2014-01-24 19:46:03 - Men's Grooming in South Korea - a new market research report on companiesandmarkets.com
AmorePacific recorded the largest value share of 19% in the South Korea men´s grooming market during 2012 thanks to the strong performance in men´s skin care. The company accounted for a 26% share of men´s skin care and maintained a solid leading position. It was not only successful through its premium men´s skin care lines, such as Hera Homme and Iope For Men, its mass brands, such as Odyssey, also recorded a healthy growth rate in 2012. The company´s value sales within men´s skin care increased by 22%.
Men´s skin care increased by 19% in value terms in 2012 through most players strengthening their product lines with added anti-agers or multifunctional skin care. Men´s grooming has been a hot trend in
South Korea since the middle of the 2000s and the category registered a CAGR of 11% over the review period. In the case of men´s skin care, premium brands recorded a stronger CAGR than mass brands, which differentiated it from the wider skin care category as a whole. Not all male consumers, due to particular male consumers having more interest in beauty and cosmetics, choose skin care products, and they tended to prefer greater functionality and better quality products. Those particular male consumers not only bought moisturisers, but also men´s anti-agers, face mask and even facial make-up. Based on this trend, beauty specialist retailers actively introduced diverse kinds of skin care products to attract general male consumers at masstige prices in 2012, which led to higher value growth in mass men´s skin care than premium men´s skin care.
Men´s grooming is expected to increase by a CAGR of 4% in constant value terms over the forecast period. Except for men´s post-shave, most categories will increase by CAGRs of between 2% and 6% by 2017. Men´s razors and blades will record a CAGR of 3% in constant value terms thanks to the introduction of advanced versions of razors, a trend that will continue over the forecast period. Men´s skin care will grow by a CAGR of 5% in constant value terms due to the ongoing men´s grooming trend. Among men´s skin care, not only moisturisers, but anti-agers will become increasingly diverse in response to increasing demand from male consumers.
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