Following
the global success of K-pop and K-dramas, K-beauty and K-food are now emerging
as key players in the Hallyu (Korean Wave) phenomenon, capturing worldwide
attention. However, for K-beauty—once propelled by the popularity of cushion
foundations, BB creams, and sheet masks—to remain influential and innovative in
the global beauty market, a new approach is required. Experts stress the
importance of rethinking the foundation of K-beauty's sustainable growth to
ensure long-term success. Global trend forecasting firm WGSN released a report
titled "The Future of K-Beauty in 2025," emphasizing that
"K-beauty’s impact on the global beauty industry is undeniable." The
report states that South Korea is the third-largest beauty exporter in the
world and the leading beauty supplier in emerging economies across Southeast
Asia and Latin America.
According
to WGSN, the current trend in South Korea's beauty market is accelerating
towards a more sustainable future, driven by consumers who are both tech-savvy
and environmentally conscious. The report highlights that Korean consumers,
recognized as leaders in science-backed beauty solutions, are highly
knowledgeable about skincare and are driving advancements in precision
formulations for sensitive areas and hair health. Furthermore, the ongoing
fascination with color cosmetics is expected to lead to the rise of
intentional, mood-based color products, allowing consumers to match shades to
their personal style and emotions.
Data: The Key Growth Driver for K-Beauty
On
November 11, 2023, a panel discussion titled "The Future of K-Beauty"
was held at the 2023 Content Universe Korea event, featuring beauty industry
leaders and experts. The discussion became a hot topic as panelists agreed that
while K-beauty continues to gain global popularity through K-content, market
conditions vary significantly by region, requiring tailored strategies. Kim
Dong-kyun, CEO of Special One Makers, emphasized the need for country-specific
strategies to diversify markets. Baek Ah-ram, CEO of Nuri House, highlighted
the increasing importance of technology in responding to different market
conditions, consumer preferences, and reactions in each country.
As
a solution for K-beauty’s continued growth, panelists pointed to
"data" as a crucial factor. Since every consumer has unique skin
tones, preferred colors, functional needs, and personal attributes, a vast
amount of consumer demand data is needed to develop customized products. They
also predicted that if AI-powered data-driven beauty services were to emerge,
they could create a significant impact both domestically and
internationally(Source: Cosmetic Mania News, February 27, 2024). |
