Increase in inclination towards products developed from unique ingredients, demand for organic personal care products and cosmetics
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, Sept. 16, 2022 /EINPresswire.com/ — The market for K-Beauty products is expected to witness significant growth, owing to increased consumer awareness of the Maintaining prolonged beauty and changing lifestyle have contributed significantly to the growth of the market. Also, increasing aggressive advertisements and promotions through social media platforms by manufacturers plays a crucial role in the growth of the market.
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Allied Market Research released a report titled, “K-beauty Products Market by Product Type (Sheet Masks, Cleansers, Moisturizers, Makeup, and Others), End User (Men and Women), and Distribution Channel (Online Retail , Supermarket/Hypermarket and Specialty/Mono-Brand Stores: Global Opportunity Analysis and Industry Forecast, 2019-2026.” According to the report, the global K-Beauty Products industry generated $9.3 billion in 2018 and is expected to reach $21.8 billion by 2026, registering a CAGR of 11.3% from 2019 to 2026.
Increasing inclination towards products developed from unique ingredients, demand for organic personal care and cosmetic products, and innovation in skin care products with comprehensive research and development activities are driving the growth of the global K-beauty products market
Drivers, constraints and opportunities
Rise of products developed from unique ingredients, demand for organic personal care and cosmetic products, and innovation in skin care products with comprehensive R&D activities are driving the growth of the global products market K beauty. On the other hand, the surge in vegan products is restraining the growth of the market. On the contrary, men’s skin care products and increasing demand from the United States and Southeast Asian countries are creating new opportunities in the market.
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The sheet mask segment to maintain its leading position during the forecast period
Based on product type, the sheet mask segment held almost a quarter of the total market share of the global K-beauty products market in 2018 and is expected to maintain its leading position during the forecast period. . This is due to the ease of application and convenience associated with the launch of innovative products that meet various functions and requirements. However, the cleaners segment is expected to grow at the fastest CAGR of 11.8% from 2019 to 2026, owing to extensive R&D activities and their high moisture-binding capacity.
K-beauty product market trends are primarily driven by consumer inclination towards products inspired by unique ingredient formulas. For example, the use of pearls in skin lightening products and bee propolis for nourishment, are two other unusual components found in K-beauty products.
Market players grab the biggest pie
Able C&C Co., Ltd.
Adwin Korea Corp.
Annie’s Way International Co., Ltd.
The Beauty Factory, Ltd.
Ceragem Health and Beauty Co, Ltd.
CK Beauty Enterprise Inc.
LG Household & Health Care
Global per capita income has experienced strong growth in recent years, particularly in emerging economies. Increasing urbanization, growing middle-class consumers, and increasing female labor force participation rates in many developing and developed markets have encouraged the adoption of lifestyles convenience-oriented, making K-Beauty products more desirable. Additionally, as consumers become more meticulous about their lifestyle choices, they are looking deeper than superficial solutions and choosing more traditional healthy beauty approaches. Therefore, the increase in demand for natural and bio-based ingredients in cosmetics and personal care products has created new avenues in the K-beauty cosmeceuticals market.
Main results of the study
Based on product type, the sheet mask segment accounted for the highest market share for K-beauty products in 2019 growing at a CAGR of 8.7% and the cleanser segment the highest growth. fast with a CAGR of 11.0% between 2021 and 2027.
On the basis of end-user, the female segment accounted for approximately 69% of the market share in 2019. However, the male segment is expected to grow at a CAGR of 9.9% during the forecast period.
On the basis of distribution channel, the specialty store/mono-brand segment accounted for approximately 57.4% of the market share in 2019. However, the online retail segment is expected to witness the fastest growth with a CAGR 11.2% over the forecast period.
Based on region, Asia-Pacific accounted for approximately 69.9% of the K beauty products industry by share and is expected to grow at a CAGR of 8.1%.
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Reason to buy:
✅ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global K-Beauty Products market.
✅ Highlights key business priorities to guide businesses in reforming their business strategies and gaining a foothold in the vast geography.
✅ The key findings and recommendations highlight crucial progressive industry trends in the K-Beauty Products Market, thereby allowing players to develop effective long term strategies in order to generate revenue from their market.
✅ Develop/modify business expansion plans using substantial growth offering in both developed and emerging markets.
✅ Dig deep into the global market trends and outlook associated with the factors driving the market, as well as those restraining the growth to some extent.
✅ Improve the decision-making process by understanding the strategies behind business interest with respect to products, segmentation, and industry verticals.
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