South Korea is known for its innovative technology and cutting-edge innovations, but the country gained immense popularity for its cosmetic products because of a number of reasons that we have just seen.
Easy availability of raw materials
In South Korea, raw materials are easily available. The country has a strong agricultural base, as it is a major exporter of rice, barley, wheat, soybeans and seafood. It is also the third largest producer of fruit and vegetables in Asia after Japan and China. In addition to being an exporter of raw materials such as tea leaves which are used in natural skin care products like face masks; this has helped to make cosmetics production very feasible in the country.
Government support
- The South Korean government has provided a number of tax benefits and incentives to help the cosmetic industry grow. For example, imported raw materials used in the manufacturing of cosmetics are exempt from import tariffs and taxes.
- The government also supports R&D, innovation and new technology for both domestic and foreign companies.
- They provide education on cosmetic science at all levels: primary school, high school, college and university level. Many universities offer a bachelor’s degree or master’s degree in cosmetic science.
- They promote their products through advertising campaigns overseas using social media platforms like Facebook or Instagram
Growing demand for natural cosmetic products and ease of purchasing them online
More and more people are becoming aware of the harmful effects of chemicals in cosmetics. As a result, there is a growing demand for natural products. In South Korea, this has led to an increase in online shopping: the internet has made it very easy to purchase cosmetics without leaving home. Online shopping is also a growing trend throughout Asia—in fact, China’s online retailers are bigger than Amazon and Alibaba combined!
Highly motivated workforce, specially in the area of research and development
The country has a very high literacy rate, and this means that a large number of people can speak English. This also means that a lot of South Koreans have access to higher education. There are over 1,000 universities and colleges in South Korea. It’s not surprising then, that the country has produced 4 Nobel laureates in science in its history!
Now let’s talk about research professionals: there are more than 10 million scientists working in South Korea today (2018 statistics). The majority work at research institutes affiliated with universities; however, most also work for private institutions or companies as well as government agencies. A small number do freelance consulting work for various organizations around the world who need their expertise on certain subjects related to science and technology development—this is especially true when it comes time for patents or other intellectual property rights applications like trademarks; patents are really important if you want your product line succeed internationally because they provide legal protection against copycats!
Strong Korean brands like AmorePacific and LG house-hold & healthcare, which are well recognised in the region.
AmorePacific is a leading cosmetics company in South Korea and a major shareholder of LG Household & Healthcare, which is a subsidiary of LG Corporation. The latter is one of the largest South Korean conglomerates, with operations ranging from home appliances to electronics and mobile phones.
AmorePacific’s strong brands such as Sulwhasoo and Innisfree are well known in the region. In addition to these two brands, AmorePacific also owns various other skincare lines including Etude House (which sells cute products for teens), Laneige (targeted at women), IOPE (for mature skin) as well as Bobbi Brown and Darphin Paris.
South Korea gained immense popularity for its cosmetic products because of a number of reasons that we have just seen.
The Korean beauty industry has gained immense popularity because of the following reasons:
- South Korea is known for its natural beauty products.
- South Korea is known for its skin care products.
- South Korea is known for its makeup products.
- South Korea is known for its hair care products
Conclusion
The above are some of the key factors that have helped South Korea become one of the world’s leading countries in terms of cosmetic products. The country has also been able to create an image for itself as a hub for cosmetics and beauty products, which makes it a popular destination for tourists looking to buy these items. Now that we have seen why this is so important, let us look at some more information about the industry itself:
