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

1-table. Cosmetics manufacturing companies in South Korea by revenue for September 2023⁷

	Company	Revenue	Employees
1.	LG Household & Health Care	$ 6B	4.6K
2.	Amorepacific	$ 3.7B	4.9K
3.	Atomy	$ 1.7B	650
4.	Korea Ginseng	$ 3.71M	1.1 K
5.	APR	$ 304.6M	410

LG Household & Health Care is leading the globalization of the country’s cosmetics industry. The cosmetics business under the DeBON brand was launched in 1994 and has grown rapidly since then, showing annual growth of 40%. Now it has risen to the level of the country’s leading cosmetics manufacturer. Notably, in 1993, LG Household & Health Care was recognized as the first CGMP certified company in the country. Since then, LG Cosmetic has become an international brand and produces high-quality cosmetics⁸.

Korea has the most developed aesthetic medicine market in the world. Seoul has more cosmetic surgeons per capita than anywhere else on the planet - double that of the US and 150% more than Brazil, which has 150% more surgeons. Due to the very high density of doctors, the Gangnam area has been called the "Plastic Surgery Street" or the "Beautification District". An oversaturated market means practitioners are being asked to compete to try treatments and techniques not yet approved in states.
Even before you pick up your bags from the carousels at Incheon International Airport in Seoul, you can put your face in a spectral imaging machine and qualitatively analyze the condition of your skin based on your age. A.I. Reasonable analysis is a free service provided by the Medical Tourism Support Center of the Korea Tourism Organization. The staff usually speak English, Chinese, Japanese and Russian to welcome arriving travelers.
Korea's star as a healthy travel destination has grown rapidly over the past two decades. Korea has more than 25 modern international hospitals, including the 3,000-bed Asan Medical Center, the founder of Hyundai and one of the largest clinical campuses in the world. Thirty hospitals and clinics in South Korea are JCI accredited, more than any other country in North Asia⁹.
Korea's foray into medical tourism began with serving Japanese patients, despite the sometimes uneasy political relationship between the two countries. Patients come from Japan to take advantage of the great savings and excellent care that Korea offers. East Korea also receives thousands of patients from Russia every year.
Over the past decade, the Korean government has initiated a series of measures to promote medical tourism by helping the hospital market and easing regulations. The government is also trying to simplify the process of issuing visas to patients from foreign countries, especially Asian countries.
The growing trend of consuming "K-beauty vegan products" is the second issue driving this trend. Korean cosmetics were famous for their animal-derived ingredients and gained customers in China in the early 2010s. But soon, people began to learn more about new, natural materials and what things are made of. For many American consumers, K-beauty has become the official word for cosmetics that contain natural extracts and non-artificial ingredients. Animal testing bans around the world have created additional demand for non-animal skin care products in the industry¹⁰.
Authorities in many countries around the world have begun to legally secure stability for future growth. The concept of "clean beauty" that has swept the world since 2017 is defined in a limited sense by certain products that are carefully manufactured without any toxic ingredients and originates from the European Union and the United States. Since then, markets have increasingly diversified their product portfolio, focusing on environmental awareness beyond health benefits. Seoul recently approved regulatory guidelines for the use of recyclable or biodegradable packaging, which will take effect in September 2020, while also limiting the presence of hazardous, toxic chemicals in products.