The K-beauty product market is estimated to be valued at USD 10,875.7 million in 2024 and is expected to rise to USD 19,293.7 million by 2034. The global K-beauty product market is expected to grow at a CAGR of 5.90% over the forecast period.
Key Market Drivers
| Attributes | Key Statistics |
|---|---|
| K-Beauty Product Market Value (2024) | USD 10,875.7 million |
| Anticipated Market Value (2034) | USD 19,293.7 million |
| Value-based CAGR (2024 to 2034) | 5.90% |
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The K-beauty product market was valued at USD 8,660.9 million in 2019. In the span of four years, the market grew at a CAGR of 4.50%. The K-beauty product market heavily relies on the changing global beauty standard trends. The influence of K-pop, K-dramas, and the Korean film industry also significantly impacts the overall sales of K-beauty products.
In the last few years, brands manufacturing K-beauty products have strategically marketed their offerings through social media and short video platforms. The market for K-beauty products has seen a series of ups and downs. During the pandemic, the market initially experienced a significant setback as the world faced sudden shutdowns. This was primarily due to the disrupted supply chains and people’s refrainment toward non-essential commodities. However, with time, the market soon picked up pace as the world became accustomed to the new normal.
As people started spending more time in their homes, there was an increasing focus on personal care, especially appearance. The growing eCommerce sector in emerging economies further amplified the penetration of international brands in underdeveloped and developing nations. As the number of people following K-drama and K-pop continues to grow, the market for K-beauty products is very likely to foresee considerable market expansion.
| Attributes | Key Statistics |
|---|---|
| Historical Market Value (2019) | USD 8,660.9 million |
| K-beauty Product Market Value (2023) | USD 10,328.3 million |
| HCAGR (2019 to 2023) | 4.50% |
The K-beauty product market is anticipated to surpass a global valuation of USD 19,293.7 million by the year 2034, with a growth rate of 5.90%. While the market is expected to experience substantial growth, several restraining factors could adversely affect its development:
| Attributes | Details |
|---|---|
| Top Product Type | Haircare |
| Market share in 2024 | 27.10% |
Post-pandemic, there has been much emphasis on personal care in the general population worldwide. In the haircare sector, K-beauty products have gained considerable prominence. One key factor contributing to their widespread popularity is the incorporation of innovative formulations. K-beauty haircare products offer a harmonious blend of traditional wisdom and modern science, from ginseng to argan oil.
On the basis of product, the K-beauty product market is dominated by haircare products, holding a share of 27.10%. Besides this, the rising popularity of K-beauty haircare can be attributed to the global fascination with Korean beauty standards depicted in K-pop, K-dramas, and the flawless looks of Korean celebrities. These factors have collectively led to the adoption of K-beauty shampoos, conditioners, hair oils, hair creams, gels, etc., all over the world.
| Attributes | Details |
|---|---|
| Top End User | Female |
| Market share in 2024 | 67.70% |
Effective marketing strategies and the influence of K-pop and Korean celebrities have successfully resulted in a widespread acceptance of K-beauty products, especially in the female population all over the world. This appreciable demand is also attributed to the general admiration for the flawless and youthful looks associated with Korean beauty. Korean beauty products have also made it to the make-up kits of almost every woman in the world due to their affordable prices and easy availability.
On the basis of end-users, the female demographic dominates the K-beauty product market with a substantial share of 67.70%. Natural and clean-labeled products are also gaining attention among females, contributing to market growth. The ongoing trend of organic and untreated products is one of the main factors for its popularity among women.
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The section provides an analysis of the K-beauty product market by country, including China, India, the United States, Germany, and Australia. The table presents the CAGR for each country, indicating the expected growth of the market in that country through 2034.
| Countries | CAGR (2024 to 2034) |
|---|---|
| India | 7.90% |
| Australia | 6.80% |
| China | 6.00% |
| Germany | 5.40% |
| United States | 4.20% |
India is the leading country in the market for K-beauty products. The market is anticipated to expand at a CAGR of 7.90% from 2024 to 2034.
The growing middle-class population and rising disposable incomes are among the primary reasons for India's significant growth of K-beauty products. Consumers can afford premium and effective cosmetic products as per capita income surges. The easy availability of these products on eCommerce platforms and in supermarkets is also considered the main reason for the market’s growth in India.
The Australian market for K-beauty products is expected to exhibit a CAGR of 6.80% over the forecast period.
Australia is blessed with a multicultural society, which has led to an appreciation for diverse beauty standards, including those influenced by K-beauty. Due to the country’s geographical location, individuals in Australia seek effective solutions for protection against the sun’s harmful UV rays. This opens doors for Korean sunscreen products in the domestic market of Australia.
China is another country in the Asian continent with a promising future. The market in China is estimated to grow at a CAGR of 6.00% during the forecast period.
China is home to one of the largest populations in the world. The demand for K-beauty products in the market in China is attributed to their proximity to the Korean countries. The pandemic has also forced people to focus on themselves. This has further fueled the need for cosmetics in nearly all countries, including China. The sheer size of the Chinese population alone makes it one of the emerging markets in this industry.
In the European region, Germany has retained its dominance in the K-beauty product market. The anticipated CAGR for the market in Germany is 5.40% over the forecast period.
A significant part of the German population is dealing with issues related to aging. K-beauty products have created a considerable reputation in the German marketplace as an effective solution for age-related skin abnormalities. Apart from this, the sustainability of beauty products has also been dominating the skin care industry. K-beauty products are generally manufactured with this factor in mind, making them a perfect choice for eco-conscious consumers.
In the North American region, the United States dominates the market. The United States’ demand for K-beauty products is projected to rise at a 4.20% CAGR over the next ten years.
The trend of skinimalism, focusing on simplicity and minimalism in skincare routines, is gaining momentum in the United States. K-beauty products are best suited for the followers of this trend as the products are minimally treated during the manufacturing process.
The market for K-beauty products is filled with numerous players like Cosrx, Laneige, Etude House, Innisfree, etc. These companies have a strong foothold in the market and have gained a considerable consumer base around the world. The market is very welcoming toward new entrants as these companies bring a sense of innovation to the industry.
Recent Developments
The global K-beauty product market is estimated to be worth USD 10,875.7 million in 2024.
The market for K-beauty products is projected to reach USD 19,293.7 million by 2034.
The market for K-beauty products is anticipated to register a CAGR of 5.90% over the forecast period.
Some of the key players in the market are Cosrx, Laneige, Etude House, Innisfree, etc.
Haircare products dominate the market, with an overall share of 27.10%.
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