By KIMBY JUNG-HYUN-HYUKThe number of cosmetics companies in South Korean markets is at a record high, with more than 1,100 cosmetics companies operating in the country, according to a report released Tuesday.
The report, compiled by the Korea Council for International Business Research, said the number of companies in Korea had jumped to 1,946 by last year, up from 1,813 in 2016.
The number has remained high in recent years, as Korean cosmetics companies have become increasingly competitive with those in other countries.
Korean cosmetics firms are more focused on selling their products directly to consumers and their brand name, according the report, citing data from online and mobile retail chains.
Korea is also home to more than 3 million online and 3 million mobile consumers.
Koreans are also more than five times as likely to own a smartphone than their counterparts in other Asian countries, with mobile usage accounting for the majority of smartphone users.
In 2017, KCONIB’s survey showed that 56 percent of respondents had a smartphone, compared to 48 percent in 2016, and 47 percent in 2015.
The number of mobile users has also increased.
About half of Korean consumers surveyed in 2017 reported that they had at least one smartphone in their homes.