The global market for K-beauty products, valued at $10.2 billion in 2019, is expected to grow to $13.9 billion by 2027, achieving a compound annual growth rate (CAGR) of 9.0% from 2021 to 2027. K-beauty, which encompasses skincare and makeup products from South Korea, is renowned for its emphasis on achieving healthy, hydrated, and luminous skin. This approach favors a “glass skin” aesthetic over heavy foundation, with unique ingredients like snail slime and bee venom.
Among K-beauty offerings, the sheet mask segment is anticipated to dominate the market, addressing various skin concerns such as hydration and brightening. Their affordability and ease of use contribute to their popularity. The market is also driven by consumer interest in innovative ingredient formulations, such as pearl and propolis extracts, which enhance skin care.
The growth of per capita income in emerging economies, increased urbanization, and higher female workforce participation have fostered a preference for convenience-driven beauty products. Additionally, a shift towards natural and organic ingredients is reshaping consumer demands within the K-beauty sector.
The COVID-19 pandemic has influenced marketing strategies, prompting manufacturers to leverage social media for promoting herbal skincare. However, global lockdowns have disrupted production and sales, negatively impacting the market in 2020.
Key players in the K-beauty industry include ABLE C&C, LG Household & Health Care, and AMOREPACIFIC CORPORATION. Findings indicate that the sheet mask segment held the largest market share in 2019, with the cleanser segment growing rapidly. While women accounted for 69% of the market share, male consumers are expected to grow at a CAGR of 9.9%. Online retail is projected to expand the fastest, with a CAGR of 11.2% during the forecast period, while the Asia-Pacific region leads with 69.9% of market share.
This report provides insights for strategic planning, identifying potential partnerships, and enhancing business growth within the K-beauty market.
