India’s Korean Cosmetics Market Trend

Korean cosmetics market in India

India Cosmetics Market Trend

ㅇ Overview
-It is expected that companies i

n the cosmetology industry will

face big challenges

in 2020 due to the COVID-19 outbreak.

-A decline in demand is expected due to

 growing economic uncertainty,

falling consumer confidence,

and long-term lockdown.

-The cosmetics industry is expected to

 gradually recover in 2021,

after a slowdown expected

 in the aftermath of Corona 19 in 2020.

-Growth rate between 2020 and

2021 is expected to be 7.3%

for color cosmetics and 5% for skin care.

-As mask wear became more

 common due to Corona 19, sales of

lip products decreased considerably,

but sales of eye cosmetics were relatively

 small, so it is expected to recover fairly quickly.

-On the other hand, as consumers are

reluctant to visit nail salons, nail-related

products are expected to decline.

-Consumer purchasing power is expected to

 contract due to rising economic uncertainty,

 and in the short term, consumers are expected

 to return to basic line products rather

 than premium line cosmetics.

-As the focus on personal quarantine has

 led to frequent hand washing with hand

sanitizers, sales of hand-related cosmetics

such as hand cream are expected to

 increase slightly in 2020.

-According to a recent report by Euromonitor,

    korea actor

 

 the growth rate of the color cosmetics

market in 2020 fell from 9% before Corona 19

 to 6%, and the growth rate of the skin

care product market fell from 6% to 4%.

-Regarding the distribution of

 cosmetics, e-commerce was one of

the major channels for purchasing cosmetics,

and growth is expected even after Corona 19.

-However, when the retail store is open

after the lockdown is lifted, there is also

 uncertainty between the consumer’s

 tendency to avoid crowding as much as possible

 and the advantage of offline stores that

 can directly test samples.

Korean cosmetics market in India

 

-In February 2020, India’s Ministry of Health

and Welfare proposed a ban on advertising

products such as whitening creams, sexual

enhancement products, anti-aging,

increased memory, improved dental

 function and vision. May face a rupee fine
-The regulations for the advertisement

have not yet officially entered into

force, but are expected to

 be applied sooner or later.

-L’Oreal has announced that it will remove

 words such as whitening (whitening) from

 its products in the wake of ongoing

worldwide protests against racism.

ㅇ Market size
-According to Euromonitor, the total market

size of color cosmetics and skin care

in 2019 will reach $1,154 million and $1,953 million,

 respectively, and by 2024, color cosmetics will

be $1.66 billion and skin care products

will be 25. Expected to reach $23 billion\

-The expected growth rate of

 the cosmetics market in 2021 is

7.3% for color cosmetics and

5% for skin care products.

-Demand for cosmetics is expected to

increase continuously due to increased

 awareness of personal hygiene, improved

 economic power and income level,

and increased online sales.

-Customers’ interest in products made

with natural and herbal ingredients

rather than chemical-based products

                                                                                                           http://news.kotra.or.kr/

korea actor

India Cosmetics Market Trend

ㅇ Overview
-It is expected that companies i

n the cosmetology industry will

face big challenges

in 2020 due to the COVID-19 outbreak.

-A decline in demand is expected due to

 growing economic uncertainty,

falling consumer confidence,

and long-term lockdown.

-The cosmetics industry is expected to

 gradually recover in 2021,

after a slowdown expected

 in the aftermath of Corona 19 in 2020.

-Growth rate between 2020 and

2021 is expected to be 7.3%

for color cosmetics and 5% for skin care.

-As mask wear became more

 common due to Corona 19, sales of

lip products decreased considerably,

but sales of eye cosmetics were relatively

 small, so it is expected to recover fairly quickly.

-On the other hand, as consumers are

reluctant to visit nail salons, nail-related

products are expected to decline.

-Consumer purchasing power is expected to

 contract due to rising economic uncertainty,

 and in the short term, consumers are expected

 to return to basic line products rather

 than premium line cosmetics.

-As the focus on personal quarantine has

 led to frequent hand washing with hand

sanitizers, sales of hand-related cosmetics

such as hand cream are expected to

 increase slightly in 2020.

-According to a recent report by Euromonitor,

    korea actor

 

 the growth rate of the color cosmetics

market in 2020 fell from 9% before Corona 19

 to 6%, and the growth rate of the skin

care product market fell from 6% to 4%.

-Regarding the distribution of

 cosmetics, e-commerce was one of

the major channels for purchasing cosmetics,

and growth is expected even after Corona 19.

-However, when the retail store is open

after the lockdown is lifted, there is also

 uncertainty between the consumer’s

 tendency to avoid crowding as much as possible

 and the advantage of offline stores that

 can directly test samples.

Korean cosmetics market in India

 

-In February 2020, India’s Ministry of Health

and Welfare proposed a ban on advertising

products such as whitening creams, sexual

enhancement products, anti-aging,

increased memory, improved dental

 function and vision. May face a rupee fine
-The regulations for the advertisement

have not yet officially entered into

force, but are expected to

 be applied sooner or later.

-L’Oreal has announced that it will remove

 words such as whitening (whitening) from

 its products in the wake of ongoing

worldwide protests against racism.

ㅇ Market size
-According to Euromonitor, the total market

size of color cosmetics and skin care

in 2019 will reach $1,154 million and $1,953 million,

 respectively, and by 2024, color cosmetics will

be $1.66 billion and skin care products

will be 25. Expected to reach $23 billion\

-The expected growth rate of

 the cosmetics market in 2021 is

7.3% for color cosmetics and

5% for skin care products.

-Demand for cosmetics is expected to

increase continuously due to increased

 awareness of personal hygiene, improved

 economic power and income level,

and increased online sales.

-Customers’ interest in products made

with natural and herbal ingredients

rather than chemical-based products

                                                                                                           http://news.kotra.or.kr/

korea actor