Korean Cosmetics Exports Surpass $10 Billion for the First Time in History

Businesskorea DB

The export value of Korean cosmetics surpassed $10 billion for the first time last year, marking a significant milestone for the K-Beauty industry. According to the Ministry of Trade, Industry and Energy on jan. 5, the export value reached $10.2 billion (approximately 15 trillion won), a 20.6% increase from the previous year. This growth comes after a period of slowed exports during the COVID-19 pandemic.

The resurgence in the cosmetics industry can be attributed to the resumption of product development and technological advancements aimed at meeting consumer demands. The global popularity of K-Beauty, driven by the innovative and high-quality nature of Korean cosmetics, as well as the influence of Korean pop culture, has played a crucial role in this growth.

In the United States, Korean cosmetics have made a significant impact. According to U.S. International Trade Commission import statistics, from January to October last year, the U.S. imported $1.405 billion worth of Korean cosmetics, surpassing France’s $1.032 billion, making Korea the top importer of cosmetics in the U.S. for the first time. Korea’s market share in the U.S. stood at 22.2%, 5.9 percentage points ahead of France.

An industry official commented on the strategy behind this success: “In the multiracial market of the U.S., we are focusing on exporting functional cosmetics such as anti-aging products rather than makeup, which needs to consider various skin tones.”

In Japan, Korea maintained its position as the top importer of cosmetics for the third consecutive year. According to the Japan Imported Cosmetic Association’s statistics, Korea had the highest import value at 94.19 billion yen up to the third quarter of last year, followed by France at 82.28 billion yen. Korea’s market share in Japan was 28.8%, while France’s was 25.1%.

The popularity of K-Beauty in Japan can be attributed to the vibrant makeup products that appeal to female consumers in their teens and twenties, who are influenced by K-pop idols’ makeup styles. “In Japan, we are targeting the market with vibrant makeup products, focusing on female consumers in their teens and twenties who want to emulate K-pop idols’ makeup,” said an industry official.

The recent five-year trade statistics from the Korea Customs Service highlight the high export growth rate of skincare products in the U.S. and makeup products in Japan. This trend underscores the adaptability and innovation of the Korean cosmetics industry in catering to diverse consumer preferences across different markets.

The K-Beauty phenomenon, characterized by the global popularity of South Korean beauty products and skincare routines, has been a driving force behind this growth. The influence of Korean cultural content, including K-pop and K-dramas, has further promoted Korean beauty standards and products worldwide.

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