South Korea is not only known for its K-Pop music and tech products. Personal and beauty care products, as well as various cosmetics, are also the leading goods manufactured in the country. It is considered one of the biggest beauty markets around the world.
The beauty and personal care have become a lucrative industry in South Korea. It offers various products for skincare, hair care, as well as color cosmetics. Their industry has also shown a steady growth for almost ten years now. South Korea continues to spark new beauty trends not only within Asia but also around the world. It has become a haven, especially for people who can’t seem to get enough of makeups and other related products. Their cosmetics and personal care industries gained credibility in beauty markets globally.
According to a Washington Post article, the Korean beauty market turned out to be a billion-dollar industry. A lot of cosmetics companies that originated in South Korea conquered the fast-growing beauty and personal care markets not just in Asia but also in the Western countries like the United States.
South Korean cosmetics companies achieved nearly 6 percent of the growth in just a year compared to their competitors in the US and the UK. According to Euromonitor, the skin care sales and other cosmetics products in the country reached the value of 6.2 billion dollars in 2014.
Due to the increasing demands, South Korea has been exporting a lot of beauty products which makes the cosmetics a lucrative business. The Korean Herald published an article that cited the from the Korea International Trade Association (KITA). The indicated data for cosmetics exports for South Korean-manufactured cosmetic merchandises were exported to China. The exports were more than triple and rank as second in the Chinese market.
The demand started from the rising pop culture popularity. Promotions and reviews from influencers helped with the popularity of Korean beauty products. There has been an increased interest among beauty consumers internationally. Consumers from around the world sought the beauty care imports that’s why a lot of global brands incorporate it into their product lineups.
Beauty influence from South Korea continues to gain favor with consumers in the United States. Not only do they present new product and brand opportunities, but they are also steering in a shift toward an approach to enhanced personal care.
For many Korean women, their skincare routine is something that they look forward to, may it be a daytime or nightly. They do not consider it a chore but a regimen. In Korea, the consumers are bombarded with a lot of personal and beauty care products meant for distinct purposes. Nowadays, the western consumers have become committed to their skin care treatment.