South Korea is now more than ever the centre of attention in the world of cosmetics. As its cosmetics exports last year jumped more than 50 percent to US$1.92 billion, giving the country its first annual surplus in the sector, research and consulting firm Kline sees Seoul as the new inspiration for the beauty world.
Vera Sandarova has just published this cosmetic market analysis on Korea on Kline’s blog.
With its 51 million consumers, South Korea belongs among the most sophisticated and fastest moving markets for beauty products worldwide. Most recently, South Korea is looked at by multinational beauty companies as an inspiration for trends that will come to the West. Whether it is Asia’s interest in Korean drama series stars, U.S. women’s appetite for Korean skin care regimens, or the raving beauty of K-Pop stars -the trends coming from this country are popular and undeniable. While inspiring the world, local brands within their country’s borders are biting off a slice of the market share from international brands.
In 2014, South Korean player Amore Pacific posts solid growth, surpassing L’Oréal and becoming the number one company in the salon hair care arena. Moreover, the strongest growth occurring within hair care products, such as shampoos and conditioners, reveals an increasing demand for hair treatment procedures in the South Korean salon market. In particular, scalp care posts double-digit growth at around 13% in 2014. Coloring remains in vogue while texturing has slowed down, and these trends are expected to continue in the near future.
Local brands and …
