The Ministry of Food and Pharmaceutical Safety, headed by Minister Oh Yu-Kyoung, recently published an analysis of the cosmetics industry for the year 2022. The findings reveal impressive achievements, and we present the key points of this report.
Significant global expansion
In 2022, the Korean cosmetics industry showed remarkable resilience, recording a trade surplus of over 8,000 billion won, a considerable increase on previous years. This increase can be attributed to a shift in export destination, with a significant 13.2% increase in imports of Korean cosmetics to Southeast Asian countries.
The total value of cosmetics exports, despite a 2.2% drop on 2021, amounted to KRW 10,270 billion (around $8 billion).South Korean cosmetics exports thus exceeded the KRW 10,000 billion mark for the second year running.
Korea has now consolidated its position as the world's fourth largest cosmetics exporter with $7.95 billion, behind Germany ($8.73 billion) and market giants France ($19.44 billion) and the USA ($10.37 billion).
From 153 nations in 2021, this number has risen to 163 in 2022. This expansion includes not only the major developed countries, but also the Central Asian region. This trend underlines the growing global appeal of Korean cosmetics beyond traditional markets, demonstrating the industry's adaptability and widespread popularity.
The report also identifies a significant 26% drop in exports to China, equivalent to a decline of over $1.2 billion.This decline can be attributed to a combination of factors, including the economic slowdown due to the COVID-19 pandemic, stricter Chinese cosmetics regulations and a preference for domestic products.
K-beauty 2022 : the key information
Total value of cosmetics exports: 10,270 billion won
South Korea is the world's 4th-largest cosmetics exporter, after France, the United States and Germany
The number of countries participating in cosmetics exports has risen to 163
Korean cosmetics exports to China dropped by 26%
There was a remarkable increase in shipments to Southeast Asia:
Vietnam (23.4%)
Thailand (13.2%)
Philippines (44.4%)
Taiwan (21.1%)
Sales showed promising growth in developed markets such as France and Canada, as well as in Central Asian nations such as Kyrgyzstan and Kazakhstan.
Are you interested in more studies about Korean cosmetics?