- The Korean beauty market is among the top 10 global beauty markets.
- Korea is one of the few countries with "functional cosmetics."
(CNN)There's face powder in panda palettes, hand gel in gummy bears and bubble tea sleeping packs.
Often packaged in bright colors and decked out with cartoon characters, Korean beauty products are too cute to ignore, but they also provide some health benefits.
It's "skin-tertainment," said Christine Chang, who co-created the Glow Recipe brand to bring Korean beauty products to the American market. She and partner Sarah Lee travel to South Korea multiple times a year to find new products and are repeatedly "blown away by the new innovation in the market."
The Korean beauty market is among the top 10 around the world, with an estimated worth of over $13.1 billion in sales in 2018, according to Mintel, a global market intelligence agency. Facial skin care products alone make up half of the total market share and are projected to reach $7.2 billion by 2020. And one in five facial skin care launches in South Korea, the agency reports, is actually a mask.
"For a long time, France and Japan were considered a symbol of cosmetics business around the globe," said Ryan Park, who founded the Korean beauty brand Whamisa in 1999. "Korea was able to catch up with them within a very short time thanks to the balance of its accumulated fundamental industry, chemistry, bioscience and Korean Wave culture."
The Korean wave, called "hallyu," is about the spread of South Korean pop culture and how all things Korean -- food, dramas, makeup, movies and music -- have propagated throughout the world through social media and online platforms. A lot of this wave radiates off of the music, K-pop, with artists like PSY, Wonder Girls and BTS whose edgy look, style and sound attract global fans.
Simply put, consumers want the skin of Korean celebrities, who supposedly use it too, said Dr. Soyun Cho, a dermatology professor at Seoul National University.
Korea is also one of few countries with "functional cosmetics," Cho said, a label allowed by the Korea Food and Drug Administration for anti-wrinkle, elasticity-boosting, pigment-fading and sunscreen properties. This has fueled more research for better products, she said.
"Korea has become the test bed of many world-famous cosmetic companies," said Cho, who has studied the behavior behind cosmetic use in Koreans. "Korean consumers are very knowledgeable about different cosmetic types and ingredients, and they are picky. They are early adapters of new products, and cosmetic trend comes and goes at a very fast rate in Korea, partly due to the ubiquitous high-speed internet and heavy use of social media.
"Young Korean women are very keen to try the new trend, and they don't want to be left out of the loop when all their friends are using a new product."