North America K-beauty Products Market Forecast 2023-2032

North America K-beauty Products Market Forecast 2023-2032
KEY FINDINGS
The North America K-beauty products market was valued at $3825.37 million in 2022 and is expected to reach $9901.50 million by 2032, growing at a CAGR of 10.02% during the forecast period. The experimentation with new items, as well as the demand for creative and appealing packaging, are credited to the region’s market expansion.

MARKET INSIGHTS
In order to estimate the growth of the North American K-beauty products market, Canada and the United States are assessed. In the United States, with sales of $1.9 billion, facial cosmetics was the second most profitable sector. Market sectors that offer chemical-free products created with natural components and essential oils are projected to experience considerable growth in the future as customers become more concerned about the possible toxicity of cosmetics. Approximately 29.4% of participants in the United States indicated in a 2019 poll on the global acceptance of South Korean beauty products that K-beauty is well-liked in the country because of the organic ingredients it contains.

In Canada, a survey from October 2019 found that about 23% of Canadians indicated they buy beauty items on a monthly basis. Most respondents to the same survey indicated that they buy beauty items a couple of times per year on average. Instead of Safeway, customers preferred to purchase such goods from Shoppers Drug Mart or Walmart. On May 7th, KOTRA reported that the value of Korean cosmetics imported into Canada in 2022 was estimated to be CAD 81.39 million (about KRW 79.2 billion), a 25.4% rise over the previous year. Moreover, since 2019, the market has displayed an upward trajectory of 18.2% annually. These factors are expected to boost the region’s market growth during the forecast period.

COMPETITIVE INSIGHTS
Some of the leading firms in the market are Peach & Lily, AmorePacific Corporation, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments

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