SOUTH KOREA VEGAN COSMETICS MARKET

INTRODUCTION

Cosmetics that are vegan are free of any animal products and their byproducts. Traditional animal-derived components like honey, beeswax, lanolin, collagen, elastin, etc. are swapped out with ones made from plants or minerals.

The term "vegan" does not, however, imply that a product is entirely natural, organic, or not subjected to animal testing. Additionally, a product's claim to be "vegan" does not guarantee that it has an excellent composition or won't trigger an allergic reaction.

For a very long time, vegan cosmetics were regarded as a niche product and were even thought to be of lesser quality. Many people held the opinion that vegan cosmetics might not be of great quality, durability, usability, or beauty.

SOUTH KOREA VEGAN COSMETICS MARKET SIZE AND FORECAST

The South Korea vegan cosmetics market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.

NEW PRODUCT LAUNCH

Through its online shopping portal LDF BUY, Lotte Duty Free, the duty-free division of South Korean retail behemoth Lotte, recently introduced a line of vegan cosmetics.

Grown Alchemist, an Australian company that specialises in natural skincare, and Hunter Lab, an equally gender-inclusive skincare company, will both sell vegan cosmetics through LDF BUY.

Since the vegan cosmetics are not duty-free goods, South Korean customers do not need to travel outside of the nation to buy them online through LDF BUY. The aforementioned brands all employ eco-friendly ingredients and don't subject animals to testing.

Data suggests that  the South Korean market for meat substitutes has grown as more and more young Koreans choose plant-based diets.

In an effort to appeal to the young demographic of millennial and Generation Z beauty consumers, the South Korean consumer goods behemoth LG Household & Health Care (LG H&H) has introduced Freshian, a vegan-certified colour cosmetic brand.

With two different types of cushion compacts, a variety of lip balms, and a sunscreen, the new brand made its debut. The ingredients in the products, which include five different forms of hyaluronic acid and madecassoside, were chosen to "soothe the skin."

MARKET DYNAMICS

Egypt, Kuwait, and Bahrain are just a few of the new areas Egypt-based luxury vegan beauty business Dear Dahlia from South Korea plans to enter this year.

Earlier this year, the brand entered the Middle Eastern beauty industry through a partnership with high-end cosmetics retailer FACES. All of its products contain an exclusive floral extract from the Dahlia variabilis plant that has antioxidant properties. Additional organic, plant-based ingredients in the goods are certified by the USDA, COSMOS, and Ecocert.

COMPANY PROFILE

• PIONEARS
• S. Schwartz Ltd. Natural Cosmetics
• Brushes By Karen Inc.
• ColorStrokes
• Suryaveda Cosmeceuticals Pvt. Ltd.

THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. What is the average cost per  South Korea vegan cosmetics market  right now and how will it change in next 5-6 years? 
2. Average cost to set up a vegan cosmetics market  in South Korea?
3. How many South Korea vegan cosmetics market  are manufactured per annum globally? Who are the sub-component suppliers in different regions?
4. What is happening in the overall public, globally? 
5. Cost breakup of a  South Korea vegan cosmetics market  and key vendor selection criteria
6. Where is the South Korea vegan cosmetics market  manufactured? What is the average margin per equipment?
7. Market share of South Korea vegan cosmetics market  manufacturers and their upcoming products
8. The most important planned  South Korea vegan cosmetics market  in next 2 years
9. Details on network of major South Korea vegan cosmetics market  and pricing plans
10. Cost advantage for OEMs who manufacture South Korea vegan cosmetics market  in-house
11. 5 key predictions for next 5 years in South Korea vegan cosmetics market
12. Average B-2-B South Korea vegan cosmetics market price in all segments
13. Latest trends in South Korea vegan cosmetics market, by every market segment
14. The market size (both volume and value) of South Korea vegan cosmetics market in 2022-2030 and every year in between?
15. Global production breakup of South Korea vegan cosmetics market, by suppliers and their OEM relationship