South Korean beauty industry achieved a groundbreaking milestone in 2024, with exports surpassing $10 billion for the first time, according to government data. Driven by the rising global fascination with K-beauty and the influence of Korean cultural exports, such as K-pop and K-dramas, the nation’s beauty products have cemented their position in the global market.
The rise of K-beauty has been nothing short of meteoric. Over the past decade, South Korean cosmetics have gained immense popularity for their innovation, quality, and focus on skincare. Fueled by the international success of Korean cultural content, K-beauty brands have become household names worldwide, with consumers gravitating towards their unique formulations and trend-setting products.
According to the Ministry of Food and Drug Safety, South Korea’s exports of cosmetic products grew by 20.6% on-year to an all-time high of $10.2 billion in 2024. This growth reflects the steady upward trajectory of the sector, with exports rising from $1.8 billion in 2014 to $4.9 billion in 2017, $7.6 billion in 2020, $9.2 billion in 2021, and $8.5 billion in 2023.
China remains the largest importer of South Korean cosmetics, with purchases amounting to $2.5 billion in 2024. The United States follows with $1.9 billion, while Japan ranks third with $1 billion. These figures highlight the growing global appeal of Korean beauty products across diverse markets.
Food Minister Oh Yu-Kyoung emphasised the government’s commitment to sustaining this growth. “The government will strengthen cooperation with trading partner countries to help local firms continue the growth of cosmetic exports while helping them meet safety standards in the U.S. and China,” she said in a press release.
Bio-Health Sector
Beyond cosmetics, South Korea’s bio-health sector also witnessed robust growth, with exports surging 22.5% in the third quarter of 2024 compared to the previous year. Total outbound shipments of bio-health products, which include pharmaceuticals and medical instruments, reached $6.34 billion from July to September. Pharmaceutical exports saw a 43.5% increase, largely driven by demand in Hungary, Germany, and Belgium.
As of September 2024, South Korea’s bio-health exports had climbed to $18.5 billion. That is up 15.6% year-on-year. It further solidifies the country’s position as a leader in innovative health and beauty solutions.
Representational Banner Photo|Credits: Freepik
