Korea’s cosmetics exports surpassed 10 billion U.S. dollars last year, setting a record high. As you can see from the graph on the screen K-Beauty exports have almost quadrupled from 2015 to 2024. Compared to 2012, 12 years ago, they have grown tenfold. Notably, it surpassed France to become the top imported cosmetics brand in the U.S., the world’s largest cosmetics market.
In terms of recognition, K-beauty is also one of the most well-known terms among global consumers and there is a survey that actually proves this popularity. A 2023 Euromonitor survey asked over 20-thousand people across 20 major countries if they had heard of beauty terms linked to specific nations. The top answer? K-beauty! Nearly 30% of respondents knew about it, surpassing J-beauty (Japanese beauty) by about 10 percentage points.
K-beauty excels both in profitability and global recognition.
What types of K-beauty products are most popular?
In the U.S., skincare products are dominant. Japan prefers color cosmetics and loves girl group-inspired makeup trends, while France is drawn to the Korean-style skincare layering routine.
Since COVID-19, interest in skincare products with natural and organic ingredients and a delicate skincare routine itself has surged in places where people had to wear face masks for long periods as masks irritate the skin, while more people also focused on eye makeup due to masks covering the lower face.
it is particularly interesting that France admires the routine itself. For instance, applying on layer skincare products step-by-step every night, sometimes with a sheet mask.
The driving force behind the global appeal of K-Beauty
First, we can’t ignore the influence of K-pop. Fans want to replicate their favorite idols’ looks, and YouTube is full of tutorials on K-pop-inspired makeup.
Along with the popularity of K-pop K-beauty’s unbeatable value is another reason. Korean brands offer excellent quality at reasonable prices, making them hard to resist. Lastly, localization strategies play a big role. For instance, one brand released sun care and moisturizing creams tailored to Vietnam’s humid climate, while another launched compact-sized cushion foundations for the Japanese market.
This success isn’t limited to major corporations; small and medium-sized businesses are also thriving. Their innovation and competitiveness add real value to the industry.
The outlook for the industry
The Korean government actively promotes K-beauty. For instance, the Korea Beauty Festival last June targeted international tourists interested in K-beauty. Additionally, the global recognition of K-beauty means that strong product quality can now outshine branding. Many experts believe that this mix of quality and affordability will drive further growth.
Reference: Arirang News
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