Key Trends in the Korean Beauty Market - Part 2

 

On this episode of the Korean Beauty Show podcast, Lauren runs through some of the key trends that have shaped the Korean Beauty Market in 2023 and how they are connected to one another. She also discusses what we're going to be seeing more of and how these 3 changes might change in 2024-25. This is Part 2 in a series delving into the key trends, ingredients, brands and products that have shaped Korean skincare and the beauty industry domestically in Korea in 2023. Tune in if you're ready for a deep dive!

 

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EPISODE SUMMARY 

In this series, we're exploring some of the top trends in the domestic Korean beauty market based on keyword analysis and a review of brand press release and product releases throughout 2023. Research indicates that we can expect to see further growth in these categories in 2024 and beyond. 

In Part 2, we're covering the sun care trend. 

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OVERVIEW 

According to a survey by Research & Market, the global sun care market is forecast to grow 8.7% annually by 2030. Korea’s leading sun care manufacturers have already announced plans to capture that growth. 

 

Why Korean Sunscreens?

• A lot of promotion is being done for them by both brands and influencers and there are A LOT of sunscreen products on the market in K-Beauty.

• Korean regulations make it easier to bring new products to the market compared to other regimes like the FDA in America and the TGA in Australia 

• Lagging regulations in the US - FDA hasn't approved new sunscreen filters since the 90s so American sunscreens are quite different to everything else on the market 

• Australia has some of the most stringent regulations for sunscreens in the world 

• Consumers however are hungry for newness 

• This is why Korean sunscreens are appealing - they're new, they have different consistencies and use different filters than other products on the market 

 

Overview of the Korean Sun Care Market in 2023

 

KOLMAR 

Kolmar currently boasts a market share of nearly 70% of Korea's sun care market. Sunscreen sales accounted for 31% of the second quarter's performance in 2023  Kolmar has obtained 50 sun care patents in recent years. 

 

COSMAX 

Recently developed a new sunscreen formulation called "Capsule Sun" that is tapping into the trend of people who prefer lighter textured products. This evenly injects oil components in the form of large particles into the aqueous phase without the use of emulsifiers. The oil phase is then applied in the form of a visible capsule to make the formula better for people who prefer light, transparent sunscreens.

Cosmax have completed a technical patent for the capsule line.

 

 

COSMECCA KOREA

Cosmecca is somewhat of a latecomer in the sun care sector but is now more active in the market. They are a well-regarded manufacturer here in Korea but are newer to sun care than their competition. The head of Cosmecca thinks that inorganic sunscreens are likely to grow, so they are focusing on that.  

Why Is Sun Care Growing as a Category?

1. More people are talking about sun damage and the issues they're facing now because they didn't use sunscreen in their younger years. In addition, there is far more awareness about the issue of skin cancer these days. 

2. People are more interested in taking care of their skin than ever before and there is more recognition of the integral importance of sunscreen in a good skincare routine. 

3. More people are also using retinol than ever before, and sunscreen is essential for anyone using Vitamin A-based products in their skincare routine. 

 

The Biggest Hurdle to Korean Domination in the Sun Care Sector

• Regulatory hurdles - there are differences in regulations between countries, which may make it harder for Korean companies to export their products overseas. In addition, regulatory compliance can be extremely costly, which usually means that only bigger companies are able to export. 

 

Predictions for the Korean Sunscreen Market in 2024 

We are definitely going to see more Korean sunscreens in 2024. Now that domestic brands and manufacturers know how popular sunscreens are globally, more companies will be trying to develop new technologies, use different types of filters and obtain new patents for their products. 

 

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