The Korean beauty industry, known as K-Beauty, has reached unprecedented levels of success in the first quarter of 2024, setting a new record for cosmetic exports. The Korea Customs Service reported on April 3 that cosmetic exports surged by 21.7% compared to the same period last year, reaching a remarkable US$2.3 billion.
One of the driving forces behind this export growth is the diversification of K-Beauty products and destinations. Notably, products such as color cosmetics have sustained their success since last year, while there has been a notable decrease in dependence on China in favor of expanding exports to a diverse range of countries.
The export increase encompasses a wide array of K-Beauty products, including fundamental items like skin lotions, as well as popular choices such as sunscreen, lipstick, cleansing foam, and perfume. Across all categories, there has been a significant uptick in exports compared to the same period last year.
Breaking down the export proportions, basic cosmetics like skin lotions accounted for 44.4% of exports, followed by other cosmetics (25.1%), color cosmetics (15.5%), beauty products (10.4%), and cleansing products (4.2%). Notably, the performance of lipstick and other cosmetics signals a notable diversification of K-Beauty offerings.
Furthermore, there has been a gradual decrease in dependence on China as a major export destination. While China's share of exports peaked at 53.0% in 2021, it has since declined to 32.7% last year. In the first quarter of 2024, top export destinations included China (26.6%), the United States (16.4%), and Japan (10.5%).
The number of export countries and volumes has also seen an uptick, with a record-breaking 175 countries receiving K-Beauty exports during this period. Additionally, major export destinations such as the United States, Japan, and Vietnam have continued to achieve record performances, highlighting the global appeal of K-Beauty products.
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