South Korea ranks in the world's top 10 beauty markets
today Aug 30, 2017
Beauty mask in fabrics, BB and CC creams or cushion compacts (liquid foundation with integrated sponge) are some of the "made in Korea” products now coveted by consumers all over the world. When it comes to cosmetics, Korea is undoubtedly a cradle of innovation and new trends.
According to the study by L2, South Korea is the world's ninth-largest beauty market with a turnover of $12 billion, up 5% from the previous year. Exports jumped 44%, while imports slowed. International beauty brands trying to business there must compete with powerful Korean companies such as AmorePacific and LaNeige.
South Korean consumers also are very connected on social media and through mobile Internet. Foreign brands wanting to make in roads in Korea need to have a solid online strategy and recruit a local celebrity, says L2.
Even France has succumbed to the so-called K-Beauty trend. French cosmetics retailer Sephora was quick to give K-Beauty prime shelf space in its French locations. The K-Beauty Paris trade show will open September 22 at the Tapis Rouge in Paris, organized by Kotra, a government agency for the promotion of foreign trade, part of the South Korean Ministry of Trade.
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