Although sales have been rocketing throughout the Asia Pacific region, it is in China where Korean pop, also known as K-Pop, has reached fever pitch. And with many of the K-pop stars promoting their own fragrance and skin care lines, this is helping Korean cosmetics to fly off the shelves.
According to the Korean Customs Service, in June the nation’s cosmetics exports reached a new high of US$150 million.
K-Pop drives China growth
The figure reflects double digit growth rates in all the major export countries, with the success in the China market said to be accounting for around 30% growth.
The authority said that of this total, China accounted for approximately half of those exports, while Hong Kong, the United States and Japan were the other major export markets.
This result means that total exports of cosmetics for the first six months of the year rose to $800 million, which accounts for exports to more than 130 countries all over the world.
Reflecting the growing internationalization of this market, the South Korean cosmetics industry exported to only 87 different countries throughout the world ten years ago.
Growth also comes off the back of innovation
Back in May the Korea Customs Service released data that showed the country’s cosmetics industry had grown by six times in the space of ten years.
South Korea is increasingly a new focal market for industry professionals, as it is arguably the one of the most innovative personal care markets in the APAC region, with sales of cosmetics and toiletries growing by 9.1 per cent in 2012.
“Korea is Asia’s third largest cosmetics market and has been growing steadily since 2009. As home to more than 1,500 cosmetic manufacturers and the world’s highest spenders per capita in the field of skincare and male grooming products, it offers a huge opportunity,” Lucy Gillam, director at Reed Exhibitions and industry expert, has noted.
In the eye of the industry
The country took centre stage at last year’s in-cosmetics Asia event, with founder Florence Bernardin presenting two sessions dedicated to the market: 'What's happening in Korea?', which focussed on informing visitors on how the country has become a dominant force in regional beauty markets, and 'What's next in Korea?’.
Now the event organisers are gearing up to host an event specifically in Korea in 2015, coming as the first exhibition of the beauty industry seen in the country, and confirming the country’s strengthening position as key emerging market.