, South Korea

South Korea’s skincare market to reach $11.4b by 2026

This is up from $8.5b in 2021 projected by GlobalData. 

The skincare market in South Korea is expected to reach $11.4b by 2026 as pandemic-related restrictions ease, GlobalData reported. 

This is up from $8.5b in 2021, reflecting a compound annual growth rate of 5.6%. 

“With COVID-19 cases falling, and the government lifting most restrictions, consumers are venturing out of their homes more frequently for shopping and social gatherings. Consumers are also returning to workplaces in greater numbers,” Anush Shaw, Consumer Analyst at GlobalData, said. 

“This has resulted in many people purchasing premium quality skincare products to improve their appearance. While protective face masks are no longer mandated, consumers are continuing to use skincare solutions that repair skin damage due to their long term use of masks.” 

Shaw noted that the demand of do-it-yourself skincare products is expected to continue even as beauty salons reopen. Skincare sales are also seen to get a boost from the launch of new products.

Between 2016 and 2021, Shaw added that per capita expenditure on skincare products rose to $81.3 from $40.2. This is way above the global and regional average of $9.8 and $9.2, respectively. 

“With a sizable aging populace, the demand for anti-aging skincare products will increase significantly,” Shaw said. 

“Even as customer footfall at beauty retail outlets resumes due to the relaxation of COVID-19 restrictions, e-retailers’ and direct sellers’ channels will continue to gain more ground owing to the convenience and competitive pricing offers.”

Read also: South Korea consumer spending to grow 2.8% in 2022: Fitch

 

Follow the links for more news on

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Hydration products gain traction in APAC
It was driven by increased awareness of health concerns like global warming and modern lifestyles.
Ingka Group unveils strengthened climate targets
It focuses on reducing GHG emissions, carbon removal and storage, and contributions beyond the value chain.
How can retailers improve customer value and operations
Businesses must adopt a unified commerce strategy to meet consumer demand for seamless transactions driven by technology.

Exclusives

AI prompts fearless dive into corporate reinvention
Siam Piwat Group’s digital chief touts AI’s transformative power in boosting customer value, personalisation, and brand trust.
Indonesia’s future of retail lies in a blended approach
Industry leaders discuss the innovative strategies to meet evolving consumer needs at Retail Asia Forum 2024