2021 was a difficult year for some international brands. Vichy decided to discontinue its business in South Korea in August 2021.
With the popularity of K-Beauty, many players entered skin care to benefit from the sales growth. Due to the globally renowned capability of OEM and ODM, represented by manufacturing companies such as Hankook, Kolmar and Cosmax, it was very easy for non-beauty and personal care players to enter the category.
Dermocosmetics skin care has maintained its popularity, and pharmaceutical companies are joining the competition. For instance, DongKook Pharmaceutical Co Ltd is the manufacturer of Madecassol, which has a strong position in topical germicidals/antiseptics.
Skin care is the most trend-sensitive category within the beauty and personal care industry, and in South Korea it is following in the footsteps of Western countries in terms of sustainability. Clean beauty and vegan beauty have seen a rise in popularity in the last couple of years, and brands are actively incorporating sustainability in their brand story.
In 2022, significant changes took place in insurance policies. Many Korean consumers have indemnity insurance, which used to cover dermocosmetics prescribed by doctors.
South Korea’s skin care category is one of leaders globally in terms of product dynamics, consumer awareness and maturity. To profit from this, e-commerce platforms are either launching their own skin care brands or aggressively introducing curated skin care brands.
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Understand the latest market trends and future growth opportunities for the Skin 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 Skin 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.
This is the aggregation of facial care, body care, hand care and skin care sets/kits.See All of Our Definitions
This report originates from Passport, our Skin Care research and analysis database.
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