Mintel research reveals that South Korea is among the top 10 global beauty markets, estimated at just over $13 billion in 2017. Facial skin care accounts for more than half (51%) of the total market share with $6.5 billion in retail sales and a projected 5.8% CAGR over the next five years to reach $7.2 billion by 2020. Much of the success of the facial skin care category is in part due to the abundance of new product development and the fact that more than two thirds (68%) of total skincare product launches in South Korea 2015-2016 were facial skin care products, according to Mintel Global New Products Database (GNPD).
Following facial skin care, color cosmetics makes up the second largest beauty category in the South Korean market, valued at $2.3 billion in 2017. Mintel research indicates that the market is supported by an active and engaged consumer base with per capita spend on color cosmetics in South Korea at $45 in 2017, compared to $43 in the UK and $37 in the US, and more than double the global average per capita spend of $21. With a projected CAGR of 8.1% over the next five years, the market is estimated to reach $2.8 billion by 2020!
Jane Jang, senior beauty analyst at Mintel, commented: “The Korean beauty market remains buoyant thanks to fast-paced innovations and highly engaged consumers who don’t hesitate to adopt novel products delivering new beauty experiences. The success of the market has been heavily driven by the boom of facial skin care, but is also highlighted by the impressive per capita spend on color cosmetics which is more than double the global average.”