The South Korea anti-aging therapeutics market size stood at around USD xx billion in 2019 and is projected to reach xx billion by 2028, exhibiting a CAGR of around 5.6% during the forecast period.
The aging process in the skin is due to a combination of intrinsic and extrinsic factors, among which ultraviolet (UV) radiation is believed to play an important role. UV radiation facilitates aging by increasing reactive oxidation species and cellular damage, epidermal hypertrophy, hyperpigmentation etc. Skin care products promise anti-aging effects by counteracting these various factors.
South Korea is one of the world’s most innovative and fastest growing beauty markets. Although South Korea has a population of around 51 million compared to the U.S. population of 300 million, the South Korea skin care market is worth $4.4 billion, rivalling the U.S. skin care market at $5 billion. South Korean skin care products focus on anti-aging and skin whitening using natural botanical and animal ingredients such as green tea, ginseng, and snail serum.
Aging market presents one of the most significant opportunities for market growth. The rise in consumer demand for anti-aging solutions, with increase in lifestyle standards and income is positively impacting the market growth. Innovations in research and development area and the highest investment in R&D are propelling the anti-aging market in south Korea. For instance, Amorepacific R&D Center, together with the Korea Advanced Institute of Science & Technology (KAIST), developed an original technology that reverses the aging process in human dermal fibroblasts. In 2014, Kolmar Korea developed anti-aging materials with native plants. Thus, all companies in the cosmetic industry are strategizing to tap the profitable anti-aging market. Lack of awareness, scepticism, and concern for safety in this region are restraining factors for the market growth.