India has been home to a diversity of cultures and trends with the latest buzz in the country being the Korean wave. From millennial's heart reaching out to Korean dramas to Gen Z winging those cosmetics with Korean celebs and grooving to Korean music and pop culture, the tide in India seems to turn global as the nation embraces their art, ventures and products.
The New Normal Catapulting the Korean Sales in the Country
One of the factors boosting Korean products, especially food and cosmetics, has been the global health crisis bringing a shift in the way of working and living. Post-lockdown, the country has been endeavouring to establish a new normal. With Work-From-Home making at the top of changes caused by the pandemic, people focused more on quick food fixes, rather than spending a significant amount of time from their long working hours to cook for themselves. Korean noodles and snacks sailed through the storm to offer an instant solution to the patrons at the comfort of their homes. Owing to the spicy Korean dressings, sauces and noodles, the Korean products got quite a push and have only been seeing an upward spiral in terms of Indian traction ever since. Furthermore, the gap in the cosmetic industry in India has also been evident, thus making the citizens turn to Korean cosmetics and beauty products.
The Next Big Thing
Considering the opinions of different industry experts and reports, it is believed that the South-Korean labels will be the next to lead the way for the nations across the map as it is already the eighth-largest cosmetic market in the world with 3 percent of the total global audience paying heed to it. The market size has also been observed to expand with the growth rate of 8.2 percent for the last few years and thus making Korean cosmetics a cut-throat competitor and caterer in the world of beauty and skincare. The advanced beauty market of Korea is now tapping into India as the people of the nation develop a soft-corner for their culture and products, making it a 7.1 billion dollar market.
K-Tide Getting Under the Skin
As per a survey conducted by Rakuten Insight, 39 percent of the Indian women that used beauty products are opting for K-beauty products and the numbers are as high as 25 percent of the total cosmetics consisting of K-beauty articles. In addition to this, 3 percent of surveyed women in India especially mentioned how their skin regime involves all exclusively-Korean products and brands. Considering the growing streak of K-products in the country, one may also pay attention to various e-commerce portals stepping up and associating with Korean brands to help them prosper in India.
Some of the K-beauty brands have also been expressive about their footprint growing in India and reaching a three-fold success as they influence the citizens with their premium range of products. The symbiotic relationship developed by the K-cosmetic brands can account for another element swelling the K-buzz in the country.
Setting the Sails Right
With the government and legal authorities strengthening their policies to collaborate with Korea and laying the foundation of a healthy bond, the Korean retail brands are now looking forward to reaching every region of India as they cater to their patrons with the best-in-industry products.
From noodle cakes to skin regimes and other products used in daily chores, the market is booming extravagantly. With tremendous growth of K-businesses in India and the burgeoning love for their culture in the country, it is only justified for the Korean retailer brands to count on the diverse nation big and smart. This further serves as a constant reassurance for K-Retailers to strategize and leave a professional mark on India with their array of products and innovations, making them anticipate a higher engagement in 2021.