Press release
South Korea Cruelty Free Cosmetics Market Size To Grow At A CAGR Of 6.2% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
South Korea Cruelty Free Cosmetics Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 992.60 million
• Forecast CAGR (2023-2028): 6.2%
• Forecast Market Size (2028): USD 1436. 10 million
Increasing preference for vegan and animal cruelty-free products, due to the intensification of sentiments for animals, is propelling the demand for the cruelty free cosmetics market in South Korea. The global increase in emphasis on environment, health, and sustainability is playing a pivotal role in the market. The strong influence of cruelty free cosmetic brands among the population and increasing demand for sunscreens, masks, serums, and various types of skin and hair care products are further expanding the market opportunities.
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The increasing disposable income, fast-paced urbanisation, and increasing development of supermarkets/hypermarkets and departmental stores, is fuelling the South Korea cruelty free cosmetics market. The rising influence of western culture on young Koreans is further escalating the demand for cruelty free cosmetics.
High-quality vegan perfumes and fragrances are anticipated to witness a steady growth in the forecast period, owing to the increasing number of corporate workers and women working professionals. Further, innovations in packaging of clean-labelled cruelty free cosmetic products are attracting a greater number of customers, thereby, adding to the South Korea cruelty free cosmetics market growth.
South Korea Cruelty Free Cosmetics Industry Definition and Major Segments
Cruelty free cosmetics are defined as the type of cosmetics which have been developed in a process that did not include animal testing, while the products themselves may contain animal-based ingredients. Alternatives to animal testing such as computer modelling, and vitro lab tests are used to ensure safety and appearance of the products.
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Based on product type, the market is segmented into:
• Skincare
• Haircare
• Makeup and Colour Cosmetics
• Perfume and Fragrances
• Others
By price category, the market is bifurcated into:
• Premium
• Economic
On the basis of distribution channels, the market is divided into:
• Hypermarkets/ Supermarkets
• Departmental Stores
• Specialty Stores
• Online
• Others
South Korea Cruelty Free Cosmetics Market Trends
The key trends in the South Korea cruelty free cosmetics market include the growing research and development activities by major cosmetic manufacturing companies aimed towards improving product formulations, enhancing fragrances, and reducing toxicity. The favourable policies of the government aimed towards decreasing animal cruelty are crucial trends in the cruelty free cosmetics market of South Korea. The Korean National Assembly passed a bill under the regulation of which, testing cosmetic products on animal came to an end in the year 2018.
The increasing brand endorsements and celebrity influence is leading to enhanced promotion of cruelty free cosmetics on social media and audio/video platforms. Rising usage of social media platforms such as Instagram, TikTok, and Facebook, among others are expanding the scope of advertising. The thriving e-commerce sector is further escalating the accessibility of cruelty free cosmetics leading to a greater sale of the products.
Premium packaged cruelty free cosmetics with innovative packaging and attractive discounts are likely to witness a heightened sale in the forecast period. Moreover, the increasing purchasing power of the population is anticipated to fuel the South Korea cruelty free cosmetics market in the coming years.
Key Market Players
The major players in the South Korea cruelty free cosmetics market report are
Lab&Company Co., Ltd. (I'm From)
Dear, Klairs.
TONYMOLY Co., Ltd.
Krave Beauty, LLC
Peach and Lily, Inc.
Then I Met You, LLC.
ISNTREE Inc.
COSRX Inc.
HiNature Co., Ltd. (PURITO)
Sweet Chef
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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