Korean cosmetics continues success on AP markets

By Michelle Yeomans

- Last updated on GMT

Korean cosmetics continues success on AP markets

Related tags Japan

As Korean cosmetics brands continue to see success on their neighbouring AP markets, factors such as affordability and an ever expanding male grooming segment are found to be the key driving forces.

According to a survey carried out by the Seoul Business Agency, 62% of Chinese consumers aged between 20-39 feel Korean cosmetics suit them well, 27% find them to be trendy and just 4% feel that they are expensive.

For these consumers, the online platform was indicated as the preferred option, with 26% opting for this route rather than the traditional large markets (3%). In addition, 21% said they visited Korea in order to purchase.

Elsewhere, Euromonitor places Korea as the largest market in the world for men's skin care products, accounting for 21% of global sales.

Trends driving sales

Cosmetics brands endorsed by Korean celebrities, particularly in the area of skin care, is proving successful in driving brand awareness and sales in new markets for these manufacturers.

In recent years the country's TV dramas, films and music have gained a following across Asia to an extent where some observers claim Korean pop culture is now a possible alternative to a globalised US culture.

Korean brands also taking Japan by storm

The Cosme Tech 2013 event in Tokyo this summer highlighted some of the most innovative and cutting edge Korean finished products that are targeted at the all-important Japanese cosmetics market.

There, Korea made a particularly big splash with a well-positioned and dominant pavilion that served to promote a host of innovation and new product launches.

Japanese companies such as Tong Yang Japan previewed its' soon-to-be launched skin care range 'Cremolab', which is formulated from Korean hot spring water, and said to contain properties that smooth and refresh the skin.

Elsewhere, tapping into the popular naturals trend, Yayoi Corporation showcased its new launch on the Japanese market, a high concentrate serum for eyelash and eyebrows that is said to bring about a significant increase in volume and length of eyelashes after ten weeks of use.

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