Continuation of publications in the framework of the partnership between L'Observatoire des Cosmétiques and Business France (national public operator at the service of the internationalisation of the French economy), which focuses on cosmetic export. With the summary sheet of presentation of the market of cosmetic products and perfumes in South Korea.
A strategic market
Due to the great success of entry-level franchised stores at first, and a wave of medium-high franchises of secondly, the cosmetics market has undergone profound changes in recent years. Nevertheless, it remains an important and extremely competitive market, characterized by massive and diversified consumption. In addition, Korea's cultural influence, particularly in Asia, makes this market a privileged showcase in the region. - Sales valued at EUR 8.3 billion in 2014, an increase of 5.5% compared to 2013. - 3rd largest market in Asia after Japan and China. - 1st world market for men's cosmetics: EUR 773 million in 2014. - Skin care represents 45% of the market.
Local products competing with high-end imported products
Korean cosmetics imports are constantly increasing, with an average annual growth rate of nearly 11% since 2009. Despite a strong development of local production, imports still increased strongly by 9.9% in 2014. The image of French brands in this sector is very positive, thanks in particular to the quality of their products. They represent more than 50% of the market for luxury products distributed in department stores. However, local brands are not to be outdone since Amorepacific and LG Household & Healthcare alone …
