Korean Beauty Trends & Industry News: 23-12-29

2024 Beauty Trends: Gowoonsesang Cosmetics' F.O.C.U.S Strategy

In 2024, Gowoonsesang Cosmetics has identified key beauty trends through 'AI Optimi', a tool that combines Artificial Intelligence technology with skin data from over 50,000 users. This AI system leverages 460,000 cumulative cases of skin big data to provide skin diagnosis, cosmetic ingredient analysis, and personalized product recommendations.

In the post-pandemic and mask-free era, the focus has shifted to the essence of skin care. Consumers are prioritizing ingredients in their skincare choices, with trends like early anti-aging and natural aging gaining prominence. Additionally, the preference for vegan and clean beauty brands is on the rise, alongside increased interest in men's beauty care.

For 2024, the beauty keywords have been summarized as 'F.O.C.U.S': For man, Omni-beauty, Conscious beauty, Users' taste, and Smart beauty. In men's beauty, there's a notable increase in grooming products tailored for men, with sensitive and oily skin types being the most common among male customers, often concerned with acne and pores.

Omni-beauty highlights the popularity of multifunctional cosmetics, reflecting a demand for time and cost savings in a high-cost economy. Conscious beauty emphasizes value-based consumption, with a growing market for vegan and clean beauty products. User's taste trend reflects the importance of ingredients in consumer choices, with personalized recommendations based on skin type and preferred ingredients becoming more prominent. Lastly, Smart beauty is gaining attention for AI-powered personalized skincare solutions.

Gowoonsesang Cosmetics plans to leverage these trends to provide more consumers with healthy skin solutions in 2024.

Cyclosiloxane Use Reduction: A Warning for Cosmetic Safety

The Korea Consumer Agency has recommended reducing the use of 'Cyclosiloxane' in cosmetics distributed in Korea, citing concerns over its potential harm to human health and the environment. While providing a smooth and refreshing feel, its safety has been questioned. The European Union, Australia, and Japan have already banned the use of Cyclosiloxane D4 due to its suspected reproductive toxicity. California in the United States plans to follow suit by 2027.

In Korea, no standard has been established yet. In a survey of 30 makeup and hair products, D4 was detected in 25, with 20 manufacturers explaining that D4 was unintentionally mixed in during the use of Cyclopentasiloxane (D5) and Cyclohexasiloxane (D6).

The European Union plans to regulate the concentration of Cyclosiloxane (D4, D5, D6) in non-wash-off cosmetics to below 0.1% from 2026. According to this standard, all 30 surveyed products exceeded the D5 limit. The Consumer Agency, after investigating over 3,000 makeup and hair care products, found that over 40% used Cyclosiloxane. Seventeen companies agreed to reduce the use of D4.

The Korea Food and Drug Administration is conducting a risk assessment of cosmetics containing Cyclosiloxane (D4·D5), and plans to establish management standards based on the results. This move is seen as an important step in ensuring consumer safety and sustainable growth in the cosmetics industry.

Cosmax Wins Cultural Heritage Administration Plaque for Promoting Traditional K-Beauty

Cosmax, a leader in cosmetics research, development, and production (ODM), has been awarded a plaque of appreciation from the Cultural Heritage Administration for their efforts in promoting and restoring traditional Korean cosmetics. Since 2020, Cosmax has collaborated with the administration to modernize cosmetics used by Princess Hwahyeop, a daughter of King Yeongjo of Joseon, whose burial artifacts included cosmetics.

Princess Hwahyeop (1733~1752) was the seventh daughter of King Yeongjo and sister to Crown Prince Sado. The discovery of her cosmetics in her tomb laid the foundation for this restoration project. Cosmax analyzed the ingredients and methods of these traditional cosmetics to reinterpret them into contemporary K-beauty products, including the 'Princess Hwahyeop Ceramic Edition' line.

The company has received significant international attention this year. Cosmax showcased the Princess Hwahyeop cosmetic sets at various global events, such as the 70th anniversary of the Korea-U.S. alliance in Washington, the Korea Festival in the United Arab Emirates, and at K-CON events in LA, Tokyo, and London, where 'Princess Hwahyeop Hand Cream' was distributed as souvenirs.

Cosmax CEO Byung-Man Lee stated, "We will continue to explore and research the beauty of Korean traditions, contributing to the global success of K-beauty." This award signifies the company's significant contribution to promoting Korean traditional beauty worldwide.

2024 Budget for Korea Food and Drug Administration Set at 718.2 Billion Won, Focusing on Cosmetic Safety

The Korea Food and Drug Administration's (KFDA) budget for 2024 has been set at 718.2 billion won, a 6.2% increase from the previous year, marking the largest budget since its inception. The budget covers several key areas, including the creation of a safe food and healthy living environment, the expansion of bio and digital health safety and innovation growth, the enhancement of drug control and management, and the establishment of a future-ready food and drug safety management environment.

The budget for cosmetic safety management has been increased by 31% to 21 billion won, compared to 16 billion won in the previous year. This increase is aimed at enhancing the safety and quality management of cosmetics, contributing to the international competitiveness of the domestic cosmetics industry.

The KFDA also plans to boost its digital transformation and advanced management systems in the food and drug sector, with increased budgets for online food and drug safety management, integrated narcotic control systems, and other initiatives. New funding has been allocated for research and development in alternative animal testing and regulatory science technology for innovative medical products.

A KFDA spokesperson stated, "With the secured budget, we are committed to creating a safe environment for food and drugs, supporting the growth of bio and digital health sectors, and ensuring the health and safety of our citizens."

The increased budget for the cosmetics industry aims to strengthen the industry's competitiveness through international regulatory harmonization and to energize regulatory science innovation. Additional funds will be allocated to enhance the integrated surveillance system for narcotic misuse, training professionals for drug addiction prevention and rehabilitation, and more. This budget increase is expected to strengthen the role of the KFDA and build an effective response system for protecting public health.