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Korean Beauty Trends & Industry News: 23-09-20

Letter B surrounded by cosmetics and all other accessory

China's Cosmetic Market: Growth, Regulations, and the Dilemma for Foreign Brands

China's cosmetics market has been rapidly expanding, even post-pandemic. The easing of mask mandates has notably boosted expenditures on products like lipstick, perfumes, and moisturizers. According to McKinsey Consulting, China is expected to account for about one-sixth of global beauty retail sales by 2027. This indicates a high likelihood of continued growth in China's cosmetic market.

However, this expansion has its drawbacks for foreign brands. China has been tightening regulations on cosmetics, putting limitations on sales for brands from France, the United States, and other countries. Chinese authorities require detailed information on ingredients and manufacturing processes, raising concerns about the disclosure of trade secrets.

Particularly, French brands like L'Oréal and Lancôme, which hold significant market shares in China, have garnered the active intervention of the French government. Countries like the United States, France, and South Korea are among 11 cosmetics-exporting countries urging China to relax these import regulations. The enhanced regulations and customs checks have resulted in a significant decrease in sales for foreign-made cosmetics.


Gyeonggi Province and KINTEX Boost Global Expansion for Beauty SMEs with 'K-Beauty Expo Indonesia 2023'

From September 21st to 23rd, Gyeonggi Province and the Korea International Exhibition Center (KINTEX) will host the 'K-Beauty Expo Indonesia 2023' at the Jakarta International Expo (JIExpo) in Indonesia. This event marks the fourth iteration since its inception in 2019 and has gained considerable attention in Indonesia. Last year's expo even saw attendance from the Deputy Minister of Trade in Indonesia and the President of the Cosmetics Association.

A total of 47 South Korean beauty small and medium-sized enterprises (SMEs) are expected to participate in the event. Gyeonggi Province plans to subsidize 40 of these local businesses by covering costs such as booth participation fees, interpreter fees, and transportation. In collaboration with the Korea Trade-Investment Promotion Agency (KOTRA) Jakarta Trade Center, they also plan to invite approximately 50 local buyers for export consultations and 1-on-1 trade consultations.

During the expo period, the 'INDO BEAUTY EXPO,' a B2B beauty fair, will also take place. Indonesia is the largest consumer market in Southeast Asia, boasting the highest GDP and population. Korean cosmetics lead the imported beauty market in Indonesia, making up 22% of the market. Following this, the largest domestic beauty event, the 'K-Beauty Expo Korea 2023,' is scheduled to be held in October at KINTEX in Goyang, South Korea.

Taesung Han, the head of the Bio-Industry Division in Gyeonggi Province, emphasized, "At the K-Beauty Expo in Taiwan last August, 67 beauty companies participated and secured export deals amounting to around $20 million. We are planning for this Indonesian expo to be equally successful."


Sunjin Beauty Science Unveils Two Clean Beauty Innovations: Targets Global Market Expansion

Sunjin Beauty Science, a company specializing in cosmetic ingredients, recently showcased two new clean beauty technologies at the '2023 International Federation of Societies of Cosmetic Chemists (IFSCC)' event held in Barcelona, Spain. Clean beauty refers to cosmetics that exclude harmful ingredients to both humans and the environment, a market seeing continual growth. Sunjin Beauty Science is committed to ongoing R&D in response to these market trends.

The first innovation is a 'Natural Pigment Coating' suitable for 'Silicone-Free' makeup. Utilizing Zinc Stearate, the technology enhances the stability and water-resistance between pigments and the coating material. This advancement is expected to offer an alternative to traditional Alkyl Silane-coated pigments in cosmetic formulations.

The second innovation is 'UV Filter Encapsulation Technology.' Organic UV blockers, specifically 'BEMT,' along with silica particles, were used to minimize the sticky feel of the product while reducing the environmental and human health impacts.

As of 2020, the global clean beauty market is valued at $5.44 billion and is projected to grow at an annual rate of 12% until 2027. The company's CEO, Lee Seong-ho, emphasized, "Through continual research, we aim to lead the global market by developing cosmetic ingredients that are innovative and sustainable." These technological advancements are expected to make significant contributions to the sustainability and environmental protection in the cosmetics industry.
Location: South Korea

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