PORTLAND, Oregon, Nov. 6, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "K-beauty Products Market by Product Type (Sheet Masks, Cleansers, Moisturizers, Makeup and Others), End User (Male and Female), and Distribution Channel (Online Retail, Supermarket/Hypermarket and Specialty/Monobrand Stores): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global K-beauty products industry generated $9.3 billion in 2018, and is expected to reach $21.8 billion by 2026, registering a CAGR of 11.3% from 2019 to 2026.
Drivers, restraints, and opportunities
Surge in inclination toward products developed from unique ingredients, demand for organic and personal care & cosmetic products, and innovation in skin care products with comprehensive R&D activities drive the growth of the global K-beauty products market. On the other hand, surge in veganism goods restrain the market growth. Contrarily, male skin care regime products and rise in demand from the U.S. and Southeast Asian countries create new opportunities in the market.
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The sheet mask segment to maintain its lead position during the forecast period
Based on product type, the sheet mask segment held nearly one-fourth of the total market share of the global K-beauty products market in 2018, and is expected to maintain its lead position during the forecast period. This is due to ease in application and convenience coupled with launch of innovative products that cater to varying functions and requirements. However, the cleanser segment is expected to grow at the fastest CAGR of 11.8% from 2019 to 2026, owing to extensive R&D activities and their ability of high moisture retention.
The specialty/monobrand store segment to dominate in terms of revenue by 2026
Based on distribution channel, the specialty/monobrand store segment held the largest market share in the global K-beauty products market, accounting for nearly three-fifths of the total share in 2018, and will continue to dominate in terms of revenue throughout the forecast period. This is attributed to offering of thorough knowledge of products with in-store experts along with implementation of better after sales services, promotions, offers, and other strategies. However, the online retail segment is expected to grow at the fastest CAGR of 13.0% from 2019 to 2026. This is due to establishment of online shopping portals for cosmetics products especially in the developing economies with huge population and high internet penetration.
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Asia-Pacific to contribute its lion's share, North America to follow
Based on region, Asia-Pacific accounted for the highest market share, contributing for more than two-thirds of the global K-beauty products market in 2018, and will continue to contribute its lion's share during the forecast period. This is attributed to inclination of people toward beauty products made from natural ingredients and penetration of small and minor brands in the region. North America held the second position in terms of revenue in 2018. Moreover, Europe is expected to maintain the highest CAGR of 12.6% from 2019 to 2026, owing to diversified portfolio and focus of manufacturers on making products catering to consumer requirements in the region.
Market players grabbing the largest pie
- Able C&C Co., Ltd.
- Adwin Korea Corp.
- Annie's Way International Co., Ltd.
- The Beauty Factory, Ltd.
- Bluehug, Inc.,
- BNH Cosmetics
- Ceragem Health and Beauty Co, Ltd.
- CK Beauty Enterprise Inc.
- LG Household & Health Care
- Amorepacific Corporation
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