- The Korean beauty market is among the top 10 global beauty markets.
- Korea is one of the few countries with "functional cosmetics."
Often packaged in bright colors and decked out with cartoon characters, Korean beauty products are too cute to ignore, but they also provide some health benefits.
It's "skin-tertainment," said Christine Chang, who co-created the Glow Recipe
brand to bring Korean beauty products to the American market. She and partner Sarah Lee travel to South Korea multiple times a year to find new products and are repeatedly "blown away by the new innovation in the market."
The Korean beauty market is among the top 10 around the world, with an estimated worth of over $13.1 billion in sales
in 2018, according to Mintel
, a global market intelligence agency. Facial skin care products alone make up half of the total market share and are projected to reach $7.2 billion by 2020. And one in five facial skin care launches in South Korea, the agency reports, is actually a mask.
"For a long time, France and Japan were considered a symbol of cosmetics business around the globe," said Ryan Park, who founded the Korean beauty brand Whamisa in 1999. "Korea was able to catch up with them within a very short time thanks to the balance of its accumulated fundamental industry, chemistry, bioscience and Korean Wave culture."