With the global beauty market booming and the industry booming globally, South African beauty brands are finding a new way to cash in on the craze.
According to the industry’s most recent quarterly report, South Africa was ranked third on the Forbes’ beauty list for the third year in a row with beauty brands spending a whopping $4.5 billion on the beauty market last year.
However, this year, the South African Beauty Market is poised to overtake the UK and the US as the world’s biggest beauty market.
“Beauty brands have made an incredible comeback in South African market, with the growth in the beauty industry in South Korea leading the way.
It is this rapid expansion that is driving a new wave of beauty brands to launch and grow in South South Africa.
As South Africa’s growth continues to accelerate, it is hoped that the South Africans Beauty market will grow even more with the addition of new brands,” said a spokesperson for the South Korean cosmetics company Ruhanna.
The growth of South Africa has been aided by its vast beauty and cosmetics market, which is estimated to have a total value of $3.9 trillion and the country has a population of 1.2 billion people.
“South Africa’s Beauty Market has seen a tremendous increase in the past decade, which has seen an influx of brands entering the market, including the likes of Ruhana, Beauty, Kiehl’s, and Estee Lauder,” said Sarah Rundgren, Director of Beauty at the cosmetics giant.
“With the growing popularity of beauty in South America, China, and Japan, the beauty brands have been able to make their mark in the global market.
The success of South African brands has been on a trajectory, with new brands coming into the market every day and there is much more growth to come.”