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Korean cosmetics industry ranks third globally on record $10.28 billion in exports for 2024

Published: 27 May. 2025, 13:03

Beauty products are displayed at a store in Myeong-dong, central Seoul, on May 14. [NEWS1]

Korea’s cosmetics industry posted its best-ever year in 2024, with both exports and domestic production reaching record levels, fueled by sustained global demand for Korean beauty products.

The country exported $10.28 billion worth of cosmetics last year, a 20.3 percent jump from the year before, according to the Ministry of Food and Drug Safety on Tuesday.

That performance ranked Korea as the world’s third-largest cosmetics exporter behind France, which exported $23.26 billion, and the United States’ $11.2 billion, up one spot from fourth in 2023. Korea overtook Germany, which recorded $9.08 billion in exports.

Cosmetics production in Korea also hit a new high, totaling 17.54 trillion won ($12.8 billion), up 20.9 percent year-on-year.

By country, China remained the largest importer of Korean cosmetics at $2.49 billion, followed by the United States with $1.9 billion and Japan at $1.04 billion.

But China’s share of Korea’s total exports continued to shrink. In 2021, China accounted for 53.2 percent of exports; by 2024, that figure had dropped to 24.5 percent, in part due to declining demand for basic skincare products.

In contrast, exports to other regions — across Asia, North America and Europe — rose steadily. Korean cosmetics were exported to 172 countries last year, up from 165 in 2023.

The United Arab Emirates (UAE), Indonesia and Poland stood out among emerging markets. Exports to the UAE surged 91 percent year-on-year to $170 million, while Indonesia and Poland saw increases of 69.9 percent and 161.9 percent, respectively, reaching $140 million and $130 million.

Cosmetics are stocked at the storefront window of a shop in Myeong-dong, central Seoul, on May 6. [YONHAP]

The growth in exports corresponded with an increase in domestic production, particularly in skincare and color cosmetics.

Basic skincare products made up the largest share of production at 10.3 trillion won, or 58.7 percent of the total. Production of items in that category such as lotions, creams, serums, oils and masks rose 30.2 percent from a year earlier.

Color cosmetics, boosted by sales from lipsticks and lip gloss, also saw strong growth, with output rising 51.4 percent to 2.68 trillion won, accounting for 15.3 percent of total production.

To bolster the global presence of Korean cosmetics, the Ministry of Food and Drug Safety announced that it will mark Sept. 7 as “Cosmetics Day” each year, following revisions to the Cosmetics Act enacted in April.

“We will work to ensure high-quality Korean cosmetics can access global markets more smoothly,” the ministry said in a statement.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY CHAE HYE-SEON [[email protected]]