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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

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