South Korea represent 21% of men's skincare sales
Published
02nd Jul 2013
South Korea continues to be the world’s largest men’s skincare market, with sales of £371m in 2012, representing 21% of global skincare sales for men.
The figure comes from market research and analyst company Euromonitor International, which also reveals that while China is set to overtake South Korea as the biggest revenue generator for men’s skincare by 2017 – South Korea looks set to remain the biggest per capita spender.
South Korean men currently spend twice as much on skincare as their counterparts in Denmark, the second highest-ranking country when it comes to sales of men’s skincare products. The strong men’s skincare sales in South Korea are partly driven by frequent and high profile celebrity endorsements, a phenomenon that has contributed to making it more socially acceptable for men to spend time and money on their appearance.
Major South Korean skincare brands for men include Hera Homme, Vonin, Odyssey, O Hui for Men, Missha for Men and The Face Shop for Men. In 2011, leading South Korean cosmetics company Amore Pacific also launched the Manstudio retail concept, a one-stop shop for men’s grooming needs.
Globally, men’s skincare sales are forecast to grow at a CAGR (compound annual growth rate) of 17% during the 2012-2017 period. The Asia Pacific region, with a predicted growth of 10%, is set to continue to spearhead the expansion of the men’s skincare market. The fastest growing single markets are expected to be China, Indonesia and India.
