K-beauty leads global skincare market 

SOUTH KOREA –  K-beauty brands dominate the global skincare industry, utilizing traditional ingredients such as ginseng, green tea, and mung beans to deliver the highly desired ‘glass skin’ effect.

As reported by the Ministry of Food and Drug Safety, Korean cosmetics exports rose 21% to USD 10.2 billion in 2024 from a year earlier, with basic skincare products accounting for 75% of the total at USD 7.67 billion.

This achievement positions South Korea as the world’s third-largest cosmetics exporter.

China was the leading market, accounting for USD 2.5 billion, followed by the US at USD 1.9 billion and Japan at USD 1 billion.

Lisa Hong, Euromonitor’s beauty and fashion market specialist, said, “Korean beauty brands have capitalized on this trend by scientifically proving the benefits of traditional ingredients like mushrooms, lotus flowers, and mung beans,”

“These ingredients have become a key driver of K-beauty’s popularity, coinciding with a rise in consumer awareness in the US where shoppers are becoming increasingly discerning about ingredients.” 

According to Lisa Hong, the global trend toward ingredient-focused beauty, which prioritizes the efficacy and functionality of raw materials, is gaining momentum, particularly in China and the U.S.

Mintel Group Ltd., a market intelligence firm, highlighted in a September 2024 report that K-beauty continues to set trends, particularly among Asian consumers.

Skincare brands that have recently become more popular overseas than in Korea include Beauty of Joseon’s Clear Rice Sunscreen, Anua Mugwort 77% Soothing Toner, and Skin1004 Madagascar Centella Light Cleansing Oil.

According to its website, Amorepacific  Corp.’s LipCure Beam technology sales increased by 5.9% to USD 2.9 billion compared to the previous year, driven by strong performance in global markets, especially in Western regions.

The Korean cosmetics market is projected to record a compound annual growth rate (CAGR) of 7.8% from 2024 to 2033.