According to a new report by Allied Market Research, the global K-beauty products market size was valued at USD 10.2 billion in 2019 and is projected to reach USD 13.9 billion by 2027, registering a CAGR of 9 percent from 2021 to 2027.
K-beauty Emphasizes on Skin Aesthetics
K-beauty products emphasize particularly on skin aesthetics, such as health, hydration, and luminous textured skin. Korean women have traditionally favored glowing ‘glass’ skin over layers of foundation and lengthy skin care regimes with focus on toning and clarifying. Korean beauty standards focus on the appearance of moisture on the skin, resulting in an augmented fondness for cremes over powders. Products in this segment are manufactured using unique ingredients, such as snail slime, bee venom, starfish extract, pig collagen, and morphing masks.
The sheet masks segment is anticipated to exhibit the highest market share during the K-beauty products market forecast period. They can address different skin conditions, such as tightening, moisturizing, soothing, brightening, and help sustain the skin’s beauty and health. Hence, owing to its convenience of use and affordability, the sheet masks acquire a large share in the K-beauty products market.
Demand for Natural & Organic Ingredients
The K-beauty products market trends are primarily driven by the consumers inclination toward products inspired with unique ingredient formulas. For instance, the use of pearls in skin brightening products and propolis from bees for nourishing, are two other unusual components found in K-beauty products.
Increase in urbanization, growth of middle class consumers, and surge in rate of female participation in labor force in many developing and developed markets has encouraged adoption of convenience-oriented lifestyles, making K-Beauty products more desirable. In addition, as consumers become more meticulous regarding their lifestyle choices, they are looking deeper than superficial solutions and choosing more traditional healthy approaches of beauty. Hence, the rise in demand for natural and organically derived ingredients in cosmetic and personal care products, has created new avenues in the K-beauty cosmeceutical market.
Moreover, due to the outbreak of the COVID-19 pandemic, manufacturers have increased social media advertisement of using herbal skin care products to reach a large consumer base. However, implementation of lockdown and curfew practices globally is affecting the domestic as well as international production of skin care products, which in turn, hampers the growth of the overall market. Thus, the outbreak of COVID-19 has negatively impacted the K-Beauty products market in 2020, as sales of companies have reduced and operations have been halted.
Source: Allied Market Research