By using on average 13.4 cosmetics daily, and this from their teens, South Korean women hold the world’s record. And Korean men are also a target for cosmetics brands.
“With sales exceeding EUR 6.6 billion, Korea is the third largest market in Asia and ranks 12th in the world. This ever increasing demand for cosmetics has obviously to do with the cult of Beauty very present in the Korean society. The sector where demand is the highest is the one of so called functional cosmetics, targeting anti-ageing, brightening or sunscreen products,” say the organisers of MakeUp in Seoul.
In the meantime, exports of Korean beauty products are skyrocketing, in particular in Asian markets. In 2015, South Korea exported USD 2.75 billion (EUR 2.5 billion) cosmetics, a rise of +53.6% compared to the previous year. “The craze for Korean cosmetics has spread across the whole Asian continent, especially China.”
Asia .... 80% of global sales by 2019!
The progression of Korean cosmetic brands in Asia is particularly important since Asian markets are getting increasingly important worldwide. According to a survey from Euromonitor International, by 2019, 80% of the global turnover of the cosmetics industry will come from Asia, and China will represent 75% of this growth in the region.
No surprise therefore, if the number of visitors at MakeUp in Seoul, which will take place on April, 6th and 7th at the Conrad Hotel with 20% more exhibitors, is also expected to be on the rise.