With sales exceeding USD 7.3 billion (EUR 6.6 billion), Korea is the third largest beauty market in Asia and ranks 12th in the world. Moreover, by using on average 13.4 cosmetics daily, and this from their teens, South Korean women hold the world’s record. The country is also the world’s largest per capita skincare consumer. In the mean time, exports of Korean cosmetic products have reached USD 2.75 billion (EUR 2.5 billion) in 2015, a rise of +53.6% compared to the previous year.
Korea sets the trend worldwide
Korean beauty trends have been dominating the Western cosmetics sector for some time now, and the craze shows no signs of slowing. Korean beauty chain Aritaum now claims over 70 locations throughout North America, and L’Oréal Paris recently added its first cushion foundation to its repertoire, joining the likes of Lancôme and Dior in embracing the Korean phenomena. Korean e-sites such as SoKo Glam now bring the Asian nation’s cult products to a global audience, with a constantly updated stock.
US beauty brand Sabbatical Beauty is the latest to get on board, launching a Korean-inspired capsule collection for Spring 2016. Titled ’Breathe’, the 10-piece collection offers products infused with skin-nourishing herbals inspired by Korean beauty.
Suppliers and subcontractors compete on innovation
The success of Korean brands can be explained by the inventiveness of the suppliers in this sector. These suppliers et sub-contractors will meet up next week in the South-Korean capital on the occasion of the third edition of the MakeUp in Seoul tradeshow.
This year, the show will focus on innovation staging an "Innovation Tree" that will highlight the 19 new innovative products selected by a committee of experts [1] among the 45 proposals submitted by 23 companies participating in the event.
In alphabetical order, laureates are: Albéa, Aptar, Asadal Beauty Products, Bonne, Chromavis, FS Korea, Gotha Cosmetics, Intercos Korea, Red of View, S&P World, Strand Cosmetics, Yonwoo..., representing in total, 9 formulas, 8 packagings, 1 "Full service" and 1 make-up accessory.
Concomitant to the trade show, a two-day conference programme will put a particular emphasis on inter-influences in terms of colour cosmetics between large countries such as China, Brazil, Japan and, of course, South Korea... How do they influence one another? What lessons can be learned from the trends, emerging in these countries?
