Cosmetics, anti-aging, skin care, high-tech industry, biotechnology, convergence
Korea cosmetics industry is enjoying record thanks to interest in health and anti-agproducts across the population. The size of domestic cosmetics market reached · 8.9 in 2011 from · 5.6 trillion in 2006, an anaverage increase of 10.4 percent, far outaverage GDP growth (at 3.5 percent). In annual average retail sales growth was percent for the period. Even when the econocame to a near standstill (i.e. GDP growth 0.3 percent) at the height of the financial criin 2009, Korea's cosmetics market continued grow by 11.8 percent, proving itself to be rerecession-proof.
The rapid growth of cosmetics derives from new in the industry. Rising life expectancy incomes have stoked demand for wellness anti-aging products. Markets for cosmetics also expanded in scope. Senior citizens, men teenagers are now avid buyers, prompting a of marketing assumptions,
Skin care in particular has seen exceptional growth. As a signal for age, health and physical appearance, the concept of skin beauty has shifted from glamour toward youth and health.
As cosmetics technology development accelerates, the paradigm of the cosmetics industry will expand from its focus on market conditions and trends to include technology and effectiveness. As the cosmetics industry shifts from a high-fashion industry with a high level of market uncertainty towards a high-tech industry with a high level of technological uncertainty, a drastic shakeup is expected in the future for the cosmetics industry. Nevertheless, cosmetics makers are making bets on technology that are reshaping their industry.
THREE DRIVING FORCES IN THE COSMETICS INDUSTRY
The cosmetics industry is undergoing a makeover throughout the entire process of commercialization, from basic research to development and marketing. In basic research, biotechnology will take an increasingly important role thanks to research advances in protecting skin from aging. In the development stage, electronics, information technology (IT), and food and medical technologies will intersect, leading to the development of converged products and solutions. In marketing, as consumers' knowledge increases, advertising that highlights research and development (R&D) and high-tech materials rather than image will be appealing.
Better understanding of the human genome has shifted cosmetics research from formulas and texture to aging prevention and treatment. The number of research papers on skin aging has soared. At the same time, the focus of anti-aging studies has moved from exfoliation and collagen synthesis to comprehensive approaches, including cellular life spans and metabolism.
After 10 years of research on 4,400 genes and 1,300 proteins, L'Oreal, the world's largest cosmetics company, developed a gene-activating serum, "Genifique," in 2009, which became an instant global hit. One Genifique product is sold every four seconds.
Korean cosmetics companies are also actively applying biotechnology in product development. AmorePacific, Korea's No. 1 cosmetics manufacturer, established a bioscience R&D center last year, while LG Household and Health Care, another leading Korean cosmetics company, formed a technology partnership with renowned women's hospital, Cha Medical Center, on stem cell research.
Medical and other technology-based solutions are being added to cosmetics. One of the most promising products is cosmetic patches. Traditional skin patches are passive; they are moistened and applied with cosmetics. Newer patches will contain a variety of skin-activating ingredients with a high degree of permeation, maximizing the health of skin. A wide variety of functional patch-type cosmetics will be developed, including micro-needle patches and patches that deliver a mild electric current or drugs to the skin. …