After a few turbulent years, with the easing of the pandemic and the lifting of restrictions, premium beauty and personal care is set to return to solid, stable current value growth throughout the forecast period. After a strong decline in 2022, premium skin care is expected to return to growth in 2023, with foreign luxury brands being a key growth driver.
Despite already having exceeded the pre-pandemic level of sales in 2022, premium colour cosmetics is expected to post healthy double-digit growth in 2023, along with the lifting of the mask mandate in most indoor areas in January 2023. However, the growth momentum is likely to slow down from mid-2023 onwards, as potential economic recession could drive some consumers to shift from premium to mass products.
Premium hair care is expected to see current value growth throughout the forecast period, as major companies are pushing niche hair care brands on the back of the “skinification” trend. Consumers increasingly want to take as much care of their scalp and hair as their facial skin, and innovative product formats such as scalp serum and scalp scrub are being introduced by skin care brands such as Medicube.
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Understand the latest market trends and future growth opportunities for the Premium Beauty and Personal Care industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Premium Beauty and Personal Care industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Premium Beauty and Personal Care
This is the aggregation of premium colour cosmetics, fragrances, deodorants, skin care, sun care, baby and child-specific products, bath and shower and hair care.See All of Our Definitions
This report originates from Passport, our Premium Beauty and Personal Care research and analysis database.
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