Despite COVID-19, Korea exported a record amount of cosmetic products in 2021. The total cosmetics exports in 2021 recorded a 21.3% increase from the previous year, reaching USD 0.92 billion, which means Korea is the third largest cosmetics exporter after France (USD 1.79 billion) and the US (USD 0.96 billion). Furthermore, Korea’s cosmetics exports grew by 16.7% per year over the last five years, whereas France and the US reported average growth rates of 6.5% and 0.1%, respectively.
In particular, Korea became Japan’s No. 1 cosmetics exporter in 2021. Korea surpassed the US, became No. 2 in 2018, and even took over France in 2021. The market share of Korean exports increased from 8% in 2015 to 16% in 2018, and 31% in 2021.
K-beauty products are loved for their affordable prices, good quality, appealing designs, and high value for money. They are also widely tagged on social media posts. In addition, the increased global influence of Korean music, films, and culture boosted the consumption of Korean products and expanded their markets. While Korean beauty products in the past relied on offline street shops in China, today’s products are distributed through online channels and across Asia, which has contributed to their continued growth.
Korea is also carving its presence in the global fashion market. The Korean fashion industry reported total exports of USD 515 million in the first quarter of 2022, representing a 14.4% increase year-over-year. It is the highest first-quarter sales since 2004.
Korean fashion products were one of the main beneficiaries of Korea’s soft power, which shows in the growth of items exported online. These items, usually brand items worn by K-Wave stars such as BTS, EXO, and TWICE, are shared and sold online along with news articles and social media posts showing the stars wearing them in daily settings and airports.
Korean fashion products are particularly loved in China and Japan, and have been recently expanding their share in the Southeast Asian market as well. They are expected to maintain their growth trajectory in the future, driven in particular by online exports.
In particular, Korea became Japan’s No. 1 cosmetics exporter in 2021. Korea surpassed the US, became No. 2 in 2018, and even took over France in 2021. The market share of Korean exports increased from 8% in 2015 to 16% in 2018, and 31% in 2021.
Korean Cosmetics Store
Stores with unique and diverse concepts, such as pop-up stores, that are ever-changing depending on the changing times and generations are pleasing to the eye.
K-beauty products are loved for their affordable prices, good quality, appealing designs, and high value for money. They are also widely tagged on social media posts. In addition, the increased global influence of Korean music, films, and culture boosted the consumption of Korean products and expanded their markets. While Korean beauty products in the past relied on offline street shops in China, today’s products are distributed through online channels and across Asia, which has contributed to their continued growth.
Korea is also carving its presence in the global fashion market. The Korean fashion industry reported total exports of USD 515 million in the first quarter of 2022, representing a 14.4% increase year-over-year. It is the highest first-quarter sales since 2004.
Korean fashion products were one of the main beneficiaries of Korea’s soft power, which shows in the growth of items exported online. These items, usually brand items worn by K-Wave stars such as BTS, EXO, and TWICE, are shared and sold online along with news articles and social media posts showing the stars wearing them in daily settings and airports.
Korean fashion products are particularly loved in China and Japan, and have been recently expanding their share in the Southeast Asian market as well. They are expected to maintain their growth trajectory in the future, driven in particular by online exports.
