Future of K-Beauty 2024 - AMORE STORIES - ENGLISH
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2022.07.27
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Future of K-Beauty 2024

South Korea's beauty industry built its reputation on being ahead of the curve, developing beauty innovations that revolutionised skincare and cosmetics across the globe. Search interest in the topic worldwide has been stable throughout the pandemic, peaking early in 2020 (Google Trends). With new innovations combining heritage, culture and science, K-beauty is set to continue to influence and impress. This article highlights the lifestyle trends and products directions brands should focus on to resonate with K-beauty consumers, both at home and internationally.




 

K-lean beauty 2.0: bioengineered ingredients



The clean beauty movement and concern about the impact of large-scale farming on climate change has increased demand for products that are non-toxic and safe for humans, animals and the environment. In South Korea, this has sparked a vegan and cruelty-free beauty boom and with demand for products formulated with natural and organic ingredients set to rise steeply, this raises the question: how can ingredients be sustainably harvested to keep up with rocketing demand? Enter biotech beauty.

 

Lab-engineered natural ingredients will be fully embraced as safe and resource-efficient alternatives and viewed by consumers as a more viable beauty option. While beauty products that use natural ingredients may give a sense of connection to the planet, they are not always eco-ethically sourced. K-beauty Protopians understand the planet's natural resources are finite and are demanding a radical level of innovation and transparency. Bioengineered beauty fuses naturally sourced ingredients with synthetical chemicals orcreates synthetic alternatives to produce active components that arebio-identical to those derived from living organisms, without impacting the natural world.

 

How to action this: biotech beauty holds the key to a more conscious beauty, answering sustainability and efficacy concerns of consumers. Consumers will see bioengineered products as cleaner, safe, more transparent and more effective. Lab-developed ingredients are free of impurities and more stable in potency,further enhancing their appeal.


 


Matchmaker beauty: personalised skincare



Self-diagnoses resulting in incorrect and wasteful purchases will grow the demand for personalised products that guarantee accurate and positive results. K-brands will actas a matchmaker for consumers seeking skincare products aligned to their skin type.

 

Skin irritation and sensitivity have become more prevalent due to environmental aggressors such as fine dust, pollution and climate change as well as misuse of potent products. Personalised skincare products that are uniquely designed for the individual, including their lifestyle and environment, will be the next frontier in K-beauty.

 

How to action this: prioritise personalisation as part of new product development(NPD). Fulfil consumers' desire for unique skincare by offering guidance in choosing the right formulants for their skin types. Avoid broad categories orlabelling that vaguely address or overgeneralise skincare concerns or benefits.


 



Tech-ceptance: beauty tech gets fun



Breakthroughs and developments in next-generation technology will open up never-before-seen beauty innovations that meet new demands for personalised shopping experiences. Tech-powered products will alter and create new beauty habits, with burgeoning self-care and wellbeing priorities in mind.

 

According to Statista, tech-driven beauty purchases in South Korea generated an estimated revenue of $77m in 2021 and is forecast to reach $223.17mby 2026. This includes cosmetics, skincare and personal care products powered by the latest technology that accelerate productivity and efficacy. Beauty tech will no longer merely focus on digital features and advancements in techinnovations, but present experiences that tap into emotional wellbeing and raise the quality of life.

 

How to action this: tools for at-home derma diagnostics will continue to grow in importance, with new variations that determine skin health emerging. Personality tests such as the Myers-Briggs Type Indicator (MBTI) have been trending among South Koreans for determining partner compatibility and understanding differences. This has crossed into skincare with a 'skin MBTI' test – a series of surveys to determine skin type that gaining is popularity with consumers seeking to understand their individual skin needs. Adopting survey technology and personality type analysis into product services adds an element of fun to personalised solutions and will help brands stand out from the pack. As travel restrictions begin to lift, portable and mini beauty devices will also appeal.



 

Into the K-beautyverse: magnifying AR and VR experiences



From ARtry-ons that allow users to preview products to immersive third spaces and avatar makeovers, the metaverse has unlocked a new world of fluid states and digital brand experiences. The merging of realities will place digital and physical experiences on equal footing, and brands will need to take beauty experiences and products into the meta-space.

 

The South Korean Ministry of Science and ICT (MIST) has allocated $7.5bn to the Digital New Deal 2.0 to build its own metaverse and AI research, with the aim of becoming the fifth largest metaverse market by 2026. Digital interactive experiences will continue to play a key role in fostering brand-consumer interactions and new technology will allow for a more complex and creative manipulation of virtual spaces. Luxury beauty brand The History of Whoo collaborated with French artist Pierre Marie on a special edition set, inviting customers to a virtual gallery where a 360-degree VR tour explores stunning visuals and creates deeper connections with the brand.

 

AR technology enhances virtual interactive experiences, letting shoppers try on cosmetics and even test beauty tools. Hera incorporated AR technology into its Insta shop, allowing users to scroll through the app and test the brand's latest Sensual Powder Matte liquid lip collection with its'try with camera' feature.

 

NFTs and virtual goods will grow in importance, acting as social capital. Brands will need to adjust to the phygital lifestyles with products that cross the physical and virtual world.

 

How to action this: virtual identities, personas and avatars will also influence purchasing behaviour. South Korean gaming giant KRAFTON is developing hyperreal human avatars for the metaverse through motion-capture technology trainsits professionals in skin science, virtually ageing and showing the product effects. These avatars have human-like complexions and hair, creating a hyper-realistic experience, and will be increasingly preferred by younger consumers to human assistants.

 

The desire for interactive experiences and the allure of customisable appearances will be key drivers for beauty consumers joining the metaverse. Brands must leverage the inherent benefits of virtual environments, such as inclusivity and self-expression when building virtual spaces, and use immersive experiences and digital content to offer a layer of 'deep service' to K-beautyversals.



 

The groom boom: K-beauty's masculine makeover



Having entered the mainstream, the men's skincare and cosmetics category will offer significant growth for K-beauty brands. Boosted by the international popularity of K-pop boy bands such as BTS, men's K-beauty is challenging Western standards of masculinity and driving demand beyond the domestic market.

 

South Korea has been the forerunner of men's grooming, establishing its global influence in this ever-expanding category. The global male grooming products market is estimated to be worth $81.2bn by 2024 (Statistica), while the overall men's personal care category is anticipated to reach $276.9bn by 2030, with a CAGR of 8.6% from 2021 to 2030. The importance of appearance in Korean social and work cultures as well as increased use of social media and dating apps have placed growing pressure on men to prioritise physical attractiveness.

 

According to beauty retailer OliveYoung, cosmetics such as eyeliner, eyebrow trimmers, cushion foundations and tinted lipbalms are the beauty products most purchased by men. Primera's new skincare line for men, called Men in the Pink, draws inspiration from the phrase 'in the pink', meaning to be in good health and spirits. The brand aims to break gender stereotypes associated with the colour pink by associating it with healthy skin.

 

How to action this: male grooming will mirror women's cosmetics, becoming more diverse in category and pigments. The next gen of K-beauty men's brands must work to break the stigma against male cosmetics with full visual representation and education. Gender-inclusive products are one option, but demand for male-specific beauty brands made by men for men will grow. Look to Black Monster, Grafen, Be Ready and Obge that are normalising cosmetics for men and taking it beyond a sub-category.


 


The Korean Wave: harnessing culture in beauty



Dubbed the Korean Wave, South Korean culture and content – from movies and dramas to musicand beauty – has captivated people across cultures. K-beauty has been a leading influence in the skincare and beauty industries, leading the way with creativity, innovation and its connection to cultural heritage. Boosted by the Korean Wave, interest in K-beauty across the world shows no sign of stopping.

 

K-beauty's global appeal lies in its innovative use of local ingredients and unique formulation methods such as fermentation, an age-old process reworked with modern science that helps foster a healthy skinmicrobiome. Sulwhasoo incorporates traditional herbal medicine – with roots dating back to as early as 3000 BC – to its product offerings. Fermentation is used to further bring out the ingredient's beneficial compounds. Triggering a global trend, fermented beauty has seen a growing number of Western brands incorporating fermented ingredients, such as Glossier's Cleanser Concentrate with fermented grape and Drunk Elephant's fermented sake, kombucha and hops Sweet Biome Fermented Sake Spray.

 

Collaborations with K-pop artists will continue to be a powerful strategy to target overseas fans and consumers. This is due in part to K-pop artists and groups being inextricably tied to shaping beauty trends and standards.

 

How to action this: leverage K-pop's influence on beauty trends in product development. Products that help domestic and global customers replicate looks by their favourite K-pop artist will resonate with this enormous fan base. Also look to creative collaborations with rising stars across Korean Wave areas.

 

When it comes to beauty products and presentation, amplify the 'Korean-ness' to pique the interest of global consumers who will continue to seek something unheard of in their own beauty cultures. Innovative skincare solutions that embody the country's unique culture – whether by ingredients, extraction and formulation methods or age-old beauty rituals – will appeal to domestic consumers proud of their Korean heritage as well as international customers. And while Western beauty standards have shaped the way Asian consumers perceive beauty thus far, the growing acceptance of diversity has created a more positive environment and demand for beauty where differences in physical appearance are embraced and celebrated.


 


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