K-Beauty Continues to Thrive Globally – Report by ReportLinker
Despite the dominance of western cosmetics giants, the South Korean brands are gradually setting novel standards of beauty, driven especially by the global popularity of K-pop. K-beauty products are manufactured using exceptional ingredients, such as raw materials derived from snail slime, bee venom, starfish extract, pig collagen, and morphing masks. The K-beauty industry is thereby progressively fetching a lucrative business for cosmetic companies owing to its high product margin, hence making it further profitable for beauty companies.
Korean beauty brands capitalize on their digital and e-commerce prowess in response to the rapid rise in demand from overseas markets. E-retailers such as Sokoglam and Peach & Lily have imported assorted Korean skin-care brands to the U.S. and expanded the market in international territory. Furthermore, global beauty retailers are setting up dedicated sections on their webpages, which cater to Korean skincare brands. This enables to increase consumer awareness and is thereby a major driver of the K-beauty products market. In addition, K-beauty phenomenon has captured the attention of social media blogger influencers and journalists in the West. This has been regarded as an ingenious digital strategy applied by the K-beauty brands for driving popularity.
However, the rise of veganism among consumers across the globe is expected to limit the growth of the K-beauty products market. Consumers are gradually becoming conscious of sustainability, environmental impacts, and animal welfare. The K-beauty industry uses animal extracts. This hampers the market growth.
On the contrary, a rise in awareness of the benefits and uniqueness of K-beauty products among consumers across the globe create a vast opportunity for expansion among the K-beauty products industry players. New beauty trends and innovations, presenting sophisticated ingredients and appealing packaging can be viewed as an opportunity by the K-beauty manufactures for further growth and expansion.