Sophisticated haircare products have been growing in popularity amongst men.
The growing popularity of men's grooming products is expected to boost South Korea's cosmetics and toiletries industry, which is projected to grow from $15.7b (₩16.5t) in 2019 to $21.2b (₩22.3t) by 2024 at a compound annual growth rate (CAGR) of 6.2%, according to GlobalData.
“Men are also opting for sophisticated haircare products which help enhance their appearance, signalling significant opportunities for sector expansion in the country,” GlobalData's consumer analyst Anchal Bisht commented.
In the industry, skincare was the largest sector with value sales of $7.6b (₩8.9t) in 2019. Meanwhile, the feminine hygiene sector is tipped to register the fastest value CAGR of 8.8%, followed by skincare (7%) and make-up (6.9%).
The growing popularity of e-commerce platforms is making a big impact on consumer demand for cosmetics in the country, Bisht noted.
“In addition, the ongoing health & wellness trend among the consumers raised concerns over the use of chemicals in products, encouraging consumers to choose organic and natural cosmetics in turn driving new product innovations in the industry,” Bisht added.
Health & beauty stores was the largest distribution channel in the South Korean cosmetics & toiletries industry and held a share of 23% in 2019. It is trailed at a distance by Direct sellers and hypermarkets & supermarkets with shares of 22.8% and 20.8%, respectively in the same year.
Photo from Unsplash.
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