Yesterday, Korea’s cosmetics exports soared to a record $10.2 billion in 2024, marking a 20.6% increase from the previous year, according to the Ministry of Trade, Industry, and Energy. This milestone underscores the growing influence of K-beauty on the global stage, positioning South Korea as a leading “cosmetic powerhouse.”
After peaking at $9.2 billion in 2021, Korean cosmetics exports faced a brief dip in 2022 and 2023 but rebounded strongly in 2024, driven by significant growth in key markets like the United States and Japan.
Skincare exports to the US skyrocketed more than threefold, reaching $815.1 million in 2024 compared to $231.9 million in 2020, fueled by rising interest in functional cosmetics such as anti-aging products. Similarly, color cosmetics exports to the US more than doubled during the same period, climbing to $267.8 million from $124 million.
Japan also emerged as a critical market for Korean beauty brands, with color makeup exports increasing 1.6 times to $316.6 million and basic cosmetics exports growing 1.3 times to $258.4 million between 2020 and 2024. Analysts attribute this growth to the influence of K-pop idols, whose makeup styles have captivated MZ-generation consumers born between the early 1980s and early 2000s.
The global recognition of K-beauty has enabled Korean brands to overtake French giants like Chanel and Lancôme in key markets. In the US, Korean cosmetics captured a 22.2% market share from January to October 2023, surpassing France’s 16.3%, according to the US International Trade Commission. This marked Korea’s emergence as the leading supplier of imported beauty products in the US, with imports totaling $1.41 billion during that period.
In Japan, Korean beauty brands maintained their dominance in the imported makeup market for the third consecutive year in 2024. Data from Japan’s Imported Cosmetics Association revealed that Korean products accounted for 94.2 billion yen ($599 million) in imports during the first three quarters of 2024, representing a 28.8% market share, compared to France’s 25.1%.
