27, June 2024
K-beauty products have witnessed remarkable growth over the past decade, captivating a global audience with their attractive packaging and effective results. As per news reports, South Korea’s exports of cosmetic products gained up to $2.3 billion in Q1 of 2024, and China marks the largest export destination, followed by the US and Japan. Upon analyzing these growth trends, Triton Market Research predicts that the Global K-Beauty Products Market is likely to grow with a CAGR of 9.86% in the forecast period 2024-2032.
On average, American households spent over $1,384 on cosmetics, including personal care products. With cosmetics imports worth $12 billion, there is a growing consumer interest and acceptance of Korean makeup products due to their growing popularity and quality. Accordingly, the North America K-Beauty Products Market is expected to witness the fastest growth at a CAGR of 10.17% during the forecast period 2024-2032.
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Sustainability and natural ingredients have become significant aspects of the beauty and personal care industry as people get more conscious about the environmental impact of these products. Hence, they prefer brands that adopt eco-friendly practices.
Here are the top three ways in which Korean beauty brands adopt sustainable practices:
Brands are reducing plastic usage and opting for recyclable or biodegradable packaging materials. For instance, Aromatica uses recycled glass and post-consumer recycled plastic. It eliminated pump applicators in favor of more easily recyclable PP flip caps.
In 2022, the brand also launched the ‘Returns and Refills’ campaign, engaging consumers with a subscription-based service for refilling cosmetic products. It collaborated with 31 Zero Waste Shops across the nation to encourage consumers to embrace this refilling culture.
There is a growing emphasis on ‘clean beauty’ with formulations free from sulfates, mineral oil, artificial fragrances, and parabens. However, the term goes beyond removing harmful chemicals to create 100% ethical products.
In this regard, South Korea enacted a law prohibiting animal testing for skincare products to ensure they are cruelty-free. This law mandates that cosmetics manufacturers refrain from - using ingredients tested on animals, conducting animal testing on their products, and distributing products that have undergone animal testing.
However, in October 2023, the Ministry of Food and Drug Safety (MFDS) introduced alternative animal testing methods for cosmetics using Reconstructed Human Cornea-like Epithelium (RhCE). This eye irritation test method aims to help companies develop safer cosmetic products without using animal testing.
Brands are incorporating more plant-based ingredients, such as green tea, ginseng, and Centella Asiatica, known for their skin benefits. For example, Mixsoon’s motto, ‘Healthy skin starts with good ingredients,’ reflects their commitment to using natural, gentle ingredients in their products. The brand cultivates and extracts Centella Asiatica on its own farm on Jeju Island, eliminating the need for imported ingredients and preservatives.
Another brand named Sioris uses seasonally fresh, organic ingredients sourced directly from local farms, assuring the utmost fresh and effective natural components in their skincare products. Thus, cosmetic manufacturers are not just focusing on the best K-beauty products but are also pioneering efforts to reduce environmental impact, aligning with global sustainability goals.
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The demand for halal-certified beauty products is rising, particularly in countries with an Islamic consumer base. The Korea Muslim Federation (KMF) provides this certification to ensure that products are free from alcohol and animal-derived ingredients and are manufactured following Islamic guidelines.
An accredited halal certification body inspects and approves the entire manufacturing process. Several K-beauty brands obtain this certification to broaden their business presence and foster an inclusive consumer base. Thus, compliance with halal standards develops trust among these consumers, encouraging loyalty and repeat purchases.
Innovative marketing approaches by Korean beauty brands have transformed the demand for K-Beauty products. Influencer marketing with popular K-pop idols and K-drama stars also helps in promoting products and reaching fans of Korean entertainment.
K-beauty brands are also leveraging the power of social media and collaborating with beauty bloggers to create authentic content and reach a wider audience. Compared to high-end brands like L’Oréal, many Korean cosmetic companies offer competitive pricing without compromising on quality.
From fashion to dietary choices, people now prefer healthier options for themselves as well as for the planet. Thus, the rising popularity of vegan lifestyles in the West has led to a vegan skincare trend among beauty brands. In fact, Melixir emerged as the first fully vegan skincare brand in Korea. One of their products, ‘Vegan Lip Butter’, which is manufactured without petroleum under vegan principles, took brand awareness beyond the nation.
Thus, by eliminating animal-based ingredients, Korean vegan skincare products utilize plant-based components that are rich in antioxidants, vitamins, and minerals, offering natural nourishment and revitalization for the skin. As buyers become aware of ethical consumption, K-beauty brands explore new methods to cater to the evolving demands in the beauty industry.
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Some manufacturers use cheap, harmful ingredients that can cause allergic reactions or skin damage. Thus, in order to ensure safety, it is advisable to purchase Korean skincare products from reputable sellers.
Q.2) What are the benefits of K-Beauty skincare?K-Beauty aims for long-term skin health and deep hydration with the help of natural ingredients.
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