Live Markets-From Ozempic Face to K-Beauty Factories: The Next Beauty Bet
LLY•Beauty economy emerges as an under-the-radar trade
From gaunt "Ozempic face" to K-beauty factories quietly powering global skincare, analysts at BCA Research say a multibillion-dollar "beauty economy" is emerging as one of the market's most compelling under-the-radar trades.
Demographic shifts, remote work, online dating and explosive GLP-1 adoption have structurally lifted demand for aesthetic procedures and skincare. "Life is better when you are attractive," analysts James Thayer and Juan Correa wrote, noting that good-looking people have 5% higher wages than others and are more likely to get promoted.
A key driver of the trend is weight-loss drugs like Ozempic and Zepbound. As rapid fat loss depletes facial volume, patients are left with hollowed cheeks and slack jawlines, a condition now affecting 61% of GLP-1 patients.
The best solution? Biostimulator injectables such as Galderma's Sculptra, whose collagen-triggering effects persist for two to three years, far outlasting cheaper fillers.
Weight-loss and skincare names seen as beneficiaries
The firm is also staying bullish on Novo Nordisk and Eli Lilly, arguing the total addressable market for weight loss medication has not yet been fully tapped, with Novo trading at a roughly 50% discount to its 10-year average despite its new oral Wegovy widening the customer base.
In skincare, South Korea is seen as the industry's new powerhouse. Contract manufacturers Cosmax and Kolmar are described as "to skincare what TSMC is to semiconductors," supplying formulas to online brands without bearing brand risk.
Korean cosmetics exports hit a record $11.4 billion in 2025, up 11.8%, overtaking the United States to make Korea the world's second-largest exporter behind France.
Not every fitness trade gets a green light. BCA warns that a report found that after initiating GLP-1 treatments, patients saw significant reductions in physical activity rather than increases, making cardio bets risky. On the other hand, the popularity of strength training among Gen Z men navigating dating apps provides a tailwind to Planet Fitness.
