Other significant importers included Hong Kong, Vietnam, Russia, and Taiwan. Notably, the United Arab Emirates entered the top 10 importers for the first time, replacing Malaysia.
Korea overtakes France in key markets
Korean cosmetics made substantial gains in the US and Japan, solidifying their leadership positions.
In the US, Korean beauty products became the top cosmetics exporter, with USD1.4 billion in exports between January and October 2024, surpassing France’s USD1.03 billion, according to the US International Trade Commission.
Similarly, in Japan, Korean cosmetics accounted for 28.8 per cent of imports during the first three quarters of 2024, overtaking France’s 25.1 per cent, based on data from the Cosmetic Importers Association of Japan. Korea has maintained its position as Japan’s leading cosmetics exporter since 2022.
Consumer preferences drive growth
An industry official noted that US consumers prioritise skincare products with effective ingredients, while Japanese consumers are drawn to innovative formulations and trendy packaging in color cosmetics.
Data from the Korea Customs Service highlights the rising popularity of Korean skincare in the US, with exports reaching USD815 million as of November 2024, up from USD231 million in 2020. Makeup product exports also saw a 2.2-fold increase, reaching USD267 million over the same period.
In Japan, makeup product exports grew by 1.6 times, while basic skincare products increased by 1.3 times.
Strengthening global vompetitiveness
Oh Yu-Kyoung, Minister of the Ministry of Food and Drug Safety, emphasised the importance of regulatory diplomacy in sustaining export growth. “The ministry will strengthen cooperation between countries to ensure continued export growth,” she said. “We will also support our companies in enhancing their competitiveness in product quality internationally.”
