Modern characteristics of the development of cosmetics industry in the Republic of Korea Khabibullayev Komiljon Murodulla ogli

Modern characteristics of the development of cosmetics industry
in the Republic of Korea
Khabibullayev Komiljon Murodulla ogli
Lecturer in the Department of history,
culture, politics and economics of Korea,
Tashkent State University of Oriental Studies.
Mamarasulova Iroda Zafarjon qizi
Tashkent State University of Oriental Studies
Faculty of Economics of Foreign
Countries (Korea)masters student
Abstract: The purpose of this article is to explore the current trends of the Korean cosmetics market, which has grown rapidly in recent years. Besides, it was analyzed how much income and tourists the cosmetics industry brings to South Korea annually. Research Methodology: This article attempted to study the developments in the Korean cosmetics market based on reliable data. The study analyzed the revenue of Korean cosmetics companies and their role in the Korean economy. Results: The Korean beauty industry is one of the world's leaders and ranks 5th among the world's largest exporters of cosmetics. Korea offers not only high-quality cosmetics, but also aesthetic operations. This, in turn, increases interest in Korean culture and tourism. Conclusion: Korean beauty brands should focus on technology to optimize their business. The competition in Korea is getting tougher and tougher. It's now more important than ever to create content for a global audience, and the demand for K-beauty products is only going to increase.
Key words: cosmetic industry, market, export, aesthetic operation, tourism.
Современные особенности развития косметической промышленности в Республике Корея
Аннотация: Целью данной статьи является изучение современных тенденций корейского косметического рынка, который быстро растет в последние годы. Кроме того, было проанализировано, сколько доходов и туристов ежегодно приносит косметическая индустрия в Южную Корею. Методология исследования: В этой статье предпринята попытка изучить развитие корейского косметического рынка на основе достоверных данных. В исследовании были проанализированы доходы корейских косметических компаний и их роль в корейской экономике. Результаты: Корейская индустрия красоты является одним из мировых лидеров и занимает 5-место среди крупнейших мировых экспортеров косметики. Корея предлагает не только качественную косметику, но и эстетические операции. Это, в свою очередь, повышает интерес к корейской культуре и туризму. Вывод: корейским косметическим брендам следует сосредоточиться на технологиях для оптимизации своего бизнеса. Конкуренция в Корее становится все жестче и жестче. Сейчас как никогда важно создавать контент для глобальной аудитории, и спрос на продукцию K-beauty будет только расти.
Ключевые слова: косметическая промышленность, рынок, экспорт, эстетическая операция, туризм.
Cosmetics and personal care products are used to clean the human body, increase its attractiveness or change its appearance. Cosmetics and personal care products, including everything from deodorants, perfumes, make-up and shampoos to soaps, sunscreens and toothpaste, play an important role in almost all age groups.
The global cosmetics market is valued at USD 299.77 billion in 2022 and is projected to grow from USD 313.22 billion in 2023 to USD 417.24 billion by 2030¹. The Korean cosmetics market is expected to exceed $15.71 billion in 2022. The South Korean cosmetics market is expected to reach USD 21.54 billion by 2027 and grow at a CAGR of 5.4% during 2023-2028².
The Korean cosmetics business, known as "K-beauty" for short, is already one of the hottest trends in the global cosmetics industry and has faced many challenges: competition from high-end Japanese brands. In China and Thailand, some new businesses that have adopted a high-service, low-cost, mass-market strategy are entering K-brands.