Is the Growth of the K-Beauty Industry Problematic?
On episode 215 of the Korean Beauty Show podcast, Lauren explores a new report into the growth of the Korean beauty industry in the past decade and whether it is problematic. Plus, skin minimalism is booming in Korea and a listener wants to know more about the best Australian sunscreens and how they compare to Korean ones.
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Recently, the domestic Korean beauty has seen a rise in products tapping into the "skinimalism" trend. Combining "skincare" and "minimalism" the trend is to use less than 5 products for skincare and makeup.
Apparently consumers are fed up with 10 step skincare routines in a post-pandemic world.
Current keyword trends include "multi functional" and "all in one". The products offer maximum skincare effects with the minimal amount of products.
The Skin-Based Technology Development Project Group recently published a trend report analysing the current status and production performance of domestic Korean cosmetics companies. They based their report on press releases covering production and export performance as well as individual statistics released by the Ministry of Food and Drug Safety.
The results show that in the past decade, the number of "responsible sellers" (a required designation for companies selling Korean beauty products in Korea) has increased almost 25%, reaching 28,000. This represents a 7.2 times increase.
The report claims that the reason for the increase is the government's development of policies centered on start-up support.
However, only 3.6 out of 10 "responsible sellers" have an actual production performance, with the remainder having no production performance.
They believe this could be a negative signal that the government may be supporting smaller businesses that don't have an ability to impact industrial development when that money might be better spent supporting larger businesses or those with an actual production performance.
“In the past decade, the number of “responsible sellers” has increased almost 25%, reaching 28,000. This represents a 7.2 times increase.”
Lauren Lee, Host of the Korean Beauty Show podcast
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