Nina Jobst
Research expert covering South Korea
Skin care market in South Korea - statistics and facts
South Korea is known for having high beauty standards, which has led to the country's ever-evolving beauty market. The famous 10-step skincare routine is a good example of the willingness of South Koreans to spend money on multiple beauty products at the same time. Customers are constantly looking for new ways to improve their skin-care routine. Therefore, the market is continuously innovating and developing new products.
What is important in South Korean skin care?
Korea is one of the top 10 beauty markets in the world. Within the domestic beauty market, skin care is seen as the first step towards good appearances. This results in not just women but also men engaging in the beauty market. Knowing one's skin type is essential in using K-beauty products, but regardless of that South Korean consumers perceive hydrating as the most crucial function of skincare cosmetics. Anti-aging is a trend in the global market, and equally in South Korea. Some of the cosmetics products with the highest production value are skin care products that claim anti-aging properties.International popularity of K-beauty
As beauty influencers around the world praise K-beauty products, theexports of Korean skincare products have steadily increased during the last decade. The main export destinations of Korean skincare products were China, the United States, and Hong Kong. Aside from influencers, the Korean wave, Hallyu, contributed majorly to the growing interest in Korean contents. Especially K-pop and K-drama and the trends displayed there have a large impact on overall popularity, as well as singular products.Outlook on the Korean skin care market
As the overwhelming majority of South Koreans care deeply about their outward appearance, and skin care is considered to play major part in this, companies are expected to keep developing new products and small indie brands keep popping up. At the same time, the domestic market is quite saturated. The global market has just started to gain easier access however, and health and Beauty retailers, like Olive Young, are utilizing the popularity of K-beauty, to reach new international audiences.
