Skip to main content

Korean Beauty Trends & Industry News: 23-09-04

Beauty poster by Pabby cosmetics

Record Highs Achieved: Korean Lipstick Exports Merge 'Lipstick Effect' with K-Pop Wave

From January to July this year, Korea's export of lipsticks and lip cosmetics reached an all-time high of $198 million, marking a 63.5% increase compared to the same period last year. In terms of weight, around 3,415 tons were exported, including 23 million lipsticks and 99 million items like lip tints, lip balms, and lip glosses.

The United States accounted for 42.2% of the export value, followed by Japan at 15.1% and China at 9.5%. Particularly, Japan saw a striking 170.7% growth year-over-year. Exports were shipped to a record 125 countries.

The surge is attributed to factors like the 'lipstick effect', where cheap products see increased consumption during economic downturns, easing of mask mandates, and the global spread of Korean culture. Trade analysts state these factors contributed significantly to the growth.

Stock prices for AmorePacific and LG Household & Health Care rose 18.3% and 13.2%, respectively, over the past month. Trade balances also recorded a surplus, and the performance for the whole of last year has already been caught up in just seven months.


Ministry and L'Oreal Kickstart Support for BeautyTech Startups

The Ministry of Small and Medium-sized Enterprises (SMEs) and French beauty giant L'Oreal have begun substantive cooperation to support beauty tech startups and SMEs. This move comes after the agreement signed last June in Paris. 

Their "Big Bang Open Innovation" program aims to discover promising companies and take them global. Projects will focus on personalized UV protection, Mixed Reality (MR) skin care devices, and skin improvement drug delivery, among others.

Selected companies will get the opportunity for joint ventures with L'Oreal and test their technology and services in Seoul and Paris. Additionally, the ministry will provide funding through its promotion agency.


New Ingredient Disclosure Guidelines Proposed by the Korean Cosmetic Association

The ingredient standardization committee of the Korean Cosmetic Association has proposed new guidelines, stating that solvents used in extracts must be disclosed separately. 

This is to enhance consumer knowledge and align with global trends. According to the new guidelines, solvents like 'Hexanediol' must also be disclosed. These standards will be applied to new products six months from now and to existing products two years from now.


P&K Enters the Color Cosmetics Market Through Subsidiary Konirica

P&K, a domestic skin application testing company, has launched a new subsidiary, 'Konirica Cosmetics,' to develop and release differentiated products in the color cosmetics market. Marco Nannini, a former lab director for a renowned Italian color cosmetics manufacturer, co-founded Konirica.

Nannini has a 20-year track record of successful product development and launches with major brands like L'Oreal, Estée Lauder, and Shiseido. With this expertise, Konirica aims to bring a fresh wave to the rapidly growing color cosmetics market in the post-pandemic era.

Konirica launched its 'High Glow Foundation' at the end of August and plans to expand its color cosmetics business to the Americas and Europe.
Location: South Korea

Comments

Post a Comment

Popular posts from this blog

Misleading Claims in Microneedle Skincare Products: 82 Cases Identified

     Recently, microneedle skincare products have gained significant popularity, but Korea’s Ministry of Food and Drug Safety (MFDS) has uncovered that over 80% of these products being sold online are making false or exaggerated claims. After reviewing 100 online posts, the MFDS found that 82 of them violated Korea’s cosmetics regulations, leading to requests for the posts to be blocked by the Korea Communications Standards Commission. The misleading advertisements primarily claimed that microneedles could penetrate deep into the skin layers or promised immediate pore reduction, both of which are not scientifically validated for general cosmetic products. Microneedles are a medical technology designed to deliver substances into the deeper layers of the skin, typically used in drugs and medical devices. However, in the cosmetics industry, these products generally do not have the same capabilities. Some companies falsely advertised their products as having effects similar t...
Post a Comment
Read more

Which sunscreen should I use, Inorganic or Organic?

Overview There are mainly two types of sunscreen: Physical and Chemical.  Inorganic sunscreens are also called Physical Sunscreen or Mineral Sunscreen. Organic sunscreens are also called Chemical Sunscreens. A term Inorganic and organic are derived from chemistry. * Organic Chemistry: The Study of Molecules Based on Carbon, Hydrogen, and Nitrogen * Inorganic Chemistry: The study of compounds other than organic chemicals A sunscreen can, of course, have both of these functions. It is called a Mixed sunscreen or a Combined sunscreen, and these days, many brands are developing products like this. Through this post, let's find out what inorganic and organic sunscreens are, and what sunscreens are most suitable for one to use. The difference between inorganic and organic sunscreen. Inorganic sunscreen is a sunscreen that forms a protective layer on the surface of the skin to block ultraviolet rays before they penetrate into the skin. Most product contains titanium dioxide and zinc oxid...
Post a Comment
Read more

Convenience Stores Redefine the Beauty Industry in Korea

     The landscape of Korea’s beauty industry is shifting, with convenience stores emerging as unexpected players in the cosmetics market. No longer confined to high-end department stores or specialty shops, beauty products have found a new home on the shelves of GS25, CU, and 7-Eleven. By embracing affordability and accessibility, these convenience store chains are disrupting traditional distribution channels, signaling profound implications for Korea's beauty sector. Affordable Beauty for the Value-Conscious Consumer      In an era of high inflation, consumers are prioritizing practicality and value. Convenience stores have stepped in to meet these demands, offering essential skincare products like sheet masks, sunscreens, and serums at prices ranging from $0.50 to $3. These items, often packaged in single-use portions, have gained immense popularity, particularly among Gen Z and Millennials. This strategic focus on affordability is not only a nod to you...
Post a Comment
Read more