Summary
- Korean cosmetics brands cash in on US demand
- Social media, K-pop boost interest in 'K-beauty'
- South Korea was third biggest cosmetics exporter in 2024
- Korean firms outperform French rivals in U.S. e-commerce sales growth
- Korean firms in talks with U.S. retailers to expand physical store presence
South Korea overtook Germany to become the world's third-largest beauty product exporter after France and the U.S. in 2024. Four fifths of its $13 billion cosmetics output are for exports, which have predominantly been driven by e-commerce sales.
Wow! It's over $10 billion for cosmetic exports by South Korea. I've recently read that South Korea was a struggling economy not long before. It was only their innovative and creative economic that had made them rank among developed nations.
I think South Korea sets a great example for India and some other booming economies how to not fall or come out of the middle income trap and have sustainable development. Or, we have Malaysia which was once booming like no other nation but due to lack of innovation and a drive to produce on their own left the country in a trap for forever.