The global market size for K-beauty products is estimated to be US$ 10,875.7 million in 2024. In 2023, the market was valued at US$ 10,328.3 million. The market is projected to exhibit a CAGR of 5.90% over the forecast period and reach US$ 19,293.7 million by 2034.
The Korean entertainment industry has had a significant influence on the daily lifestyles of people all over the world. The personal care industry, which has experienced substantial growth post-pandemic, owes a substantial part of its success to the overall contribution of K-beauty products in the international marketplace. The demand for K-beauty products has skyrocketed in recent years due to their innovative formulations, unique ingredients, and holistic approach to skincare.
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The availability of multitude of products offered by market players is one of the significant factors driving growth in the K-beauty product market. From shampoos to face cleansers to electronic devices, the K-beauty product market has it all. Through effective marketing strategies, the products have reached every nook and corner of the world. This worldwide availability of K-beauty products has added billions of dollars to the overall market.
The emerging eCommerce sector in developing and underdeveloped economies has also boosted the K-beauty product market. Apart from this, the desire for flawless and porcelain skin, just like those of celebrities from K-pop, K-drama, and the Korean film industry, has also brought many women to the industry. However, due to short video platforms and social media influencers, K-beauty products are also being adopted by men around the world.
“There is a noticeable shift toward sustainable skin care products in the international market and K-beauty products have already adopted to these trends by sourcing, manufacturing, and packaging K-beauty products sustainably. This has made K-beauty products popular among eco-conscious consumers”, says an FMI analyst.
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Key Takeaways from the Market Study
- The female demographic dominates the global K-beauty product market with a 67.70% share in 2024.
- Haircare products in the market accounted for a share of 27.10% in 2024.
- The K-beauty product market in India is predicted to grow at a CAGR of 7.90% through 2034.
- The K-beauty product market in China is predicted to rise at a 6.00% CAGR through 2034.
- The K-beauty product market in the United States has the potential to increase at a 4.20% CAGR through 2034.
- The Australian K-beauty product market is predicted to rise by 6.80% CAGR through 2034.
- The K-beauty product market in Germany is predicted to grow at a CAGR of 5.40% through 2034.
Competitive Landscape
- Key players like Cosrx, Laneige, Etude House, and Innisfree have established a significant market presence in the K-beauty industry.
- These leading companies have successfully expanded their reach worldwide due to the global popularity of K-beauty.
- Newcomers in the K-beauty product market are encouraged to bring fresh ideas, formulations, and products.
- This cut-throat competition ultimately benefits consumers by offering many innovative beauty products.
Recent Developments
- Sulwhasoo sponsored New York’s Metropolitan Museum of Art in March 2023, initiating a year-long deal. Brand ambassadors Rosé, Yuh-Jung Youn, and Jia Song provided funding for museum programs and events.
- In 2023, Justera Health Ltd. acquired Triniti Trading Corp., an authorized distributor of TonyMoly in Canada, diversifying its portfolio and solidifying its market presence.
Market Segmentation
By Product Type:
- Skin Care
- Cleanser
- Moisturizer
- Serum
- Sunscreen
- Others
- Hair Care
- Shampoo
- Conditioner
- Serums
- Others
By End-User:
- Men
- Women
By Distribution Channe:
- Supermarkets and Hypermarkets
- Specialty stores
- Online
- Pharmacies
By Region:
- Europe
- Asia Pacific
- North America
- Latin America
- Middle East and Africa