The ‘South Korea Cosmeceuticals Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the South Korea cosmeceuticals market, assessing the market based on its segments like products, material types, and distribution channels.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
South Korea Cosmeceuticals Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): More Than USD 445.2 Million
• Forecast CAGR (2023-2028): 6.5%
• Forecast Market Size (2028): Nearly USD 637.4 Million
The term ‘cosmeceutical’ is a blend of two words, “cosmetics” and “pharmaceuticals”. The cosmetic sector utilises it to describe cosmetic products that offer medicinal advantages. Cosmeceutical products can be referred to as a drug, a cosmetic product, or both. Such products include bioactive components which are considered to have therapeutic advantages and are known to promote skin health.
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The rising consumer preference for organic and nutrient packed products in both the beauty and healthcare sectors in South Korea has contributed to the growth of the South Korea cosmeceuticals market. There is a rise in the demand for anti-ageing products to prevent wrinkles, patchy skin tone, age marks, and damaged hair. Due to this, cosmeceutical companies are introducing new products to capitalise on evolving consumer demands.
South Korea is anticipated to become a vastly aged society by 2025. Hence, with the rising number of elderly people, a sizeable percentage of the population is likely to pay for beauty and skin care products. Owing to this factor, manufacturers are focusing on developing skin care products that include anti-ageing properties.
The high focus on appearances in South Korean society, the increasing number of people undergoing plastic surgery, and the growing utilisation of skincare and cosmetics to conform to the beauty norms of the country are favouring the South Korea cosmeceuticals market.
South Korea Cosmeceuticals Industry Definition and Major Segments
The term cosmeceutical refers to a product that posits a combination of cosmetic and pharmaceutical properties. This term is gaining immense popularity in the field of natural and pure skincare products. Cosmeceutical products comprise antioxidants and anti-ageing composites such as vitamins C and A, peptides, and marine extracts, among others.
Cosmeceutical products typically include biologically active substances, which are known to have a medicinal impact on the skin. These substances are called “active” because they trigger changes in the skin, like improving skin tone and texture, lessening the impact of age on the skin, and reducing pigmentation.
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Based on products, the South Korea cosmeceuticals market can be segmented into:
• Skin Care
o Sun Protection
• Hair Care
o Shampoos and Conditioners
o Hair Colours and Dyes
• Oral Care
On the basis of material types, the market is bifurcated into:
• Multifunctional/ Synthetic
The major distribution channels in the market include:
• Convenience Stores
• Speciality Stores
South Korea Cosmeceuticals Market Trends
Several cosmeceutical preparations include extracts from plants like pine bark, pomegranate, grape seeds, green tea, resveratrol, and coffea arabica. These extracts deliver a broad variety of phenolic and polyphenolic antioxidants to decrease the development of metalloproteinases, restrict the growth of free radicals, and enhance collagen production.
Polyphenols offered by plant extracts provide photoprotection and shield the skin from wrinkling and other skin-related concerns due to UV exposure while reducing the risk of skin cancer. Several scientific analyses supporting the benefits of using plant extracts in cosmetics and personal care products to reduce pigmentation, lessen the redness of the skin, and lower fine lines and wrinkles due to ageing are favouring the South Korea cosmeceuticals market.
The rising disposable incomes, the increasing trend of Korean beauty or K-beauty, and the introduction of new and innovative cosmeceuticals by key players are supporting the progress of the South Korea cosmeceuticals market. Furthermore, with the rise in the cases of skin issues and the yearning to get impeccable skin, consumers are surging their spending on cosmeceutical products, hence augmenting the market.
The rising accessibility to superior quality cosmeceuticals at economical prices and the expanding use of natural products in cosmetics and personal care products are bolstering the South Korea cosmeceuticals market.
Key Market Players
The major players in the South Korea cosmeceuticals market are:
• Amorepacific Corporation
• Able C&C Co., Ltd.
• Unilever plc
• Memebox Corporation
• L’Oréal S.A
• Beiersdorf AG
• LG H&H Co., Ltd.
• F&CO Co.,Ltd
• Estee Lauder Inc.
• TONYMOLY Co., Ltd.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.