In 2020, the market size of the cosmetics industry in South Korea amounted to around 7.6 trillion South Korean won. Figures saw a marked drop from the previous year. As K-beauty products gained global popularity, the production and exports of Korean cosmetic products had significantly grown from 2014 to 2019.
Key players
The South Korean cosmetics industry has been dominated by local products. Based on sales revenue, the leading domestic companies were LG Household & Health Care and the Amorepacific Group. Both have a number of sub-brands, for instance, the Face Shop, O Hui, Sum, and Belif under the former; Sulwhasoo, Laneige, Innisfree, IOPE, Hera, Etude House, and Mamonde belong to the latter. Another key player, Korea Kolmar, is mainly engaged in the original development and design manufacturing (ODM) and original equipment manufacturing (OEM) of cosmetics.
Korean cosmetics in the global market
Global companies are increasingly interested in the Korean cosmetics market. L'Oreal, the world's largest cosmetics company, has acquired a Korean cosmetics company “Style Nanda”. Style Nanda originally started with an online fashion mall and now it is more well-known for its cosmetics brand 3CE. In addition, AHC, which is famous for its eye cream, was acquired by Unilever, and Have&Be, which owns the Dr.Jart brand, was acquired by Estee Lauder.
Market size of cosmetics industry in South Korea from 2014 to 2020
(in trillion South Korean won)
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MFDS (South Korea). (December 30, 2021). Market size of cosmetics industry in South Korea from 2014 to 2020 (in trillion South Korean won) [Graph]. In Statista. Retrieved July 01, 2022, from https://www.statista.com/statistics/709874/south-korea-cosmetics-market-size/
MFDS (South Korea). "Market size of cosmetics industry in South Korea from 2014 to 2020 (in trillion South Korean won)." Chart. December 30, 2021. Statista. Accessed July 01, 2022. https://www.statista.com/statistics/709874/south-korea-cosmetics-market-size/
MFDS (South Korea). (2021). Market size of cosmetics industry in South Korea from 2014 to 2020 (in trillion South Korean won). Statista. Statista Inc.. Accessed: July 01, 2022. https://www.statista.com/statistics/709874/south-korea-cosmetics-market-size/
MFDS (South Korea). "Market Size of Cosmetics Industry in South Korea from 2014 to 2020 (in Trillion South Korean Won)." Statista, Statista Inc., 30 Dec 2021, https://www.statista.com/statistics/709874/south-korea-cosmetics-market-size/
MFDS (South Korea), Market size of cosmetics industry in South Korea from 2014 to 2020 (in trillion South Korean won) Statista, https://www.statista.com/statistics/709874/south-korea-cosmetics-market-size/ (last visited July 01, 2022)
