Saturday, January 28, 2023
No Result
View All Result
  • Home
  • Recent
  • Business
  • Economy
  • Investing
  • Markets
  • Personal Finance
  • Retirement
  • Tech
  • Startups
  • Insurance
  • Market Research
  • Crypto
  • Home
  • Recent
  • Business
  • Economy
  • Investing
  • Markets
  • Personal Finance
  • Retirement
  • Tech
  • Startups
  • Insurance
  • Market Research
  • Crypto
No Result
View All Result
Home Market Research

Eco ethics: The next K-Beauty megatrend to look out for

Updates Finance by Updates Finance
July 5, 2022
in Market Research
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

6 Things To Know – GWI

Innovation Strategy Tools (Part Two)

Service Providers Set For Growth In 2023 Despite An Uncertain Business Outlook

Hwa Jun Lee


Hwa Jun is a Senior Beauty and Personal Care Analyst at Mintel, based in Seoul.
July 05th, 2022July 05th, 2022

South Korea’s skincare category continues to grow despite current economic uncertainties. The facial skincare market alone is forecast to reach KRW 5.47 trillion (approx. US$ 4.3 billion) this year, which is 1.6% higher from 2021, according to Mintel Market Sizes.

This steady growth trend also highlights the dominance of eco ethics in the K-Beauty industry. Over the last three years, new product launches have seen ethical claims like environmentally-friendly packaging nearly double to 24% compared to 13% in 2020, according to Mintel New Products Database (GNPD)*.

Rising consumer consciousness around ethical and sustainable issues is driving a socially responsible response from brands. To put this into perspective, 32% of Australian consumers say that they are willing to spend more on a beauty or grooming product that is environmentally friendly.**

Recycling becomes the new norm

South Korean brands like Tirtir have focused on recycling. Launched in 2021, the Tir:cycle campaign encourages customers to bring empty Tirtir product bottles (made of glass or plastic) to its physical stores with incentives such as discounts and coupons to encourage participation. Beauty brand Melixir also launched a similar campaign with global recycling company TerraCycle.

Brands are taking this a step further through packaging innovation. For example, Benton Goodbye Redness Centella Powderwash retails in a 30g pack, using 100% sugar cane-derived, tree-free, biodegradable, and soy ink-printed paper, bearing the Earth Pact and FBC (free from bleaching chemicals) logos.

Benton Goodbye Redness Centella Powder Wash; Source: Mintel GNPD

Offer ethical ingredients and sourcing

To strengthen sustainability claims, brands need to be transparent with their communication. As interest in the safety and environmental impact of ingredients used in beauty products increases, consumers will demand detailed information on the origin of ingredients. Over one-third (36%) of Chinese consumers are willing to spend more on a beauty or grooming product that provides information on ingredient sourcing.***

Ma:nyo Zaódam Acorn Mask Pack; Source: Mintel GNPD

Ma:nyo Zaódam Acorn Mask Pack is one example. It is formulated with fresh acorns from Hongcheon, South Korea, that are fermented twice for 72 hours to maximize the active ingredients. It also contains green tea from Boseong, Centella Asiatica from Jeju island, and bamboo shoots from Damyang which have a soothing effect on the skin.

Highlighting locally sourced ingredients in a sustainable way will stand out and forge a deeper connection to local communities while feeding consumer appetite for eco-friendly beauty products.

Expand offerings with vegan formulations

Vegan skincare is also gaining popularity in South Korea. Our research indicates that a vegan formula is strongly associated with sustainability and brands can combine this with other eco-friendly aspects of ethical beauty. 

Dr. Ceuracle’s vegan kombucha tea gel cream; Source: Mintel GNPD

Dr. Ceuracle’s vegan kombucha tea gel cream has been vegan-certified by the Korea Agency of Vegan Certification and has undergone eco-ethical manufacturing processes. It retails in FSC Mix-certified packaging made with upcycled and recyclable material. It is also free from elementary chlorine and plastic.

What’s next

As consumers demand more from brands and become increasingly sophisticated in their understanding of environmental issues, brands will be under pressure to ensure they are incorporating sustainability into their core business practices. According to Mintel Trend Rethink Plastic, brands and consumers are reviewing their behaviors to prevent plastic pollution. We expect South Korean beauty brands to continue to move in this direction, focusing on packaging and product formulation.

References:

* Between January 2019-December 2021

**, *** 1,000 Australian internet users aged 18+; 1,000 Chinese internet users aged 18+; Mintel Global Consumer, August 2021





Source link

Tags: EcoethicsKBeautymegatrend
Share30Tweet19
Updates Finance

Updates Finance

Recommended For You

6 Things To Know – GWI

by Updates Finance
January 27, 2023
0

On February 12, Super Bowl LVII will kick off in Arizona and if past viewership numbers hold up, over 110 million viewers could be tuning in. Part football...

Read more

Innovation Strategy Tools (Part Two)

by Updates Finance
January 27, 2023
0

Last month, we discussed Innovation Strategy and how market researchers can use this to develop an innovation strategy that has the potential to grow a business. What is...

Read more

Service Providers Set For Growth In 2023 Despite An Uncertain Business Outlook

by Updates Finance
January 27, 2023
0

2022 was a tough year, and economic forecasts show uncertainty about what will happen in 2023. Complex global geo-political conditions see constant announcements of budget cuts, layoffs, and...

Read more

How beauty brands in APAC can stay relevant

by Updates Finance
January 27, 2023
0

Sharon is a Director of Consulting, Beauty and Personal Care, South APAC, at Mintel. With over 12 years of experience in the FMCG industry, she helps beauty manufacturers,...

Read more

Key Facts About the Global Cloud Kitchen Market

by Updates Finance
January 26, 2023
0

Cloud kitchens are platforms that offer a wide range of foods, drinks, and cuisine items intended for delivery only. The thriving food-delivery ecosystem served as the central pillar...

Read more
Next Post

The AmazonBasics Aurora Vista 1500 UPS Review: Passable Power

Related News

Chinese ambassador thanks Musk for proposing ‘special administration zone’ for Taiwan

October 9, 2022

Three Mindflaying Facts About AI For B2B Marketers

August 10, 2022

Tech Stocks Will Fall in the 2023 Silicon Shakeout

January 5, 2023

Browse by Category

  • Business
  • Cryptocurrency
  • Economy
  • Insurance
  • Investing
  • Latest updates
  • Market Research
  • Markets
  • Personal Finance
  • Retirement
  • Startups
  • Technology

Get the latest Financial news on updatesfinance.com. Business news, Economy news, Investing news, Personal Finance and more.

CATEGORIES

  • Business
  • Cryptocurrency
  • Economy
  • Insurance
  • Investing
  • Latest updates
  • Market Research
  • Markets
  • Personal Finance
  • Retirement
  • Startups
  • Technology

Recent News

  • Video shows Memphis police beating of Tyre Nichols
  • Nestle to invest $100 million in Colombia, says Colombia president By Reuters

Copyright © 2022 - Updates Finance..

No Result
View All Result
  • Home
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Updates Finance..

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?