For the first time in history, South Korea’s cosmetics exports have exceeded the $10 billion mark, reaching $10.2 billion in 2024. This milestone represents a 20.6% year-over-year growth, according to data released on January 5 by the Ministry of Trade, Industry, and Energy.
The remarkable surge in exports is attributed to the revitalization of product innovation following the pandemic, alongside growing global demand for high-quality, functional beauty products from Korea. Notably, Korean cosmetics have surpassed French products to become the leading imported cosmetics in the U.S., with imports valued at $1.405 billion, commanding 22.2% of the U.S. market share. In Japan, Korean beauty products have remained the dominant import for the third consecutive year, holding 28.8% of the market.
The success in the U.S. is driven by the growing popularity of functional items such as anti-aging skincare, while in Japan, youthful and vibrant makeup trends, influenced by the K-pop phenomenon, continue to resonate with younger consumers. This strategic adaptability across different markets highlights the Korean beauty industry’s keen ability to cater to diverse consumer demands.
The K-beauty sector’s ongoing success can be attributed to its consistent innovation, commitment to quality, and alignment with global cultural trends such as the rise of K-pop and K-dramas.
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