in-cosmetics Korea to celebrate country’s €10 bn domestic market
A 2016 report published by Euromonitor International revealed how the K-cosmetics market has experienced steady growth, increasing from €10.3 bn in 2015 to €10.7 bn in 2016 – a figure that is forecasted to rise to €10.95bn this year. Future projected figures indicate that this growth is set to continue, hitting €11.7bn by 2020.
in-cosmetics Korea will once again welcome visitors from all over the world to Seoul on 20-22 June for its 2017 three-day event.
With the K-beauty and K-pop markets continuing to evolve and innovate, in-cosmetics Korea’s educational programme will see a host of international speakers explore this year’s marketing trends and regulations at the event’s in-house theatre.
The Korean marketplace accounts for 60% of total global sales, having experienced the fastest growth throughout the globe in 2016 and leading the premium skin care trend. As premiumisation continues to dominate in the domestic market, Sunny Um, Research Analyst at Euromonitor International will give an overview of the premiumisation trend, outlining industry insights, current opportunities and how it is expected to transform in the future.
Preparing for the future
Nicole Fall, founder of Asian Consumer Intelligence company fivebyfifty will look at the strategic direction that Korea is expected to take. In her presentation Mega Beauty Trends 2020, Nicole will explore ten of the key personal care trends that will be prominent in Asia-Pacific from now until 2020. These include K-beauty, sustainability, naturals, anti-pollution cosmetics, innovation lab development, boutique beauty brand potential and how the digital environment is set to transform marketing by creating further touchpoints.
Nicole Fall will also look at the commercial opportunities within the global fragrance sector, while Belinda Carli from the Institute of Personal Care Science will analyse how hair care preferences are shaping the demand for styling products.
With the colour cosmetics area once of the fastest growing in Korea — with BB and CC creams for men contributing — Chaewon Lee, Korea Marketing & Sales Manager from Beauty Streams, will examine make-up colours and textures for the spring/summer 2018 season.
Innovation is set to continue, with sheet face masks continuing to grow in popularity, as they provide a solution to “the country’s image conscious and forward-looking consumers”, in-cosmetics revealed.
The digital landscape continues to gain traction, as increasingly numbers of beauty lovers utilise mobile to search for and purchase products. Sanchit Mendiratta, Partner at Happy Marketer will focus on the opportunities available to the cosmetics and personal care markets thanks to Asia’s vast mobile market while advising attendees on how best to promote their brands online through search engine optimisation (SEO).
Knowing the science
Consumers are becoming increasingly interested in learning about the scientific process behind developing, formulating and releasing products. This year’s event will, therefore, feature a selection of Cosmetic Science and Technology Seminars, including one by Kyung-Min, Lim, Associate Professor at Ewha Womans University in Seoul, South Korea, that will concentrate on the creation of a new whitening agent that uses a 3D reconstructed skin model.
There will be a range of technical seminars, designed to inform visitors of the latest personal care ingredients set to impact the cosmetics and personal care industry. Suppliers will provide insights on innovation that aim to advance commercial efforts in accuracy and assurance throughout the supply chain to provide confidence and build trust with consumers.
Christina Ho, Marketing Manager for Personal Care – Beauty Formulation at Croda will discuss the company’s Ingredient Integrity Programme at this year’s event to highlight its efforts to uniform values and the growing calls for third party compliance verification.
in-cosmetics Korea will take place at COEX Exhibition Centre in Seoul from 20-22 June 2017. For more information, visit http://korea.in-cosmetics.com/.