Recording lower growth, beauty and personal care continues positive growth rate in 2013
Beauty and personal care recorded positive value growth in 2013 but the growth rate was lower than the review period CAGR. Rather than premium brands, mass brands showed stronger performance as consumers actively shifted to mass brands which have similar or better quality but cheaper price than premium (particularly global) brands. Beauty specialist retailers’ brands (called Road Shop brands) and premium (mainly domestic) brands continued creating new trends in beauty and personal care, which led to positive growth in 2013.
Distribution channels for premium brands are rearranged by manufacturers
Shares of distribution channels for premium brands such as direct selling and department stores plunged in 2013. Manufacturers discontinued operating in the direct selling channel or newly introduced internet retailing operations for distributing their own premium brands. On the other hand, beauty specialist retailers which mainly distribute their own mass brands continued showing a healthy growth rate, even if the entire beauty and personal care industry recorded weaker performance in 2013 than the review period CAGR.
Domestic players win in beauty and personal care
Domestic players showed a great performance in 2013 even though overall performance of beauty and personal care was worse than the review period average in 2013. With new products, they expanded value share in both mass and premium brands. On the other hand, global players mostly showed weak performance by recording negative growth or stagnation. Following Korean consumers’ trends and reading consumers’ demand properly decide players’ performance exactly.
Internet retailing – including mobile and social commerce channels – is considered as more important by manufacturers
The share of internet retailing – including mobile and social commerce channels – increased rapidly. With the popularity of internet retailing, consumers’ previous perception of internet retailing mainly distributing mass brands and fake products or imitations of premium brands has changed. Manufacturers are introducing product lines distributed through only social commerce or mobile retailing and leading players are also launching own internet retailing platforms to distribute premium brands specially. Along with the homeshopping channel, the internet retailing channel has become a more important distribution channel to manufacturers.
Beauty and personal care will increase slowly with two domestic leading players
Beauty and personal care is expected to increase over the forecast period but not faster than the review period CAGR. Beauty and personal care in South Korea will be more mature, and new players are predicted to enter the market along with the solid leading players in the near future. Still, the trends of beauty and personal care have the possibility to be decided by the two domestic leading players over the forecast period.
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Discover the latest market trends and uncover sources of future market growth for the Beauty and Personal Care industry in South Korea with research from Euromonitor's team of in-country analysts.
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The Beauty and Personal Care in South Korea market research report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- What is the market size of Beauty and Personal Care in South Korea?
- What are the major brands in South Korea?
- How are sales of mass versus premium beauty products evolving?
- What are the key shifts in retail channel distribution?
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This industry report originates from Passport, our Beauty and Personal Care market research database.