Breaking $10 billion in exports: K-beauty trends captivate the world

Welcome to Trend Vibes where we delve into the latest trends connected to Korea.

For that, we have our trend reporter, Seyoung!

Hello! Do you notice anything different about me today?

I’ve put a little extra effort into my makeup today! That’s because our topic is K-beauty! Last week, we talked about Korean people’s New Year’s resolutions. One of them was self-improvement, and as a part of efforts to improve oneself many people also focus on enhancing their appearance. So today, we’ll dive into the world of K-beauty!

Oh, that sounds exciting! I’ve heard about the K-beauty boom, but how popular is it overseas right now?

It’s huge! Let’s look at the numbers first. Korea’s cosmetics exports surpassed 10 billion U.S. dollars last year, setting a record high. As you can see from the graph on the screen K-Beauty exports have almost quadrupled from 2015 to 2024. Compared to 2012, 12 years ago, they have grown tenfold. Notably, it surpassed France to become the top imported cosmetics brand in the U.S., the world’s largest cosmetics market.

In terms of recognition, K-beauty is also one of the most well-known terms among global consumers and there is a survey that actually proves this popularity. A 2023 Euromonitor survey asked over 20-thousand people across 20 major countries if they had heard of beauty terms linked to specific nations. The top answer? K-beauty! Nearly 30% of respondents knew about it, surpassing J-beauty (Japanese beauty) by about 10 percentage points.

So we can say K-beauty excels both in profitability and global recognition!

Wow, that’s such a proud achievement! What types of K-beauty products are most popular?

There’s a wide variety of Korean cosmetics, so competition is fierce. In the U.S., skincare products are dominant. Japan prefers color cosmetics and loves girl group-inspired makeup trends,.. while France is drawn to the Korean-style skincare layering routine.

Also since COVID-19, interest in skincare products with natural and organic ingredients and a delicate skincare routine itself has surged in places where people had to wear face masks for long periods as masks irritate the skin, while more people also focused on eye makeup due to masks covering the lower face.

It’s fascinating how each country focuses on different aspects of K-Beauty!

Exactly. I found it particularly interesting that France admires the routine itself. For instance, I layer skincare products step-by-step every night, sometimes with a sheet mask. I used to take it for granted, because I’ve seen my mom doing it for a long time and it was my old habit, too. But it’s exciting to see Korean skincare routines gain global attention!

Beyond the products themselves, what’s driving the global appeal of K-Beauty?

First, we can’t ignore the influence of K-pop. Fans want to replicate their favorite idols’ looks, and YouTube is full of tutorials on K-pop-inspired makeup. This naturally translates into product sales. And I want to ask you guys this question. Have you watched any of these videos or tried the looks yourself? or have you seen anyone trying these makeup styles from the videos?

I sometimes watch these videos for fun, too.

Along with the popularity of K-pop K-beauty’s unbeatable value is another reason. Korean brands offer excellent quality at reasonable prices, making them hard to resist. Lastly, localization strategies play a big role. For instance, one brand released sun care and moisturizing creams tailored to Vietnam’s humid climate, while another launched compact-sized cushion foundations for the Japanese market.

This success isn’t limited to major corporations; small and medium-sized businesses are also thriving. Their innovation and competitiveness add real value to the industry.

It’s inspiring to see such a balanced ecosystem driving K-beauty’s global popularity. What’s the outlook for the industry?

I’d say it’s bright! The Korean government actively promotes K-beauty. For instance, the Korea Beauty Festival last June targeted international tourists interested in K-beauty. Additionally, the global recognition of K-beauty means that strong product quality can now outshine branding. Many experts believe that this mix of quality and affordability will drive further growth.

Seyoung, it’s been such an insightful session.

Glad you found it insightful Walter. But yes, not only were we able to explore the products but we also learned about the significance in K-beauty as an export growth engine.

Thanks, Seyoung!

My pleasure! Thank you!