The nation is often hailed as the globe’s beauty hub. This is largely thanks to its K-beauty wave and the rippling effect of the Korea-based beauty concepts, ingredient use and formulations around the world.
The country’s latest innovations will enter the spotlight at this year’s in-cosmetics Korea, which is set to be held at the Coex Convention and Exhibition Centre in Seoul between 13th-15th June 2018.
K-beauty in 2018
Korea is recognised for its cutting-edge application of technology and for its products' efficacy. Leading brands, harnessing the power of K-pop and the K-beauty wave, typically unveil 20-30 new items every month.
With the demand for ingenious innovations and Korea’s influence on female and male skin care ever-present, Euromonitor International anticipates that the Korean cosmetics sector will hit a worth of $13bn (€10.6 bn) by 2020.
Research and development is a vital element of production processes and marketing campaigns for new items. Household name, AmorePacific, for example, currently has an annual R&D budget of US$100mn (€81.5mn), in-cosmetics Group revealed in a press release.
As such, Korean-based beauty technology is “estimated to be 12-14 years ahead of the US”.
Korea's global influence
With Korea at the hub of international beauty innovation, in-cosmetics Korea gets set to welcome approximately 50% of confirmed attendees from outside of the domestic provider. The three-day will demonstrate manufacturing, design and promotional trends. In addition, around 20% of those expected through the doors are tipped as startup niche brands.
As a total of 33 new suppliers are making their first appearance at the event this year, eyes will be on their individual experiences, knowledge and innovations. Of these, 14 are based in South Korea, with the remaining companies coming from China, India, Europe and the US.
Of those based in Asia, Indian chemical manufacturer and distributor Coskin Specialities will introduce its speciality cosmetics and beauty products containing UV Filters. From the home of in-cosmetics Korea, Michang is making the connection between petrochemical and beauty by revealing its cosmetic grade white mineral oil products.
The event’s Formulation Day, running on 13th June, will open this year’s in-cosmetics Korea. Launching the three-day showcase, it will comprise an exclusive formulation technique coaching session by industrial experts in the Formulation Lab, live demonstrations in the Sensory Formulation Demonstration area and presentations in the Marketing Trends Theatre.
A ceremony dedicated to the Formulation Day will also take place to celebrate and award R&D teams that have shown the best market-leading innovations.
in-cosmetics Korea will take place from 13th-15th June 2018 in Seoul, with the Formulation Day featured on the opening day. For more information visit korea.in-cosmetics.com.