January 7, 2025
SEOUL – Korean beauty products have reached new heights in global markets, with exports surpassing the $10 billion mark for the first time last year.
According to the Ministry of Food and Drug Safety on Monday, Korean cosmetics exports reached $10.2 billion last year, a 20.6 percent increase on-year from $8.46 billion in 2023. This milestone comes 12 years after exports first surpassed $1 billion in 2012, showing steady growth despite slowdowns in 2022 and 2023. The previous record of $9.2 billion was set in 2021.
By category, basic skincare products led exports at $7.67 billion, followed by makeup at $1.35 billion and cleansing products at $470 million. Cleansing products recorded the strongest growth with a 30.7 percent on-year rise.
While China topped the list as the largest importer of Korean cosmetics, accounting for 24.5 percent of exports, or around $2.5 billion, the United States followed with $1.9 billion, and Japan with $1 billion. China’s share has declined from 32.8 percent in 2023.
Other key importers include Hong Kong, Vietnam, Russia and Taiwan. Last year, the United Arab Emirates broke into the top 10, displacing Malaysia.
In contrast to China’s decline, cosmetics exports to the US surged by $690 million, marking a 57 percent on-year increase. Exports to Japan also saw strong growth, rising by 29.2 percent on-year, with the $1 billion mark crossed for the first time last year.
Data from the US International Trade Commission shows Korea became the top cosmetics exporter to the US from January to October last year, with $1.4 billion in exports, surpassing France’s $1.03 billion.
In Japan, Korean cosmetics accounted for 28.8 percent of imports in the first three quarters of last year, exceeding France’s 25.1 percent, 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 prioritize skincare products with effective ingredients, while Japanese consumers are drawn to color cosmetics featuring unique formulations and stylish, trendy packaging.
As per data from the Korea Customs Service, Korean skincare products exported to the US reached $815 million as of November last year, up from $231 million in 2020. Meanwhile, cosmetics for makeup saw a 2.2-fold increase, rising to $267 million during the same period.
However, in Japan, makeup 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 Oh Yu-Kyoung, Minister of the Ministry of Food and Drug Safety. “We will also support our companies in enhancing their competitiveness in product quality internationally.”