South Korea is one of the most attractive skincare market in Asia and has one of the highest per capita spending on cosmetics.
South Korean consumers are very much aware of the latest skincare products and trends, as well as brand image. They also spend a lot of time on self-care to upgrade their makeup look for various occasions, so that they can always look good. Therefore, it is very important for local skincare makers to keep developing new product formats in order to appeal to this highly sophisticated segment of consumers.
Category led by innovation
South Korean beauty consumers are always looking for new categories, products and concepts in the market. Innovative claims, ingredients and formats have played an important role in new product development. It is a great strategy to meet the dynamic consumer's needs in this industry, as new formats will provide new beauty experiences.
Skin care formats is the fastest-growing skincare category in South Korea. Consumers are increasingly concerned about nutrient absorption and skin radiance, so they prefer cream-emulsifier forms such as emulsion toner and serum. However, there is a growing need for specific products that can resolve individual skin problems such as dullness or dryness while protecting the skin's barrier.
The growth of serum/ampoule formats has been remarkable recently as their intensive care concept is appealing to consumers. Also, note the decline of sheet mask launches.
A rich mix of ingredients and formats are included in new product launches. From fun, innovative and crazy ideas to sustainable packaging, anything is possible in South Korea's beauty market. For example, high-end brands will use paper straws or even apply edible glitter on its products to create a novel experience for consumers.
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