The cosmetics market in Korea has seen rapid growth in recent years as the East catches up with the West in demand for and innovation in personal care.
A number of factors have facilitated this rise, including the support of the Korean government, which sees the potential of the cosmetic industry as an economic boon for the country.
The country aims to boost the number of companies that receive government accreditation and last year declared its intention to triple registered exports of Korean cosmetics from US$2.8bn (£2.25bn) in 2016 to US$7bn (£5.6bn) in 2018.
While the Korean government has sought to increase exports, tensions between Korea and China have hindered the country’s economic outlook and the struggle is anticipated to have a knock-on effect on its cosmetic industry.
South Korea’s plan to install an anti-ballistic missile defence system has resulted in China imposing broadcasting restrictions on Korean celebrities. It has also banned four air purifiers from Korean-based companies LG Electronics and Shinil Industrial. In fact, a total of 47 products were banned by China at the beginning of the year – 91% were Korean, suggesting political tensions will continue throughout 2017.
Despite this, analysts anticipate that the Korean cosmetic industry will continue to grow and Euromonitor International predicts the annual retail sales value will rise to US$11.4bn (£9.13) – a 4% increase on 2016.
World’s highest consumption per capita
Along with exports, the biggest asset of the Korean cosmetic industry is the high domestic demand and engagement with personal care. Consumers are avid users of cosmetics, and the country boasts the highest consumption of skin care and male grooming cosmetic products per capita globally.
Korea has long been obsessed with skin care. South Korean women spend almost twice as much of their income on beauty products and makeup than Americans.
Meanwhile, South Korean men spend more on skin care than those in any other country. The Asian country’s dedication to looking and feeling good means it is now pioneering research into skin care products – hence the burgeoning cosmetics exports market.
The latest ingredients from across the globe
Korean cosmetic manufacturers import 78% of their ingredients and, as they continue to invest huge amounts in R&D, the country remains fertile ground for international suppliers.
A comprehensive cross section of these international suppliers will gather at incosmetics Korea in Seoul this June to exhibit their latest and most innovative products. There are just a few months to go until the show, which is hotly anticipated after the success and popularity of the 2016 event that saw a 97% increase in visitors year-on-year.
Due to popular demand, the 2017 show will open for an extra day, bringing the show in line with longer-running incosmetics events, such as in-cosmetics Global and Asia. Over three days, R&D professionals will have the opportunity to network with industry colleagues, learn about the latest trends and source innovative ingredients.
There are currently 44% more exhibitors signed up than this time last year, with one in four of those brand new to the show. 60% of the first time exhibitors will be international, highlighting the appeal of the event. Leading suppliers already signed up include the likes of Lubrizol, DSM and Seppic, while below we look at some of the exciting brands that will be on display during in-cosmetics Korea.
Education to the fore
Alongside the hundreds of exhibitors on display, a programme of seminars will provide R&D and marketing professionals with the chance to enhance their knowledge of the global and regional cosmetic markets.
In 2016, seminar theatres at in-cosmetics Korea were hugely popular and the 2017 programme is shaping up to be stronger than ever. The event’s organisers have already confirmed a host of sessions that will focus on:
The sensorial world
Additionally, in-cosmetics Korea will feature a brand new Sensory Bar, with Personal Care as Media Partner. With texture and sensory properties playing a pivotal role in consumers’ purchasing decisions, it is vital cosmetic manufacturers ensure their productsscore highly against all five senses, especiallysmell, feel and look.
To help Korean manufacturers do just that, the new Sensory Bar will provide R&D professionals with formulations that deliver innovative textures, new sensations, transforming/hybrid textures, heating/ cooling properties, jellies, butters and powders, evocative/symbolic fragrances highly linked to emotion, surprising tastes for the likes of lipstick and oral care sectors, and finally stateof-the-art pigments with a strong visual impact.
Making sure you are there
in-cosmetics Korea will take place at COEX Exhibition Centre in Seoul from 20-22 June 2017. For more information visit http://korea.in-cosmetics.com and to avoid having to pay the entry fee please register your interest today.
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