K-beauty exports surpass $10b milestone
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By category, basic skincare products led exports at US$7.67 billion, followed by make-up at US$1.35 billion and cleansing products at US$470 million.
PHOTO: ETUDE
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SEOUL - Korean beauty products have reached new heights in global markets, with exports surpassing the US$10 billion (S$13.6 billion) mark for the first time in 2024.
According to the Ministry of Food and Drug Safety on Jan 6, Korean cosmetics exports reached US$10.2 billion in 2024, a 20.6 per cent increase on year from US$8.46 billion in 2023.
This milestone comes 12 years after exports first surpassed US$1 billion in 2012, showing steady growth despite slowdowns in 2022 and 2023. The previous record of US$9.2 billion was set in 2021.
By category, basic skincare products led exports at US$7.67 billion, followed by make-up at US$1.35 billion and cleansing products at US$470 million. Cleansing products recorded the strongest growth with a 30.7 per cent on-year rise.
While China topped the list as the largest importer of Korean cosmetics, accounting for 24.5 per cent of exports, or around US$2.5 billion, the US followed with US$1.9 billion, and Japan with US$1 billion. China’s share has declined from 32.8 per cent in 2023.
Other key importers include Hong Kong, Vietnam, Russia and Taiwan. In 2024, the United Arab Emirates broke into the top 10, displacing Malaysia.
In contrast to China’s decline, cosmetics exports to the US surged by US$690 million, marking a 57 per cent on-year increase. Exports to Japan also saw strong growth, rising by 29.2 per cent on year, with the US$1 billion mark crossed for the first time in 2024.
Data from the US International Trade Commission shows Korea became the top cosmetics exporter to the US from January to October 2024, with US$1.4 billion in exports, surpassing France’s US$1.03 billion.
In Japan, Korean cosmetics accounted for 28.8 per cent of imports in the first three quarters of 2024, exceeding France’s 25.1 per cent, according to the Cosmetic Importers Association of Japan. Korea has maintained its position as Japan’s top cosmetics exporter since 2022.
An industry official, on condition of anonymity, noted that US consumers often prioritise skincare products with effective ingredients, while Japanese consumers are drawn to colour cosmetics featuring unique formulations and stylish, trendy packaging.
As per data from the Korea Customs Service, Korean skincare products exported to the US reached US$815 million as at November 2024, up from US$231 million in 2020. Meanwhile, cosmetics for make-up saw a 2.2-fold increase, rising to US$267 million during the same period.
However, in Japan, make-up products experienced a 1.6-fold increase, while basic skincare products saw a 1.3-fold rise over the same timeframe.
“The ministry will strengthen cooperation between countries through regulatory diplomacy to ensure continued export growth,” said Minister of the Ministry of Food and Drug Safety Oh Yu-Kyoung. “We will also support our companies in enhancing their competitiveness in product quality internationally.” THE KOREA HERALD/ASIA NEWS NETWORK
