In an unprecedented milestone, Korean beauty products have crossed the US$10 billion mark in exports for the first time, recording a significant rise to US$10.2 billion in 2024. This marks an impressive 20.6% surge compared to the previous year.
What’s Driving Growth?
According to data from the Ministry of Trade, Industry, and Energy unveiled on January 5, this remarkable growth is fueled by innovative product development post-pandemic and an escalating international demand for premium, functional Korean cosmetics. Korea has now become the leading importer of cosmetics into the United States, surpassing even France. Korean beauty imports to the U.S. reached US$1.405 billion, capturing a notable 22.2% of the market. Similarly, in Japan, these products have retained their leading position for the third straight year with a 28.8% market share.
Market-Specific Strategies
The industry’s success in the U.S. largely hinges on a focus on functional offerings such as anti-aging skincare solutions, while the Japanese market has been captivated by colorful makeup trends inspired by K-pop, targeting young consumers. This ability to tailor approaches across different regions highlights the strategic acumen of Korea’s beauty industry in catering to varied consumer tastes.
Cultural Synergy and Innovation
The ongoing success of the K-Beauty sector is attributed to its continual innovation, adherence to quality standards, and the synchronization with global cultural phenomena like K-pop and Korean dramas, which have bolstered its appeal worldwide.