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Joint K-beauty exhibition hall within Beauty World Japan Nagoya for 3 days from July 24
Expected to improve business results with inviting a big local trading company
KOTRA (President Yu Jeoung-yeol) is to operate a joint K-beauty exhibition hall within Beauty World Japan Nagoya, the first cosmetics and beauty products exhibition to be held in central Japan, for three days starting from July 24. The exhibition is held annually in Tokyo and Osaka, but it is the first time to have this exhibition in Nagoya, which is expected to draw more than 10,000 visitors.
According to Japan's Ministry of Economy, Trade and Industry, the Japanese cosmetics market amounted to about $35 billion as of 2021, being the world's third-largest cosmetics market only after U.S ($77.7 billion) and China ($57.2 billion). In January~March 2023, Japan's largest cosmetics importer was Korea with USD170 million (124% up from a year ago, 25.4% market share), followed by France with USD 150 million (110.7% up from a year ago, 22.1% market share)..
In a 2022 survey of Japanese women in their 10s~30s conducted by Japanese market research firm TestTee, 72.9% of teenagers, 61.7% of those in their 20s, and 51.2% of those in their 30s said they are currently using or have experience of using Korean cosmetics. When asked about the reason for purchasing Korean cosmetics, teenagers and those in their 20s answered "good color" while those in their 30s responded "low price."
A large number of cosmetics distributors visited the K-Beauty exhibition hall and displayed a great interest in importing Korean cosmetics. "We have discovered about 20 Korean cosmetics companies and are currently supplying them to about 10,000 distribution networks in Japan. We plan to increase the number of them to 50 within the next five years," said Midori Hirai, CEO of CENQUR*. "We want to promote the quality and design of K-Beauty to Japanese women, and hope to discover a variety of Korean companies through KOTRA," she added.
** CENQUR is a cosmetics trading company that imports and sells Korean cosmetics to 10,000 major Japanese distributors, including Don Quijote, AEON Mall, and Sugi Drug
Nam Woo-suk, head of KOTRA Business Center in Nagoya, said, "Having started as a sales promotion a few years ago, we have been increasing support Korean cosmetics companies expansion to Japan with exhibitions and distribution network partnerships," adding, "We will expand performance- and metropolitan cities-oriented support into Japan's rural cities"
Source : Invest KOREA (2023.07.25.)