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K-beauty Products Market Size Forecasted to Grow at 9.0% CAGR, Reaching USD 13.9 Billion By 2027
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Drivers, restraints, and opportunities
Growing popularity through digital marketing strategies, consumer inclination toward products inspired from unique ingredient formulas, increase in demand for natural and organic personal care and cosmetics, and innovation in skin care products through extensive research and development
drive the global K-beauty Products market. However, increase in veganism goods hinders the market growth. On the other hand, potential demand from US and South East Asian countries and male skin care regime products create new opportunities in the coming years.
Covid-19 Scenario
The manufacturers in the K-Beauty products industry have switched their focus on producing hand sanitizers, cleaning agents, and personal care products, to meet the increasing demand for them during the pandemic.
The outbreak of the pandemic led to increase in social media advertisement for using herbal skin care products to reach a large consumer base.
The prolonged lockdowns and curfews around the world have hugely impacted lifestyles, health & wellbeing, and affected the manufacturing units.
Nevertheless, as the regulations are getting eased off by the government bodies, the manufacturing industries are coming back on the track.
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The sheet segment to continue its lead position during the forecast period
Based on product type, the sheet mask segment accounted for the highest market share in 2019, holding more than one-fifths of the global K-beauty Products market, and will continue its lead position during the forecast period. This is attributed to its ease of application and convenience. However, the cleanser segment is expected to register the highest CAGR of 11.0% from 2021 to 2027. The fact that Korean cleansers are manufactured using naturally derived ingredients such as green tea leaves, olive oil, and essential oils which maintain the skin pH balance and hence are highly moisture retentive drive the growth of the segment.
The female segment to maintain its dominance in terms of revenue during the forecast period
Based on end user, the female segment contributed to the highest share in terms of revenue in 2019, accounting for more than two-thirds of the global K-beauty Products market, and is projected to maintain its dominance in terms of revenue during the forecast period. This is attributed to the trend of skin care and makeup product manufactured with ingredients capable to address their specific issues. However, the male segment is projected to portray the highest CAGR of 9.9% from 2021 to 2027. Men are increasingly becoming image-conscious and hence using cosmetic products, such as skincare products and makeup to increase their self-esteem. This in turn drives the growth of the segment.
Asia-Pacific, followed by North America, to maintain its leadership status by 2027
Based on region, Asia-Pacific, followed by North America, held the largest market share in 2019, contributing to more than two-thirds of the global K-beauty Products market, and will maintain its leadership status by 2027. Consumers in this region are more focused on products that cater to skincare regimes. In addition, consumers increasingly demand beauty products manufactured using natural and organic ingredients instead of synthetic. These factors drive the growth of the market in this province. However, Europe is expected to grow at the highest CAGR of 12.0% during the forecast period. Europe is regarded as the largest cosmetics market in the world in terms of value sales. Consumers in the region are highly inclined toward beauty products manufactured using organic and natural ingredients.
Market Key Players:
The major players in the global K-beauty products market analyzed in this report include ABLE C&C CO., Ltd., Adwin Korea Corp, Annie's Way International Co., Ltd., The Beauty Factory, Ltd., Bluehug, Inc., BNH Cosmetics, Ceragem Health and Beauty Co, Ltd., CK Beauty Enterprise Inc., LG Household & Health Care and AMOREPACIFIC CORPORATION.
Key Findings Of The Study
Based on product type, the sheet mask segment accounted for the highest K-beauty products market share in 2019, growing at a CAGR of 8.7% and cleanser segment growing fastest with a CAGR of 11.0% between 2021 and 2027.
Based on end user, the female segment accounted for about 69% of the market share in 2019. However, the male is expected to grow at a CAGR of 9.9% during the forecast period.
Based on distribution channel, the specialty/monobrand store segment accounted for about 57.4% of the market share in 2019. However, the online retail segment is expected to grow fastest at a CAGR of 11.2% during the forecast period.
Based on region, Asia-Pacific accounted for about 69.9% of the K-beauty products industry by share and is expected to grow at a CAGR of 8.1%.
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Philippines Beauty & Personal Care Market https://www.alliedmarketresearch.com/philippines-beauty-and-personal-care-market-A06128
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