South Korean beauty brands are solidifying their position as global leaders in the skincare industry, with products that highlight traditional, natural ingredients like ginseng, green tea, and mushrooms gaining significant traction in markets such as China and the United States.
Lisa Hong, a consultant and market specialist for Euromonitor, emphasized that the ingredient-focused beauty trend, which highlights the functional benefits of raw materials, is particularly resonating with consumers in these key markets. “The global demand for Korean skincare products is increasing, with a sharp focus on efficacy and the natural ingredients at the core of these formulations,” Hong explained in an interview with Retail Asia.
Korean skincare brands are capitalizing on this demand by promoting the scientifically-backed benefits of ingredients such as lotus flowers, mung beans, and mushrooms. These elements, once integral to traditional Korean medicine, are now seen as crucial drivers behind the global rise of K-beauty. As consumer awareness grows, particularly in the U.S., shoppers are becoming increasingly discerning about the ingredients they choose for their skincare routines.
According to South Korea’s Ministry of Food and Drug Safety, exports of Korean cosmetics surged by 21% in 2024, reaching $10.2 billion. Skincare products accounted for the majority of these exports, with basic skincare items alone making up $7.67 billion, or 75% of the total. The top markets for South Korean cosmetics were China ($2.5 billion), the U.S. ($1.9 billion), and Japan ($1 billion).
K-beauty Trends Set to Shape Global Market
Mintel Group Ltd., a global market intelligence firm, notes that Korean beauty products are becoming the gold standard for skincare, particularly among Asian consumers. “K-beauty has established itself as a trendsetter, known for creating looks tailored to Asian faces, while offering affordability that is crucial during times of global inflation,” Mintel’s September 2024 report states.
Among the most sought-after products from Korean brands are Beauty of Joseon’s Clear Rice Sunscreen, Anua Mugwort 77% Soothing Toner, and Skin1004 Madagascar Centella Light Cleansing Oil. These products have gained significant popularity in global markets, far outpacing their success in South Korea itself, according to Hong.
Furthermore, the K-beauty trend encourages consumers to explore unique ingredients not commonly found in Western skincare formulations. Ingredients like fermented houttuynia cordata (chameleon plant) and snail mucin, known for their moisturising and skin-repairing properties, have become popular in Korean skincare products, with consumers increasingly embracing their benefits.
Innovation Meets Tradition
In line with this growing demand, South Korean skincare companies are blending traditional ingredients with cutting-edge technology. Hwajun Lee, associate director for beauty and personal care in Asia Pacific at Mintel, highlighted innovations like Amorepacific Corp.’s LipCure Beam technology, which integrates diagnostic, treatment, and makeup functionalities into a single product.
Amorepacific reported a 5.9% increase in sales, reaching $2.9 billion (₩4.26 trillion) in 2024, with strong growth driven by international markets, particularly in the West.
Hong noted that the K-beauty market, once synonymous with affordable road-shop brands, has evolved to compete with high-end dermo-cosmetic brands. “K-beauty is no longer just about low prices; it now stands shoulder to shoulder with premium skincare brands, offering products that rival luxury lines,” she explained.
The Future of K-beauty: Staying True to Its Roots
Despite the rapid growth of K-beauty, experts caution that the market must stay grounded in its unique identity. Hong warns that K-beauty risks becoming a fleeting trend if it abandons its focus on natural ingredients in favor of passing fads. “Trendy products in the U.S., like sun care items containing glitter, come and go. K-beauty will have staying power if it maintains its emphasis on high-quality ingredients and doesn’t get swept up in superficial trends,” she said.
As K-beauty continues to thrive on a global scale, it will be important for the industry to balance innovation with tradition, ensuring that the products’ efficacy and ingredient integrity remain central to their appeal. With its growing influence in international markets, South Korean skincare is poised to remain at the forefront of the beauty industry for years to come.
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