South Korea’s make-up market to surge by 5.5%

This will be driven by product innovation and rising online sales.

South Korea’s make-up market will likely surge by 5.5% through 2026, GlobalData reported.

The market is projected to rise to US$2.5b by 2026, representing a 5.5% compound annual growth rate between 2021 and 2026.

This will be driven by the increasing public outdoor mobility, high product innovation, and growing online sales.

“Spurred by Korean pop music, movie, and TV celebrity endorsements, and the availability of innovative Korean Beauty (K-Beauty) products, South Korean men are spending more on make-up products,” Suneera Joseph, Consumer Analyst at GlobalData, said.

“With the authorities easing the COVID-19 restrictions in 2022, consumers began leaving their homes more often for work, studies, leisure, socializing, shopping, and other activities, thereby giving rise to more occasions for applying make-up. Moreover, the increased penetration of online beauty retailers bolstered sales of cosmetics.”

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GlobalData

South Korea Retail

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