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  • Korea, Little Giant in the Global Cosmetics Market Close
    Korea, Little Giant in the Global Cosmetics Market
    2The value of the Korean cosmetics market reached USD 12.6 billion in 2019, making it the eight largest market in the world.
    The market features cosmetics manufacturing technologies, which lead to competitiveness in the global cosmetics market.
    Korea also plays a role as a test-bed for product development of global brands.
    K-Beauty has been spotlighted in the global market and the demand for Korean beauty products is rapidly increasing.
    The market value surpassed USD 6 billion in 2018 and recorded a CAGR of 23.4% from 2015 to 2019,
    making the country the fourth largest exporter of cosmetics products.
    "World Exports of Cosmetics Products"
    (Unit: USD million)
    World Exports of Cosmetics Products ranking, Origin, year(2015,2016,2017,2018,2019), CAGR (‘15-‘19)
    ranking Origin 2015 2016 2017 2018 2019 CAGR
    1 France 13,058 13,326 15,245 16,983 17,552 7.7%
    2 US 9,413 9,540 10,162 10,737 11,006 4.0%
    3 Germany 8,002 8,301 8,691 9,684 9,472 4.3%
    4 Korea 2,953 4,224 4,997 6,308 6,571 22.1%
    5 Japan 1,887 2,719 3,703 5,252 5,868 32.8%
    6 Italy 4,186 4,714 5,175 5,790 5,682 7.9%
    7 China 3,172 3,195 3,778 4,411 4,760 10.7%
    8 Spain 3,127 3,322 3,782 4,433 4,725 10.9%
    ※ Source: ITC (2019), Foundation of Korea Cosmetic Industry Institute (2019)
    ※ Footnote: Categorized by Korean cosmetics categories / Singapore shows intermediary trade results and is excluded from manufacturing/export countries.
  • Growing Trend Based on Exports and Domestic Demand Open
    Growing Trend Based on Exports and Domestic Demand
    Korea’s cosmetics manufacturing industry recorded a high CAGR of 10.9% during the five-year period from 2015 to 2019,
    thanks to continuous expansion of exports and rapid growth of the domestic market.
    Exports of cosmetics, in particular, have shown a trend of growth, thanks to K-Beauty and the impact of Hallyu.
    The recent CAGR of cosmetics exports for the five-year period from 2015 to 2019 is as high as 22.1%.
    Output and Percentage Change of Korean Cosmetics
    ※ Source: Ministry of Food and Drug Safety
    ※ Footnote: The number of companies includes manufacturing companies if output has been reported.
  • Continuous Acquisition of Korean Brands by Global Cosmetics Companies Open
    Continuous Acquisition of Korean Brands by Global Cosmetics Companies
    Foreign investors’ interest in the Korean cosmetics market has been ongoing. Unilever, a global cosmetics company,
    acquired Carver Korea in 2016, and L'Oréal acquired Stylenanda in 2018.
    "Global Company-Korean Company Acquisition"
    Please refer to the information below
    Global Company-Korean Company Acquisition Origin, Name of parent company, Name of company in Korea
    Origin Name of parent company Name of company in Korea
    Singapore ARDMORE MEDICAL GROUP Thuringen Korea
    US Estée Lauder Have & Be
    Netherlands Unilever Carver Korea
    France L'Oréal Nanda
    Large view of images
  • Transformed as a Major Exporter for the Future Open
    Transformed as a Major Exporter for the Future
    The Korean government plans to foster the cosmetics industry as a major exporter for the future.
    Accordingly, a vision has been set to reach USD 7.9 billion in exports, create 308,000 jobs in the industry,
    and become one of the top three cosmetics exporters in the world by 2022.
    Export target by 2022: USD 7.9 billion, Job target by 2022: 308,000, Top 3 cosmetics exporter Large view of images
    For the first time in the country’s history, Korea introduced a customized cosmetics sales system in March 2020,
    and relevant systems and policies have been improved to develop customized cosmetics related technologies.
    It is expected to gain an advanced foothold in the global customized cosmetics market.
  • Active Support from Local Governments Open
    Active Support from Local Governments
    The Korean cosmetics industry is very active in the center of the metropolitan area, where markets and distribution infrastructure are concentrated.
    The metropolitan area is home to 57,9% of companies and 57.1% of employees work in the area.
    Moreover, regional clusters are located in Gyeongsangbuk-do (Gyeongsan) and Chungcheongbuk-do (Osong), working as a foundation for the further development of the Korean cosmetics industry.
    By operating a private-public consultative group, K-Beauty clusters are planned to be constructed in Osan Gajang Industrial Complex, Hwaseong Hyangnam Industrial Complex, Incheon Namdong Industrial Complex, and Chungbuk Osong and Ochang Industrial Complexes.
    ※ Source: Cosmetics Industry Promotion Strategies (Ministry of Health and Welfare, May 2019)
    "Support for Cosmetics Industrial Clusters in Korea"
    Please refer to the information below
    • Incheon Namdong Industrial Complex
      • Build an image of a city of beauty
      • Beauty service consulting and education
    • Osong Cosmetics Industrial Complex
      • Osong Cosmetics and Beauty Expo
      • Global Cosmeceutical and Cosmetics Promotion Centers
      • Osong Bio Valley
    • Osan Gijang Industrial Complex
      • Beauty expo
      • Beauty Cosmetics Valley
    • Daejeon Industrial Complex
      • Beauty Festival (planned)
    • Namwon Cosmetics Complex
      • Eco-friendly cluster, eco-friendly cosmetics manufacturing facilities
      • Hub Valley, hub festivals
    • Daegu Haany University Cosmetics Special Complex
      • Daegu Beauty Expo
      • Beauty tour, Beauty Center
    • Gwangju Science Valley
      • Beauty Street
      • Consulting, academies
    • Gyeongsan Cosmetics Special Complex
      • Support for overseas market entry
      • Networking in the cosmetics industry
    • Jeju Cosmetics and Food National Innovative Clusters (planned)
      • Cosmetics cluster
      • Eco-friendly cosmetics certification system
      • Cosmetics hub cities
    Large view of images
    ※ Source: Foundation of Korea Cosmetic Industry Institute(2018)
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