North America K-Beauty Products Market

North America K-Beauty Products Market Size (2024 to 2029)

The K-beauty products market in North America is anticipated to be worth USD 8.23 billion by 2029 from USD 4.95 billion in 2024, growing at a CAGR of 10.69% from 2024 to 2029.

MARKET OVERVIEW

K-beauty is primarily concerned with skincare, but it also makes sure that its products are appealing and inexpensive. Korean beauty products are constantly evolving to include new technologies, particularly in the area of raw ingredients. Snail slime, bee venom, starfish extract, hog collagen, and morph masks are just a few of the unusual compounds utilized in K-beauty. Because of its high product margin, the K-beauty industry is becoming a more significant and more successful business for cosmetics companies.

Slim figures, a small face, a v-shaped jaw, a pale complexion, straight eyebrows, flawless skin, and larger eyes are all valued in Korean beauty standards. In addition, Aegyo-Sal, a phrase used in Korea to refer to microscopic fatty deposits beneath the eyes that are supposed to give a person a more youthful appearance, is one of the beauty criteria for the eyes. Therefore, consumers in the U.S. and Canada came to know these advantages of using K-beauty products and were seeking more interest in purchasing these products, which further propels the K-beauty products market growth in North America. Women's increased use of cosmetics due to increased female engagement in social and economic activities has had a significant positive impact on the K-beauty products market. In addition, following the rise in income levels, there is a larger demand for high-priced premium cosmetics. These factors combine to drive the North American market for K-beauty products. On the other hand, most of the population in North America came to know that these K-beauty products are used for both men and women. Therefore, there is an increase in the ratio of people purchasing these K-beauty products, which fuels the market growth in North America.

On the contrary, increased consumer knowledge of the benefits and distinctiveness of K-beauty products across the North American region creates a massive opportunity for market expansion for K-beauty product manufacturers. Moreover, the population across the North American region shows interest in purchasing K-beauty products, as these help nourish skin. As a result, the North American K-beauty products market is becoming more attractive, and the companies can experience greater sales.

The growing popularity of veganism, on the other hand, may have a detrimental impact on the growth of the K-beauty products market in North America. The growing number of environmentally sensitive consumers, particularly regarding sustainability, environmental effects, and animal welfare, is limiting the expansion of the North American K-beauty products market.

Impact of COVID-19 on North America K-Beauty products market

Manufacturers of K-Beauty goods are shifting their focus to hand sanitizers, cleaning agents, and personal care products, which have been in high demand throughout the pandemic. Keeping in mind the advent of the COVID-19 epidemic, producers have intensified their social media advertising of herbal skin care products in order to reach a larger audience. Lockdowns and curfews were enforced in countries worldwide, affecting people's lifestyles, health and well-being, and manufacturing businesses. Moreover, many exporters are experiencing critical hurdles during this epidemic, including import and export limitations on commodities, as well as quarantine and lockdown measures enforced by governments.

REPORT COVERAGE

This research report on the North American K-beauty products market has been segmented and sub-segmented based on product type, end-user, distribution channel, and region.

North America K-Beauty Products Market By Product Type

• Sheet Masks
• Cleansers
• Moisturizers
• Makeup
• Others

Sheet masks, by product type, captured the most K-beauty market share in 2019 since they appeal to consumers' desires for inexpensive and quick-acting treatments. These products can help maintain the skin's attractiveness and health by tightening, hydrating, soothing, and brightening, among other things. As a result of their ease of use and price, sheet masks have a significant North American K-Beauty Products market share.

North America K-Beauty Products Market By End User

• Male
• Female

The North America K-Beauty Products Market is divided into male and female categories based on the end consumer. The female segment accounts for most of the end-user segment; however, due to rising image consciousness and self-esteem, the male segment is expected to develop faster.

North America K-Beauty Products Market By Distribution Channel

• Online Retail
• Supermarket/Hypermarket
• Specialty/Monobrand Stores

The North America K-beauty products market is divided into three categories based on distribution channels: online retail, supermarket/hypermarket, and specialty/mono-brand stores. Consumers who buy beauty products want personal service and guidance. Hence specialty and mono-brand stores have the biggest market share of all the channels. Customers like specialty stores because they provide excellent customer counseling, after-sales service, deals, promotions, and other similar techniques. Moreover, the online retail segment is predicted to develop at the fastest rate throughout the K-beauty products market forecast period, owing to its ease of use and convenience.

North America K-Beauty Products Market By Region

• The U.S.
• Canada
• Mexico
• Rest of North America

The North American region accounted for a considerable share of the global market in 2022 and is estimated to grow at a prominent CAGR during the forecast period. According to a 2019 survey on the international appeal of South Korean beauty products, roughly 29.4% of respondents in the United States believe K-beauty is very popular in the country. The success of the items can largely be attributed to the natural elements that make them up. As customers become more conscious of the possible toxicity of cosmetics, the market for fragrance-free products created with essential oils is expected to rise rapidly in the coming years.

In 2020, however, consumers in Canada will place a greater emphasis on self-care and pampering in order to maintain skin health. The pampering movement significantly augmented general-purpose body care, although it was primarily used as a stress-reduction technique. Furthermore, Canadians began to view body care as an extension of facial skincare, resulting in a holistic view of the skin. Therefore, these are the crucial factors that are expected to have an impact on the growth of the K-beauty products market in North America in the next years.

KEY MARKET PLAYERS

Companies playing a noteworthy role in the North American K-beauty products market are ABLE C&C CO., Ltd., Adwin Korea Corp, Annie's Way International Co., Ltd., The Beauty Factory, Ltd., Bluehug, Inc., BNH Cosmetics, Ceragem Health and Beauty Co, Ltd., CK Beauty Enterprise Inc., LG Household & Health Care, and Amorepacific Corporation.

RECENT HAPPENINGS IN THE MARKET

• To expand its global network, BNH Cosmetics Co. has announced its marketing partnership with KMA, Korea Model Association. This partnership will further provide BNH Cosmetics with young, energetic, and talented ambassadors along with KMA to further enlarge its strategies overseas.