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South Korean cosmetics manufacturers are aggressively entering the burgeoning Indian market, where demand for K-beauty is surging, reported Pulse the English service of Maeil Business Newspaper Korea.
India's beauty and personal care market is projected to reach about USD 45 billion in 2030. The Korea Cosmetics Industry Institute noted in a report that the market reached approximately USD 31.7 billion in 2024, according to industry sources. Shifting beauty preferences in India toward a more natural look, away from sharp contours, bold brows and strong lips, are adding to the appeal of Korean products. A report by Indian beauty platform Kindlife and research firm Datum Intelligence forecasts the Indian market for Korean cosmetics to grow from USD 400 million in 2024 to USD 1.5 billion in 2030, as reported by Pulse. With an annual growth rate of 25.9 per cent, that pace is more than double the 12 per cent growth forecast for India's overall beauty and personal care market. The number of Korean cosmetics buyers in India is also expected to rise from about 11.9 million in 2024 to more than 27 million by 2030, with monthly spending of 1,000 to 3,000 rupees (USD 11.41 to USD 34.22). Kindlife noted India as an attractive market ready for development, where Korean beauty is becoming an integral part of the culture, rather than a short-lived craze. Demographics are another tailwind. About 47.5 per cent of India's 1.4 billion population is under 25, and the median age is 29, compared with 45 in Korea, 49 in Japan, 38 in the U.S., and 39 in China. "Young people in India are already familiar with Korean pop stars and TV shows and are naturally developing an interest in Korean beauty," an industry insider said. "India is emerging as a key market to secure early." Companies are stepping up accordingly. Cosmetics original design manufacturing (ODM) giant Cosmax Inc. plans to set up a local subsidiary in Mumbai by year-end, starting with marketing and customer management and considering production facilities as it wins clients. The company has secured more than 50 Indian clients and received over 30 new product development inquiries this year. Amorepacific Corp., which entered India in 2013 with Innisfree, is focusing on expanding distribution this year. In April, it ran a large promotion to widen consumer reach and is also highlighting Laneige, Etude and Sulwhasoo. Innisfree India posted sales of 11.7 billion won ($8.4 million) last year, up 58 per cent from a year earlier. LG H&H Co. is marketing Ohui, Su:m37@, The History of Whoo, Belif and The Face Shop in India. The Face Shop, which entered India online in 2016, has been expanding into offline channels. Independent brands are joining the push. Craver Corp.'s Skin1004 launched on leading beauty platforms Tira and Nykaa, as well as Amazon, this year. From January to July, India sales topped 4.6 billion won, up 345 per cent year on year. Beauty of Joseon by Goodai Global Inc. and Anua by The Founders Inc. are also building recognition, primarily through online platforms,as reported by Pulse. (ANI)
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