K-Beauty Products Global Market Report 2024

The k-beauty products market size has grown strongly in recent years. It will grow from $10.66 billion in 2023 to $11.56 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed in the historic period can be attributed to the increasing awareness of chemical-free beauty products, the introduction of innovative formulations and ingredients, and the emphasis on multi-step skincare routines within the K-beauty industry. Consumers' growing preference for natural and innovative solutions, along with the influence of the multi-step skincare approach, contributed to the expansion of the K-beauty market during this period.

The k-beauty products market size is expected to see strong growth in the next few years. It will grow to $15.17 billion in 2028 at a compound annual growth rate (CAGR) of 7%. The anticipated growth in the forecast period can be attributed to the increasing demand for organic skincare products, the popularity of products inspired by unique ingredient formulas, and the use of digital marketing strategies. Additionally, the rise in recognition through social media, beauty influencers, and celebrity endorsements is expected to contribute to the growth of the K-beauty market. Major trends in the forecast period include a growing interest in eco-friendly and sustainable beauty products, increased partnerships and collaborations within the industry, higher investments by companies, and ongoing product innovations.

The increasing demand for natural and organic skincare is anticipated to drive the growth of the K-beauty products market in the foreseeable future. Natural and organic skincare products are formulated with ingredients sourced directly from nature, including plants, minerals, and sometimes animal by-products. K-beauty products are known for their gentle formulations, often featuring natural and organic ingredients suitable for all skin types, including sensitive skin. Data from the Centre for the Promotion of Imports from Developing Countries, a Netherlands-based intergovernmental organization, reported in June 2023 that UK market sales of certified organic cosmetics increased by 15%, reaching £138.23 million (approximately US$150.13 million) in 2021. This surge in demand for natural and organic skincare is a key driver propelling the K-beauty products market.

Major players in the K-beauty products market are actively focusing on developing new hair care products, specifically anti-dandruff serums and shampoos, to enhance their profitability in the market. Hair care K-beauty products are specialized treatments originating from Korea, known for innovative ingredients and techniques promoting optimal scalp health and hair beauty. For example, in January 2024, THE SKINFACTORY Co. Ltd., a South Korea-based personal care product manufacturer, launched a K-Beauty Halal hair care line through its brand Kundal. This line incorporates an anti-sebum P + Hyalocta Complex for an immediate cooling effect on the scalp. The product range includes a hair cleanser, a hair softener, and a fluid hair serum, each addressing essential needs for Muslim users. The hair cleanser thoroughly purifies, eliminating dandruff, pollutants, and excess sebum. The hair softener provides a comprehensive treatment for both scalp and hair, ensuring smoothness and easy untangling without heaviness. The fluid hair serum imparts quick moisture and a lasting fragrance due to its unique blend of feather-light ingredients.

In October 2023, Amorepacific, a South Korea-based beauty company, completed the acquisition of Cosrx for USD 559.7 million. This acquisition is expected to positively impact Cosrx's product line and distribution strategy, leading to potential developments in product innovation, global expansion, marketing, and access to additional resources and expertise. Cosrx, a South Korea-based provider of K-beauty products, benefits from the acquisition by Amorepacific, enhancing its position in the dynamic market landscape. This strategic move reflects the commitment to advancing and strengthening the presence of K-beauty products globally.

Major companies operating in the k-beauty products market report are Unilever PLC, LG Household & Health Care, Korea Tobacco & Ginseng Corporation, Amorepacific Corporation, KOSÉ Corporation, COSMAX Group, Neogen Corporation, Kolmar Korea Co. Ltd., Cosmecca Korea Co. Ltd., Clio Cosmetics Co. Ltd., Able C&C Co. Ltd., Nature Republic, Han Bul Cosmetics Co. Ltd., Tonymoly Co.Ltd., KBL Cosmetics, COSRX Official, The Crème Shop, The Face Shop Inc., ADWIN Korea Corp., AMI COSMETIC Co. Ltd., BANILLA CO, JUNGSAEMMOOL BEAUTY, The Beauty Factory Ltd., ZENPIA Co. Ltd. - Secret Key, Annie's Way International Co. Ltd.

North America was the largest region in the k-beauty products market in 2023. The regions covered in the k-beauty products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the K-Beauty products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The K-Beauty products market consists of sales of skincare, hair care, and other beauty products that originate in South Korea. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

K-Beauty products refer to skincare and makeup items that originate from South Korea and are influenced by the Korean beauty philosophy. This beauty approach involves multi-step skincare routines and a holistic perspective that prioritizes long-term skin health, aiming for a radiant and youthful appearance. K-Beauty emphasizes not only the use of effective products but also the overall wellness of the skin through thoughtful and comprehensive skincare practices.

The primary product types of K-beauty products encompass skincare and hair care. Skincare refers to the diverse range of skincare items originating from South Korea, which has garnered global popularity. These products are made available through various distribution channels including supermarkets, hypermarkets, specialty stores, online platforms, and pharmacies. K-beauty products are utilized by a broad spectrum of end-users, including both men and women.

The K-beauty products market research report is one of a series of new reports that provides K-beauty products market statistics, including K-beauty products industry global market size, regional shares, competitors with a K-beauty products market share, detailed K-beauty products market segments, market trends, and opportunities, and any further data you may need to thrive in the k-beauty products industry. This K-beauty products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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