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South Korea Trending Up in Beauty with New Mintel Reporting
Posted: August 11, 2014
With the South Korean beauty and personal care retail market posting 5.8% growth year on year to 2013, compared to just 2.1% for the U.K. and 3.9% for the U.S., the importance of tapping into its potential cannot be underestimated. To help beauty brands and manufacturers tap into that potential, Mintel Beauty & Personal Care is announcing the expansion of its beauty coverage into Korea.
In response to market demand, Mintel has strengthened coverage of the innovative and competitive South Korean beauty market. In addition, Mintel's Global New Products Database (GNPD) has expanded from mass market launches in Korea to cover prestige products. All enhancements are underpinned by the reach and rigor of Mintel’s core beauty and personal care platform.
Jane Henderson, global president, beauty and personal care at Mintel, says, “South Korea is one of the world’s most exciting and fastest-changing beauty markets, which is globally influential and trend-setting. Products such as cushion compacts, [and] BB and CC creams, which have spurred innovation worldwide, put South Korea clearly on the map for cosmetic excellence. 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.”
In addition, Mintel’s Beauty & Personal Care platform will bring clients regular insights and analysis from Mintel’s new Seoul-based Korean Beauty & Personal Care expert, Diane Park, who becomes beauty analyst Asia Pacific for Mintel. Park has more than 10 years’ experience in the global beauty industry acquired through roles at Chanel and Estée 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 Park the ability to spot market trends, interpret them at the consumer level and provide insight into what this means for the industry.