South Korea’s dermocosmetics market ranks 6th globally

By: Trademagazin editor Date: 2024. 06. 20. 09:47

It has attracted competition from „concept-dermo,” „dermo-inspired” and „pharma-dermo” brands.

South Korea ranked sixth in the global dermocosmetics market in 2023, according to Euromonitor’s latest Beauty and Personal Care research. This growth surpasses its overall beauty market position of 11th.

The rapid growth of dermocosmetics has attracted competition from “concept-dermo,” “dermo-inspired,” and “pharma-dermo” brands. These brands incorporate some aspects of dermocosmetics post-launch or by concept, challenging traditional dermocosmetics brands that require longer development due to extensive research and clinical trials.

“Brands that maintain a strict dermocosmetics identity are being outpaced by a rapid increase in “concept-dermo” brands in terms of both the pace of new launches and the amount of marketing buzz created,” the report noted.

Moreover, clean beauty brands are also competing with dermocosmetics by targeting sensitive skin and emphasizing natural ingredient potency without scientific backing.

For example, a leading clean beauty brand in South Korea has introduced an “Assurance of Original Ingredients” system, complicating consumer choices between dermocosmetics and non-dermocosmetics.

The report said understanding consumer expectations is key to expanding the dermocosmetics market. South Korean consumers associate premium traits with proven efficacy and medical endorsements.

According to Euromonitor’s 2023 survey, 30% of South Korean consumers are concerned about blemish/acne-prone skin, a higher percentage than in many other countries. Sensitive skin and itchy scalp are also common concerns, providing a strong base for dermocosmetics.

To maintain market presence, dermocosmetics brands are urged to broaden their product categories beyond skin care and hair care to include color cosmetics and fragrances.

Retail Asia

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