South Korea achieved a historic milestone in 2024 as its cosmetics exports exceeded $10 billion for the first time, driven by the global appeal of K-beauty and the influence of Korean cultural content, according to government data released on Monday.
The Ministry of Food and Drug Safety reported that the country’s combined shipments of cosmetic products surged by 20.6% year-on-year, reaching an unprecedented $10.2 billion. The remarkable growth was attributed to the increasing popularity of K-pop, K-dramas, and other Korean cultural exports, which have significantly bolstered the global demand for South Korean beauty products.
“The government will enhance cooperation with trade partners to help local companies sustain the growth of beauty exports while ensuring compliance with safety standards in key markets such as the U.S. and China,” stated Food Minister Oh Yu-Kyoung in a press release.
South Korea’s cosmetics exports have shown a steady upward trend since 2014. Exports grew from $1.8 billion in 2014 to $4.9 billion in 2017, $7.6 billion in 2020, and $9.2 billion in 2021, before reaching $10.2 billion in 2024 despite a slight dip in 2023 at $8.5 billion.
In parallel, South Korea’s bio-health sector also recorded significant growth. Exports of bio-health products, including cosmetics and pharmaceuticals, rose by 22.5% in the third quarter of 2024 compared to the same period in 2023, amounting to $6.34 billion. Pharmaceutical exports led this growth, increasing by 43.5% year-on-year to $2.38 billion, particularly driven by higher demand in Hungary, Germany, and Belgium.
Medical device exports also saw a modest increase of 1.8% year-on-year, reaching $1.37 billion, supported by strong sales of laser equipment.
For the January-September period, South Korea’s total bio-health exports reached $18.5 billion, a 15.6% rise from the previous year, highlighting the country’s expanding presence in the global healthcare and cosmetics markets.
These achievements underscore South Korea’s growing influence in the beauty and bio-health industries, cementing its reputation as a leader in innovative and high-quality products.
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