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South Korea Hair Care Market - By Products, Distribution Channels and Vendors - Market Trends and Forecasts (2020 - 2025)

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When one thinks South Korea, ingenuous cosmetic and personal care inventions come to mind. South Korea is all the rage in the world, as the centre for product innovation, and as a result the country’s cosmetic and personal care exports have experienced very high growth. In fact, male cosmetics and personal care market may well call Korea its stronghold.

The South Korean hair care market is worth US$X.XX billion, and is projected to grow at CAGR X.XX% to US$ X.XX bn by 2020.

Shampoo was the largest and most mature & competitive category in Korean hair care industry, being the largest by volume and value, holding market share of XX.XX% and XX.XX% respectively. The newest innovations in this space are the perfumed shampoos, introduced by LG and Aekyung companies. The next wave of innovation will come through higher value added products, premium and luxury, incorporating the elements of natural and herbal ingredients.

Indeed, hair care through safe “cleansing” ingredients, is emerging in the Korean hair care space, with about 44% of hair loss patients (consisting of at least 40%of women) being between the ages of 20 and 30. This sparked the trend of products making claims about herbal and natural ingredients. Going forward, the herbal hair care market space became increasingly competitive. Currently the market is ruled by the “free-from” trend. Social media and beauty blogging about product discounts, reviews, label and ingredient literacy (understanding of the good and bad functions of ingredients used) have largely driven heavy spends and launches of products which are free from ingredients like parabens, SLES, sulphates, and ammonia.

Another trend in the very mature hair care market is that of international brands collaborating with domestic hair care salon chains to create new products and treatments in salons. Such new products with incremental innovation are driving the Korean hair care sales.

Dominant players include LG Household & Health Care and Aekyung Industrial.

Drivers

Increased spending on grooming, willingness to pay for health and cleanliness of hair care has been keeping the mature Korean hair care market afloat. Collaborations on new products also drive sales. There is market space in leveraging natural ingredients benefiting hair health.

Challenges

A highly competitive and mature market space for hair care, highly unique preferences, increased awareness and tendency of discarding products with one or more harmful ingredients, including Silicones, has been undermining the hair care market in South Korea.

What the report offers

  • Market analysis for the South Korea hair care market, with country specific assessments.
  • Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a regional scale.
  • Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
  • Identification and analysis of the Macro and Micro factors that affect the South Korea hair care market on regional scale.
  • A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information

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