South Korea Cosmeceuticals Market Growth and Size, Rising Trends, Revenue, Demand, Key Players, Challenges, Future Opportunities and Forecast Analysis till 2033: SPER Market Research
“Cosmeceuticals” are a class of skincare products that mix medicinal and cosmetic qualities. These cosmetics are designed to improve skin tone and also have health benefits. They are designed to treat particular skin issues including acne, aging, and hyperpigmentation and frequently contain active ingredients like growth factors, peptides, and antioxidants. Unlike conventional cosmetics, which are mostly concentrated on appearance, cosmeceuticals, which are typically supported by scientific research, aim to improve skin health at a lower level.
According to SPER market research, ‘South Korea Cosmeceuticals Market Size- By Product Type, By Category, By Distribution Channel – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the South Korea Cosmeceuticals Market is predicted to reach USD 27.89 Billion by 2033 with a CAGR of 5.45%.
Drivers:
South Koreans follow all of the trends set by their K-pop idols and are captivated to them. Sales in the area are increasing as a result of 2022 K-pop fads including glitter under the eyes, gradient lips, puppy eyes, and many more. As a result, people are drawn to wearing this style of makeup. These are the forces that propel the market. Furthermore, cosmetics and personal care companies collaborate with K-pop musicians and celebrities. This is increasing the demand for products even further.
Bringing in cutting-edge technologies and setting global standards for beauty, South Korea is one of the beauty markets evolving the quickest. Do-it-yourself (DIY) beauty care is getting more and more popular.
Challenges:
One major problem is the fierce rivalry, which makes it hard for new players to gain momentum with both domestic and foreign businesses. Regulatory hurdles might complicate the product licensing procedure because the market is subject to stringent restrictions pertaining to ingredients and claims. Another problem that could arise is consumer mistrust as when a market gets saturated, it gets harder to tell which items are truly helpful and which are just making grandiose claims. Moreover, companies are under constant pressure to innovate since customer preferences are changing so quickly that it is taxing their resources.
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The South Korean cosmeceuticals market was significantly impacted by the COVID-19 pandemic. Shops saw a drop in foot traffic and sales as a result of lockdowns and shoppers prioritizing necessities before cosmetics at first. But as times changed, the popularity of internet purchasing increased, and cosmeceuticals started to move to e-commerce websites. Businesses changed in order to draw customers: they launched online advertising campaigns and increased their internet visibility.
Additionally, some of the market key players are; L’Oréal S.A., Nature Republic, PFD Co. Ltd, SON&PARK, The Face Shop (LG Household & Health Care), Samsung Electronics, Unilever Plc.
South Korea Cosmeceuticals Market Segmentation:
By Product Type: Based on the Product Type, South Korea Cosmeceuticals Market is segmented as; Personal Care Products, Cosmetics/Make-up Products.
By Category: Based on the Category, South Korea Cosmeceuticals Market is segmented as; Premium Products, Mass Products.
By Distribution Channel: Based on the Distribution Channel, South Korea Cosmeceuticals Market is segmented as; Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores, Pharmacies/Drug Stores, Online Retail Channels, Others.
By Region: This research also includes data for Eastern, Western, Southern and Northern Region.
For More Information, refer to below link: –
South Korea Cosmetics Market Forecast
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