Market Insights Consumer Beauty & Personal Care

Skin Care - South Korea

South Korea

in South Korea, a country known for its booming beauty industry, is no exception when it comes to the Skin Care market.
In 2024, the revenue in this market is projected to reach an impressive €8.57bn.
Looking ahead, the market is expected to experience a steady annual growth rate of 2.38% from 2024 to 2029 (CAGR 2024-2029).
While in South Korea holds its own in the global beauty scene, it is worth noting that the majority of the revenue in the Skin Care market is generated in the United States.
In 2024, [globalrevenue_currentlayer_yeartoday_maxcountrynameprep] is expected to see revenues of €22,580m, making it the leader in this market on a global scale.
When considering the revenue in relation to the population figures, South Korea's per person revenue in the Skin Care market is estimated to be €165.60 in 2024.
This showcases the significant impact of the beauty industry on the country's economy and consumer spending.
Looking specifically at the product segmentation within the Skin Care market, [maxNon-LuxuryRevenueShare] are expected to account for [max[maxNon-LuxuryRevenueShare]RevenueShareValue] of the total sales by 2024.
This indicates the demand for high-end skincare products, showcasing the willingness of consumers to invest in premium offerings.
Overall, South Korea's Skin Care market demonstrates its prominence and potential in the global beauty industry, with substantial revenue figures and a diverse range of product segments.
South Korea's skin care market is dominated by K-beauty products known for their innovative ingredients and focus on achieving flawless, youthful skin.

Key regions: United Arab Emirates, Malaysia, United Kingdom, South Korea, Indonesia

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Methodology

Data coverage:

The data encompasses B2C enterprises. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations such as population, GDP per capita, and Human Development Index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, multiple forecasting techniques based on different forecasting methods, such as Autoregressive Integrated Moving Average (ARIMA) and exponential trend smoothing, can provide the most accurate forecasts.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.