K-beauty Products Market Is Anticipated To Witness Significant Growth Prospects With Rising CAGR By 2030Posted by Mrudula Anil Karmarkar on July 26th, 2023 San Francisco, 26 July 2023: The ReportK-beauty Products Market Size, Share & Trends Analysis Report By Product (Skin Care, Hair Care), By End-user, By Distribution Channel (Supermarkets & Hypermarkets, Online), By Region, And Segment Forecasts, 2023 - 2030 The global K-beauty products market size is expected to reach USD 187.4 billion by 2030, expanding at 9.3% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. K-beauty products have gained a reputation for delivering visible and effective results. The innovative formulations, quality ingredients, and emphasis on skin health often lead to improved skin texture, hydration, and overall appearance. This is expected to offer a higher potential for growth in this market over the forecast period. Skinimalism is a consumer trend characterized by the preference for a reduced number of skin care products and increased flexibility in their usage. Rather than following elaborate 10-step routines, individuals opt for multi-functional products, such as hybrid toners and moisturizers, or single moisturizers suitable for both day and night use. South Korean beauty products have successfully disseminated their values and practices to a broader audience by aligning Korean beauty with Western beauty expectations. The growth of Korean beauty in the Western market can be attributed to its resonance with the self-care and self-nurture aspects of beauty routines, particularly among younger Western consumers. Innovative ingredients have been driving the growth of the Korean beauty products industry, with a focus on natural and functional components. From 24k gold and bee venom to fermented extracts like galactomyces and rice water, these unique ingredients have captivated consumers with their promise of revitalizing and nourishing effects, solidifying Korea's reputation as a global leader in skincare innovation. Pilgrim, an Indian direct-to-consumer beauty and personal care brand, found that 40 percent of women expressed their interest in trying products containing 24K Gold as the primary ingredient. The data further revealed that rice water currently holds the leading position (47.5 percent) among skincare trends consumers are eager to try, while 24K Gold is rapidly gaining popularity with a 38.6 percent share in consumer preferences. The rise of veganism has had a significant impact on the Korean beauty market, prompting many market players to develop and promote vegan beauty products. Oneand, the parent company of the Korean vegan beauty brand Heimish, has revealed plans to strengthen its position in the U.S. market through an Amazon launch. Heimish offers a range of skincare products and cosmetics, including hydrogel eye patches, skin cleansers, hydrating toners, moisturizers, and all formulated without animal-derived ingredients. The brand prioritizes the use of plant-based components like matcha, algae, and moringa aiming to maintain the skin's natural pH balance. Furthermore, an increase in awareness of the benefits of ingredients used for numerous applications is favoring the growth of the market. Korean beauty (K-Beauty) focuses on the application of thin, lightweight layers of skincare products containing active ingredients. This approach aims to achieve a hydrated, radiant appearance while protecting against environmental factors, pollution, and harmful UV rays. UV protection is considered a fundamental requirement in K-Beauty skincare formulations. Moreover, K-Beauty brands prioritize the desire for fairer skin, as evidenced by their product offerings that aim to enhance clarity and radiance, often referred to as brightening. These brightening products do not contain bleaching agents but instead incorporate ingredients such as niacinamide and glutathione, which help even out skin tones and diminish sunspots. Request sample report of K-beauty Products Market@https://www.grandviewresearch.com/industry-analysis/k-beauty-products-market-report/request/rs1 K-beauty Products Market Report Highlights
Celebrity influencers offer benefits to marketers due to their global reach and often transcend cultural boundaries. The top strategy applied by cosmetics brands is selling their products to Korean celebrities. Storytelling using Korean celebrities as brand ambassadors & streaming advertisements and video tutorials all over the social media platform are some of the major strategies adopted by K-beauty brands. For instance, the lip layering bar of Laniege, a South Korean brand has emerged as a highly convenient tool for individuals seeking to effortlessly achieve the trendy gradient lip look with just a single application. Notably, renowned celebrities like Song Hye Kyo and Lee Sung Kyung have embraced and utilized this product, further enhancing its appeal and desirability among consumers. K-beauty Products Market Report Scope
List of Key Players in the K-beauty Products Market
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