K-Beauty market to hit $13.9b by 2027

The Asia-Pacific region accounted for about 69.9% of the K-beauty products industry share.

The global Korean beauty products market is expected to reach $13.9b by 2027, boasting a compound annual growth rate (CAGR) of 9%.

According to Allied Analytics report, the Asia-Pacific region claimed around 69.9% of the K-beauty products industry share and is seen to grow at an 8.1% CAGR.

In 2019, females held 69% of the market share but males are projected to grow at a 9.9% CAGR during the forecast period.

Additionally, sheet masks are projected to command the highest market share during the forecast period.

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With rising global per capita incomes, increased urbanisation, and a growing middle class, the report noted that there is a heightened demand for convenience-oriented lifestyles, spurring the popularity of K-beauty products worldwide.

During the COVID-19 pandemic, although manufacturers have ramped up social media advertising to reach a wider consumer base, lockdown measures have disrupted both domestic and international production, leading to a temporary slowdown in market growth.