2014-04-15 18:03:01 - Beauty and Personal Care in South Korea - a new market research report on companiesandmarkets.com
The beauty and personal care industry recorded health growth in 2012. In skin care, mass brands registered higher growth than their premium counterparts thanks to improvements in their quality and competitive pricing. On the other hand, in personal care, such as oral care, hair care and bath and shower categories, premium brands are regularly launched and tend to perform well, thanks to the diversification of these products. Since the onset of the economic downturn, many consumers have shifted from premium to mass brands. However, higher-income demographics still consider ingredients and product quality, such as functionality, to be important when they are choosing which brands to purchase.
New ingredients or new technologies in cosmetics led to positive growth in 2012. For instance,
products such as, 100% organic skin care, stem cell skin care, vibrating facial make-up tools, cosmetic coolers for chilled cosmetics and smart cosmetic packages to keep the products fresh, were all introduced towards the end of the review period and attracted consumer demand in 2012. Manufacturers´ efforts to innovate in order to meet consumer demand resulted in positive growth in the beauty and personal care industry and consumers fully embraced the variety available in beauty and personal care products.
Two leading domestic players maintained their solid positions by introducing new products and brands in 2012. In particular, LG Household & Health Care acquired a famous colour cosmetics brand and expanded its colour cosmetics line to compete with AmorePacific. Meanwhile, domestic beauty specialist retailers, The Faceshop, Etude, Innisfree, Nature Republic, Skin Food and Tony Moly continued to perform well, recording double-digit growth. On the other hand, growth of international players and domestic mid-sized players, which mainly distribute premium brands, contracted or stagnated.
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