South Korea Hair Care Market Growth Drivers 2024, Rising Revenue, Trends, Key Players, Challenges, Future Scope and Forecast Analysis till 2033: SPER Market Research
Hair care refers to the grooming and cosmetology of hair that develops from the scalp. Hair care habits vary depending on the individual’s culture and the physical properties of their hair. Shampoo, hair color, conditioner, styling products, and hair oil are just some of the hair care options available. Hair care is the sanitary and cosmetic treatment of hair to maintain its health, cleanliness, and style. A wide range of treatments and products are used to treat hair on the scalp, facial hair, and other parts of the body
According to SPER market research, ‘South Korea Hair Care Market Size- By Product Type, By Distribution Channel – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the South Korea Hair Care Market is predicted to reach 1.54 billion by 2033 with a CAGR of 2.29%.
Drivers:
Growing Rate of Hair-Related Issues
The rising incidence of hair-related issues among customers, such as alopecia areata, Telogen effluvium, and other concerns, has created a demand for effective hair care solutions across the region. Consumers use hair care products on a daily basis to avoid problems such as hair loss, dandruff, scalp itching, and other hair-related issues. There is growing awareness of the widespread availability of various hair care products, such as hair oil, shampoo, and conditioner. Hair oils help to increase the strength and length of the hair; as a result, consumers are looking for hair oil depending on their hair type, and manufacturers are focusing on these areas of business, which is driving the sale of hair oil in the market.
Restraints: The severe competition between established and emerging businesses is constraining growth in the hair care market, putting pressure on costs and making it difficult to differentiate products. Low-quality and counterfeit hair care products are another issue in the market, weakening consumer trust and hurting brand reputations. Exchange rate volatility and economic fluctuations also have an impact on product prices, lowering market stability and profitability. Concerns about sustainability are also raised as people become more aware of the harmful impacts of packaging waste and the use of potentially dangerous substances on the environment. To solve these challenges, the sector must be inventive, transparent, and committed to environmentally friendly practices.
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Impact of COVID-19 on South Korea Hair Care Market
The market for hair care products in South Korea has been significantly impacted by the COVID-19 outbreak. At the height of the epidemic, the market saw a spike in internet sales and sales of home hair care products, despite the first lockdowns and limitations having an impact on sales. Sanitizing hair care products are in high demand due to consumer emphasis on hygiene and self-care. The industry’s landscape was altered by the pandemic, which hastened the adoption of digital marketing and e-commerce tactics.
South Korea Hair Care Market Key Players:
The Western Region, which encompasses Seoul and its surrounding urban regions, dominates South Korea’s hair care market. The region’s high population density, urbanization, and concentration of beauty-conscious customers all contribute to considerable demand for hair care products. Significant players in the market also Amorepacific Corporation, LG Household & Health Care Ltd, Tony Moly, Nature Republic Inc, Kao Corporation, Procter & Gamble Co, and other well-known companies.
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South Korea Hair Care Market Size
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