ANN/THE KOREA HERALD – Korean cosmetics have achieved a remarkable milestone, with exports surpassing USD10 billion for the first time in 2024, according to the Ministry of Food and Drug Safety.
Last year, exports reached USD10.2 billion, marking a 20.6-per-cent increase from USD8.46 billion in 2023. This achievement comes 12 years after Korean beauty products first surpassed USD1 billion in exports in 2012, reflecting consistent growth despite recent slowdowns. The previous record was USD9.2 billion in 2021.
Skincare products remained the dominant category, contributing USD7.67 billion, followed by makeup at USD1.35 billion and cleansing products at USD470 million. Cleansing products saw the fastest growth, rising by 30.7 per cent year-on-year.
China retained its position as the top importer of Korean cosmetics, accounting for 24.5 per cent of exports, or approximately USD2.5 billion. However, this represents a decline from its 32.8 per cent share in 2023. Meanwhile, exports to the United States (US) surged by 57 per cent, reaching USD1.9 billion, and Japan crossed the USD1 billion mark for the first time, with a 29.2-per-cent increase.
Other major importers included Hong Kong, Vietnam, Russia and Taiwan, with the United Arab Emirates joining the top 10 importers for the first time, displacing Malaysia.
Korean beauty products have also outperformed traditional competitors in key markets.
From January to October last year, Korea became the largest cosmetics exporter to the US, with USD1.4 billion in exports, surpassing France’s USD1.03 billion, according to the US International Trade Commission. In Japan, Korean cosmetics accounted for 28.8 per cent of imports during the first three quarters, exceeding France’s 25.1 per cent, based on data from the Cosmetic Importers Association of Japan. Korea has held its position as Japan’s leading cosmetics exporter since 2022.
Industry insiders attribute the growth in the US market to consumers’ preference for skincare products featuring effective ingredients, while Japanese consumers are drawn to innovative formulations and stylish packaging in colour cosmetics.
Korean skincare exports to the US reached USD815 million by November 2024, a substantial increase from USD231 million in 2020. Makeup exports to the US also grew 2.2-fold during the same period. In Japan, makeup exports rose 1.6-fold, while skincare exports increased by 1.3-fold.
Minister of Food and Drug Safety Oh Yu-Kyoung emphasised the government’s commitment to supporting the industry.
“The ministry will strengthen cooperation between countries through regulatory diplomacy to ensure continued export growth. We will also support our companies in enhancing their competitiveness in product quality internationally,” she said.
With innovative products and growing global demand, Korean beauty brands continue to solidify their position as leaders in the global cosmetics market.
