The K-beauty products market size was valued at $10.2 billion in 2019 and is projected to reach $13.9 billion by 2027, growing at a CAGR of 9.0% from 2021 to 2027. Asia-Pacific is one of the prominent regions in the market that solely accounted for approximately 70% of the total K-beauty market share in 2019.
K-beauty products emphasize greatly on wellness and health. The products are manufactured using natural ingredients that are labeled clearly on their packaging. K-beauty focuses majorly on skincare while simultaneously ensuring that their products are cool and affordable. The Korean beauty brands are continuously expanding to embrace new innovations, especially in terms of their raw materials.
The global K-beauty products market is segmented into product type, end user, distribution channel, and region. The product type segment comprises sheet masks, cleansers, moisturizers, makeup and others.
The demand for K-beauty products is on the rise across the globe. They have become so popular that South Korea has now turned into one of the top industrial hubs for beauty products. The market players use the platform of social media as a great means for influencing consumers across the globe. There is a rise in the impact of beauty influencers such as skincare gurus and makeup artist due to increase in number of consumers using social media channels. These influencers illustrate step-by-step skincare regime and thereby endorse the various K-beauty products.
To invigorate Busan cosmetics, we plan to promote at Cosmoprof 2022 and start making relationships with industry buyers and possibly match them with related Busan companies.