The beauty device market is becoming increasingly competitive. With APR securing the top market share in the country, Amorepacific Corporation and LG H&H are also expected to launch new products. Challenges from latecomers, including startups, are continuing.
According to a report released by Samil PwC Management Research Institute on the 27th, the global home beauty device market is projected to grow from $14 billion (approximately 20 trillion won) in 2022 at an average annual rate of 26.1%, reaching $89.8 billion (approximately 128 trillion won) by 2030.
The growth trend in the domestic market is similar. According to the LG Economic Research Institute, the size of the domestic beauty device market has grown from 80 billion won in 2013 to 1.6 trillion won in 2022. The LG Economic Research Institute forecasts an annual growth rate of about 10%. This increase is attributed to heightened interest in skin care and anti-aging.
As it is a growing market, competition is fierce. Amorepacific Corporation plans to launch a new product, the 'Skin Light Therapy 3S,' under its beauty device brand 'Makeon.' The company aims to differentiate itself from competitors by incorporating an artificial intelligence (AI) skin analysis and care solution that has won awards at CES for six consecutive years.
LG H&H also plans to intensify its beauty device business. Recently, LG H&H applied for a trademark for 'De-aging Derma Shot Pro,' related to skin beauty machines at the Korean Intellectual Property Office. It is reported that the company is considering the launch of functional devices, including low and high-frequency machines, as well as medical devices.
APR, the top player in the domestic beauty device market, recorded sales of 304.4 billion won until the first half of last year. This represents a 21.8% increase compared to 249.9 billion won in the same period last year. Operating profit amounted to 55.8 billion won, which is a 16.3% increase from 48 billion won in the same period last year. During the same period, net profit reached 48.2 billion won, representing a 23.4% increase compared to 39.1 billion won in the same period last year. APR's market share in the domestic market stands at 32% as of 2023.
Since its founding, APR has aimed for global expansion. It has directly entered markets including the United States, Hong Kong, Taiwan, Japan, Singapore, and Malaysia. Additionally, APR is expanding its export channels by signing B2B (business-to-business) distribution contracts with more than 10 countries, including Australia, the United Kingdom, India, the United Arab Emirates (UAE), Thailand, New Zealand, and Denmark.
Startups dreaming of becoming 'the second APR' are also making their presence felt in the market. At Home's home aesthetic brand 'Thome' has begun pre-orders for the beauty device 'The Glow' this month. The initial stock sold out completely. The Glow is marketed as a 'water drop ultrasonic' device, representing the fourth generation of beauty devices.
Thome is one of the fastest-growing K-beauty brands, with sales in the last quarter of last year (October to December 2024) increasing by 3300% compared to sales in the three months following its launch (January to March 2024).
D'Alba, a vegan beauty brand that started with cosmetics and is now venturing into inner beauty and health supplements, also launched the beauty device 'Signature Allsera Double' in October last year. It surpassed 500 million won in sales just three days after its launch.
Dongkook Pharmaceutical expanded its business by launching the beauty device 'Madeca Prime' under its derma cosmetic brand 'Centellian24' in 2023. It released the new product 'Madeca Prime Ritual White Pearl' at the end of last year. Health appliance company Ceragem also launched the beauty brand 'Cellunic' in 2023, followed by products like 'Cellunic Medispa Pro.'
A representative from the beauty industry noted, "As interest in anti-aging and home care beauty products grows, the size and price range of beauty devices are becoming more diverse." They added, "Future investments in research and development, technological prowess, and brand trustworthiness will be key factors that determine success or failure."