Skip to main content

Korean Beauty Trends & Industry News: 23-10-27


The Booming Online Shopping Trend Is Heating Up the Cosmetics Market, But What About Brick-and-Mortar Stores?

Online shopping has become a part of daily life, especially since the onset of COVID-19 has fueled a surge in e-commerce. This year, sales for clothing are expected to hit $17 billion, shoes at $3.5 billion, and cosmetics are not far behind, nearing $8.8 billion. This is largely thanks to the active participation of the Millennial and Gen Z consumers in online shopping. Affordable prices, no transportation costs, and time-saving factors have made online platforms a popular choice among consumers.

The cosmetics market is no exception. Online sales are expected to surpass $9.7 billion, which is a result of fashion and beauty companies bolstering their online marketing strategies. However, this rapid growth has negatively impacted brick-and-mortar stores and sales personnel. Last year saw a decline of 85,000 sales jobs, and physical stores are focusing more on flagship locations.

Overall, the explosive growth of online shopping is greatly influencing the cosmetics market and is triggering rapid changes in various industries and society as a whole. There is a need for balanced measures to manage this trend.


eBay Reports Q3 Earnings in Korea Dominated by K-Beauty Products

Global commerce platform eBay has released the Q3 performance of its Korean sellers, revealing that K-Beauty products are in the lead, following K-Autos and K-Pop. Skincare products are particularly performing well, diversifying into a variety of products including beauty devices like 'LG Pra.L Derma LED Mask' and 'Cellreturn LED Mask Platinum'.

Q3 also saw a surge in sales of collectible trading cards like Pokémon and Yu-Gi-Oh, with a 698% increase. Despite that, cosmetics and beauty-related products continue to maintain high popularity.

With growing interest in international sales, eBay is consistently providing educational support to Korean sellers. "K-Beauty is gaining prestige in the global market; a diversified product range will succeed internationally," says Team Leader Yu Chang-mo.

eBay plans to conduct a 'Global Sales Introduction Seminar' and 'Marketing Tools Strategy Seminar' on November 8th. Applications are open until November 6th.


SK Geo Centric and Amcor Collaborate on Recycled Plastic Raw Materials Starting 2025

SK Geo Centric, in collaboration with global packaging company Amcor, has agreed to supply recycled plastic raw materials starting 2025. The agreement focuses on converting waste plastic into pyrolysis oil, which will be used in packaging materials produced by Amcor. The quality of pyrolysis oil is comparable to chemical products extracted from crude oil.

SK Geo Centric plans to produce these materials in Ulsan ARC Complex and supply them to Amcor, a New York Stock Exchange-listed corporation with 218 factories in 41 countries and around 41,000 employees. The company has an annual revenue of approximately $14.7 billion.

Technologies like hydrolysis and high-purity PP extraction are also planned to be introduced at Ulsan ARC, enabling the annual recycling of around 320,000 tons of various waste plastics. Both companies are exploring additional collaborations in packaging and looking for opportunities to cooperate with other global companies.

Through this agreement, SK Geo Centric and Amcor will continue to contribute to building a circular economy. Particularly, Amcor is exploring ways to reduce the use of general plastics, which is expected to enhance the sustainability of packaging materials used in pharmaceuticals, cosmetics, food, and various other industries.
Location: 대한민국

Comments

Post a Comment

Popular posts from this blog

Korean Beauty Trends & Industry News: 24-07-03

The K-Beauty Revolution Conquering the Global Beauty Market      Korean beauty products, known as K-Beauty, are rapidly rising in the global beauty market. By the end of last year, the number of cosmetic companies in Korea exceeded 31,524, tripling from 10,000 in 2017 in just six years. In the first half of this year alone, K-Beauty exports reached $4.81 billion, an increase of 17.8% from the previous year, making it one of the fastest-growing sectors, behind only semiconductors, computers, and ships. The key to K-Beauty's success lies in its rapid innovation and diverse product range. A recent example is American beauty influencer Darsie, who praised the K-Beauty brand Tirtir's dark-tone cushion foundation. Her positive review garnered over 38.8 million views and more than 10,000 comments, boosting Tirtir's new product to the top of Amazon's beauty category in the U.S. upon release. K-Beauty's strength in the global market is its quick product innovation. Japanese ...
Post a Comment
Read more

Korean Beauty Trends & Industry News: 24-12-20

Korean Convenience Stores Enter the Affordable Beauty Market      Korean convenience stores are now competing aggressively in the affordable beauty market, targeting younger consumers in their teens and twenties with skincare products priced around 3,000 KRW (about $2.50). These products emphasize small, travel-friendly sizes, practical use, and budget-friendly pricing, making them particularly appealing to younger shoppers. GS25 recently launched six affordable beauty products, including the "Scinic Moist Tone-Up Sun Cream," priced at 3,000 KRW for six individually packaged 2mL units. Earlier this year, GS25 introduced 700 KRW sheet masks and 1,000 KRW moisture pads, doubling its skincare offerings from 10 products last year to 20 in 2024. Similarly, CU launched three affordable skincare products in September, selling 30,000 units in just three months. CU's lineup has expanded to include skin-repairing ampoules and hand creams. Even Seven-Eleven has joined the trend with...
Post a Comment
Read more

Korean Beauty Trends & Industry News: 23-12-18

Intensifying Competition in Cosmetics Delivery: CJ Olive Young, Coupang, Daiso in the Fray In the dynamic world of Korean beauty, CJ Olive Young, Coupang, and Daiso have plunged into a competitive race for cosmetics delivery.  CJ Olive Young's same-day service, "Delivers Today," has seen a 70% increase in usage this year compared to the last. In Seoul, over half of the online orders are delivered through this rapid service.  This company was the first in the cosmetics industry to introduce instant delivery, ensuring swift dispatch directly from stores near the delivery address through their mobile app and online mall. With over 1,300 CJ Olive Young stores nationwide, 80% of which stock indie cosmetics brands, orders made before 8 PM are delivered within 3 hours, averaging around 45 minutes. The company is also expanding its urban logistics centers (MFC) to metropolitan areas next year. Meanwhile, Coupang is focusing on delivering premium authentic cosmetics. In July, they...
Post a Comment
Read more