Mintel recognises Korea potential and expands beauty coverage
The expansion includes increasing coverage in Korea and will also see its Global New Products Database expand from mass market launches in Korea to cover prestige products.
“South Korea is one of the world’s most exciting and fastest-changing beauty markets, which is globally influential and trend setting,” says Jane Henderson, Global President Beauty and Personal Care at Mintel.
Strong market growth
“Products such as Cushion Compacts, BB and CC creams, which have spurred innovation worldwide, put South Korea clearly on the map for cosmetic excellence.”
The South Korean beauty and personal care retail market posted 5.8% growth year on year to 2013, compared to just 2.1% for the UK and 3.9% for the US, and the market researchers says the importance of tapping into its potential cannot be underestimated.
“Our expansion into this exciting marketplace will ensure our clients are one step ahead in this exciting and evolving landscape, giving them an even broader view of the market than ever before,” adds Henderson.
Addition to the team
In addition, Mintel’s Beauty & Personal Care platform will bring clients regular insights and analysis from the company’s new Seoul-based Korean Beauty & Personal Care expert Diane Park, who becomes beauty analyst Asia Pacific for Mintel.
Diane has over 10 years' experience of the global beauty industry acquired through roles at Chanel and Estee Lauder Companies in Korea.
She brings to Mintel valuable in-depth insight into the dynamic South Korean beauty and retail industries. Working in South Korea's highly competitive and fast growing beauty market, has given Diane the ability to spot market trends, interpret them at the consumer level and provide insight into what this means for the industry.