Korea’s cosmetic industry is accelerating rapidly and continues to command the spotlight as one of the leading nations in cosmetic trends, innovation and technology. Its influence seems to be reaching fever pitch, not only domestically but internationally too.
Several factors have contributed to Korea’s success in the cosmetics and personal care industry. Koreans as a population spend more on personal care products than any other nation. Korean men now spend more on cosmetics than males in any other country. This means the market for personal care products, and in particular deodorants, continues to grow. Over the past four years alone, sales for men over 60 rose by 72.8 percent, according to KB Kookmin.
And it’s not just Korean men driving the surge. According to Euromonitor International, targeting specific generations with different strategies has been hugely successful. Perhaps the newest market to emerge, the middle class ‘masstige’, is combining the trends of luxury and quality, targeting Generation X with good quality, mass-produced products at affordable prices.
In contrast, the ‘Silver Surfer’ generation is focused on anti-ageing products. The desire to look younger for longer continues with older generations willing to spend more on these products.
However younger consumers, with their increased spending power and greater understanding of technology, have different priorities. Millennials’ desire for a more personalised cosmetic experience call for a different approach than other generations. Products are retailed at standalone concessions rather than department stores, giving the younger generation that individual identity they crave.
Increased e-commerce has also contributed to Korea’s new-found foothold in the market. According to Statistics Korea, online shopping transactions grew by 11.3% (YOY to April 2016) and 20.5% in the previous month, compared to the same month in 2015. Furthermore, it found cosmetics was the most popular market leading this growth – 32.5% of consumers bought cosmetics in April compared to last year. A key factor behind this growth is mobile retail.
When it comes to the actual cosmetics themselves, Korean products are of the highest possible quality. Particular areas of interest are skin health, whitening and hydration – porcelain, dewy skin with a pristine complexion is a hallmark of beauty in the country. However, Koreans are also devoted fans of colour in cosmetics, anti-ageing, anti-pollution, green products and sustainability.
These areas will be examined in depth when in-cosmetics returns to Korea this year from 6-7 July at COEX, Seoul. The free-to-attend event will boast over 200 suppliers, making it 25 percent bigger than its inaugural event last year. During the event’s education programme some of the industry’s hottest themes will be discussed, with global experts presenting the latest thinking on pollution protection, preservatives and halal certification. Seminars will be grouped under three themes: Science and Technology, Technical Innovation and Marketing Trends and Regulations.
Cosmetic science and innovation
On the first day, organised in association with Korea’s National Coordinating Centre for Global Cosmetics R&D (NCR), eight seminars covering the latest scientific developments, especially those being driven by Korea, will take place. Themes for these seminars include biotech, stem cells, nanotechnology, nutricosmetics and in-vivo skin analysis.
Leading professionals in these areas will deliver content, including Dong Wook Shin of the AmorePacific Corporation R&D Centre who will speak about skin stem cells-based anti-ageing bio-cosmetics – some of the industry’s most ground-breaking work.
Delegates at these seminars will also have the opportunity to learn about nanoscale emulsions and neurocosmetic anti-inflammatory agents; Professor Yunhi Cho from Kyung Hee University will present her research on how nutriceuticals, such as borage oil, can balance skin pH.
As the consumer market is now heavily focused on ‘natural’ products, the programme will also address the latest trends in this area, with talks on plant-derived alternatives and neurotoxins, as well as discussions around developing cosmetic materials based on traditional Korean medicine prescriptions.
Technical Innovation
A second series of seminars, designed to tackle the key topics in cosmetic technical innovation will also be on offer, with more than a dozen presentations on new active and functional ingredients. These will include discussions around pollution protection and peptides, emollients and biosurfactants, crucial for those visitors interested in learning about the future of cosmetics.
Chang Wang, APAC Regional Sales & Marketing Manager-Skincare at Lipotec, will present a session on pollution protection and introduce PollushieldTM, the supplier’s newest dual action anti-pollution ingredient, tested in vivo in Beijing.
Given the global trends in skincare and the popularity of emollients, Tiffany Oliphant, Clinical Services Manager at Floratech, will introduce visitors to L22 – a new natural, functional cosmetic emollient that mimics human skin surface lipids using botanically-sourced lipids.
Anti-ageing, another huge trend in the Asian market, will also be a main focus at these seminars. Paulo K.R. Yoon, Ph. D / Director, Gattefossé Asia Pacific, will share insights on the global market for anti-ageing and discuss the company’s new Gatuline Renew, a product that targets and improves skin texture. In addition, Keedon Park, President and CEO of Incospharm, will present his biotech firm’s newest vitamin-peptide hybrid that reduces wrinkles and increases collagen synthesis.
Marketing Trends and Regulation Seminars
The Marketing Trends sessions will cover the hottest topics such as anti-ageing, skin whitening, K-beauty and Halal. Presentations not to be missed include ‘Formulating brand leading products’, ‘Future raw material trends that go beyond colour and texture’, ‘Trends within the global personal care ingredients market’ and ‘New beauty trends originating from Korea’.
In addition, sessions on Regulations will also take place, discussing a range of topics including computer-based animal testing alternatives, Chinese regulations and global ingredient regulatory compliance amongst others.
Innovation in the spotlight
Another series of presentations will focus on innovative ingredients and formulations. During in-cosmetics Korea a number of leading cosmetic ingredients suppliers will highlight how their products can inspire new ideas.
Among those to present will be Gattefossé who will highlight how Gatuline Renew can target anti-ageing from a different scientific approach for visible benefits.
As skin-type sensitivity is a priority for many manufacturers and consumers, Incospharm Corp’s products Aquatide and Aquatide TripleShield use new technology, addressing ageing and pollution, as well as catering for different skin types. With millennials in Korea focusing on individualised care and personalised cosmetics, Incospharm Corp is clearly on trend.
With the health concerns and awareness of UV and blue light, it is little wonder that skin protection is the latest emerging interest in the industry. Greentech’s Solilberine is a new product focused solely on this issue.
Finally, Spec-Chem Industry’s SpecAWK Plus is a multi-functional, natural, traditional Chinese medicine approach to address all skin concerns and is well-positioned with the focus on natural products.
200-plus businesses on the show floor
In addition to the many companies that exhibited at the event last year, there are also a number of new organisations, promising exciting ingredients that tap into the latest industry trends. Some of the new exhibitors to look out for include:
Croda (Stand E70), manufacturer of speciality chemical ingredients, has recently celebrated 20 years of manufacturing halal-certified products at its site in Singapore. It has just launched Prolevis™, a new high molecular protein hydrolysate with film forming properties that envelops the skin, instantly smoothing visible surface wrinkles and imperfections.
Morechem, from South Korea (Stand C20), specialises in cosmetic ingredients based on natural, sustainable resources. Products are developed via various extraction processes, fermentation, bio-conversion, isolation and encapsulation of actives (stabilisation and solubilisation).
Neelikon Food Dyes and Chemicals from India (Stand L28) is a producer of dyes and pigments for colour cosmetic and personal care applications. Its colours are sold in over 100 countries through distributors or their own sales offices in the UK and China.
Sirius from France (Stand J18) offers unparalleled knowledge in the field of natural products with its range of 100 percent pure and organic essential oils and essential vanilla. Its oils and floral essences include resins, poultices, vanilla spices and medicinal herbs.
Spec-Chem Industry from China (Stand G40) is a high-tech enterprise with R&D, production and personal care ingredients. It develops ingredients for application in skin-whitening, anti-ageing and other personal care product ingredients and supplies the likes of L’Oréal and Estée Lauder.
Sarah Gibson, Exhibition Director for in-cosmetics Korea said: “K-beauty products are now in the spotlight around the globe and, as such, we expect cosmetic manufacturers to see this event as a valuable location to identify the trends and ingredients to create new products and increase sales across the globe.”
With the range of products and new exhibitors on offer, this promises to be an unmissable event for those in the cosmetic industry. For full information about in-cosmetics Korea’s exhibitors, visit www.in-cosmeticskorea.com/exhibitors.The event will open at 10am on 6 and 7 July, closing at 6pm. Visit www.in-cosmeticskorea.com/register to register for free by 1 July.
