K-Beauty Boom in India: Amorepacific Doubles Down on the Market
India’s beauty and personal care market is projected to reach $45 billion by 2030, growing at an annual rate of about 12%, according to a recent study by beauty retailer Kindlife and Datum Intelligence. K-beauty stands out as a breakout segment, estimated to grow from $0.4 billion in 2024 to $1.5 billion by 2030, at a 25.9% annualized rate.
Amorepacific’s Expansion Plans in India
Amorepacific Group, which sells brands like Laneige, Innisfree, Etude, and COSRX in India, is doubling down on its business in the country. In an interview with Mint, Paul Lee, managing director & country head of Amorepacific India, said the company has made investments in India since 2012 and has plans to introduce more products and even consider local manufacturing.
Amorepacific has designated India as a strategic core market and has established a wholly-owned subsidiary in the country. The company plans to introduce more of its 30 global brands to India, currently selling five, and develop products suited to Indian skin tones.
Why K-Beauty is a Hit in India
K-beauty brands have seen an explosion in popularity in India due to demand for products that offer benefits like “glass skin” and spot correction treatments. Online retailer Myntra said 50% of its demand comes from tier-II and tier-III cities, especially for Korean beauty products.
Online platforms such as Nykaa continue to launch more Korean brands, such as the viral TIRTIR makeup brand, Numbuzin, and AXIS-Y. Lee pointed out that with growth rates of 40-60% over the past five years, India is one of the fastest-growing markets for the group.
Competitive Landscape and Future Plans
Companies like Amorepacific have also been able to increase demand for their brands by launching more affordable trial packs. For instance, it sells an 8-gm pack of its top-selling Laneige lip sleeping mask for ₹600, while the 20-gm version is available for ₹1,420.
The company competes with LG Household & Health Care, which sells personal care brands like The Face Shop. Lee said it could bring more global brands to India and is reviewing local manufacturing.
Expert Insights and Market Trends
Devangshu Dutta, founder and chief executive of Third Eyesight, said there is a wave of demand for Korean food, content, and beauty products. “It’s a cultural expansion of all things Korean, which has been happening not limited to India but globally,” Dutta said.
The demand for anything Korean has also prompted home-grown companies to roll out products that mimic the benefits of Korean products. Indian personal care companies such as Sugar Cosmetics and Pilgrim are launching more K-beauty products in line with demand for such trends.
Conclusion
Amorepacific’s expansion plans in India are a testament to the growing demand for K-beauty products in the country. With its strong portfolio of brands and commitment to introducing more products suited to Indian skin tones, the company is well-positioned to tap into the growing market.
As the Indian beauty and personal care market continues to grow, it will be interesting to see how Amorepacific and other K-beauty brands navigate the competitive landscape and adapt to changing consumer preferences.