao Talk, Instagram, TikTok, and YouTube1. Social media influencers act as catalysts and encourage viewers to try different DIYs, which drives the cosmetics market growth1.
This trend has been especially prominent since the COVID-19 pandemic, with many people inclined towards DIY hair care, hair dye, nail and foot care, nail extensions and many others1. The prominence of this trend has also led to leading beauty product brands such as Kolmar Korea launching cosmetics for people of the Muslim culture to expand their reach in the United Arab Emirates1.
In addition to the rising popularity of DIY beauty care, there are several other key trends driving the growth of the Korean cosmetics industry. One such trend is the focus on sustainable, eco-friendly, and climate-conscious lifestyles1. This has led to the development of microbiome cosmetics that enhance skin immunity and have caught the attention of many large beauty and skincare brands1.
Another trend is the rapid growth of the beauty tech market that combines cosmetics and IT technology1. This has led to the development of innovative products such as cosmeceuticals, which are cosmetics that have or claim to have medicinal properties2. These products target key areas such as anti-aging, antioxidant, skin brightening, sun protection, and anti-pollution2.
Overall, the Korean cosmetics industry continues to innovate and grow, with a focus on sustainability, technology, and health driving its growth.
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