🖥️Market Overview

K-beauty market and outlook

Market growth and value

As of 2023, the size of the K-beauty market is estimated to be approximately $12.39 billion. The compound annual growth rate (CAGR) from 2023 to 2032 is expected to be approximately 7.43%, and accordingly, it is expected to reach approximately $23.62 billion in 2032.

Main segments

The hair care sector is strong in the K-beauty market and is expected to grow at a CAGR of 10.5% from 2023 to 2030. In particular, female consumers form the main consumer group, and rapid growth is also expected among male consumers. Another sector that is showing strong growth is nail art. The global nail art market is growing rapidly, of which the nail polish market alone is worth about $16.2 billion in 2023. By 2030, the compound annual growth rate (CAGR) is expected to reach 6.9%. This popularity has also extended to Korean nail art, which is part of K-beauty, and interest in nail art, nail care, and related products is increasing among domestic and foreign users.

Local insight

North America accounts for a significant share of the K-beauty market. The Asia Pacific region is expected to witness the fastest growth, with rising incomes in emerging markets such as India and China contributing to this growth.

Impact of COVID-19

The pandemic has had a mixed impact on the K-beauty market. As people spend more time at home and focus on self-care, demand for K-beauty products has increased, but has also been challenged by supply chain disruptions and reduced consumption in some regions.