K-beauty Products Market Size To Reach $187.4 Billion By 2030

K-beauty Products Market Growth & Trends

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.

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K-beauty Products Market Report Highlights

• Asia Pacific regional segment dominated the K-beauty products industry in 2022. The presence of well-established and premium beauty product manufacturers is one of the key factors for its significant market share

• The haircare K-beauty product segment is estimated to grow with the highest CAGR over the forecast period. The growing demand for hair care solutions owing to hair fall and hair scalp problems across the globe contributes to the segmental growth

• The men segment as end-users is estimated to grow with the highest CAGR over the forecast period. The demand for K-beauty skin & haircare products among men is owing to a rise in consciousness of appearance among men

• The online distribution channel is forecast to register faster growth over the forecast period from 2023 to 2030. The growing preference for online shopping portals for purchasing beauty care products among the young population across the globe is the key factor that propels the market growth

K-beauty Products Market Segmentation

Grand View Research has segmented the globalK-beauty products market based on product, end-user, distribution channel, and region:

K-beauty Products Product Outlook (Revenue, USD Million, 2017 - 2030)

• Skin Care

  • Cleanser

  • Moisturizer

  • Serum

  • Sunscreen

  • Others

• Hair Care

  • Shampoo

  • Conditioner

  • Serums

  • Others

K-beauty Products End-user Outlook (Revenue, USD Million, 2017 - 2030)

• Men

• Women

K-beauty Products Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

• Supermarkets and Hypermarkets

• Specialty stores

• Online

• Pharmacies

K-beauty Products Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

• Asia Pacific

  • China

  • Japan

  • Singapore

  • Australia

• Central & South America

  • Brazil

• Middle East & Africa (MEA)

  • South Africa

  • UAE

List of Key Players in the K-beauty Products Market

• BANILLA CO

• AMOREPACIFIC

• The Crème Shop

• Clio

• CARVER KOREA CO. (Unilever)

• Able C&C

• The Face Shop, Inc.

• Nature Republic

• TolyMoly

• LG HOUSEHOLD & HEALTH CARE LTD.