South Korea beauty industry surpasses $10 billion milestone riding the Hallyu wave

South Korea, renowned global leader in the cosmetics and plastic surgery sector, achieved a significant milestone in its K-beauty industry with exports surpassing the $10 billion mark in 2024, according to the government data released on Monday.

Yonhap news agency reported that as per the ministry of food and drug safety, the total value of South Korea's cosmetic exports surged by 20.6 per cent annually, reaching an all time high of $10.2 billion.

This impressive growth was credited to the Hallyu wave which amplified the global appeal of Korean cultural exports like K-pop and K-dramas.

China emerged as the largest importer of South Korean cosmetics, purchasing $2.5 billion worth of products. The United States followed with $1.9 billion, while Japan ranked third with $1 billion in imports, according to the SME Times.

Food minister Oh Yu-Kyoung said, "The government will strengthen cooperation with trading partner countries to help local firms continue the growth of cosmetic exports while helping them meet safety standards in the US and China."

South Korea’s cosmetic exports have undergone consistent growth since 2014, when shipments were valued at $1.8 billion. This figure rose to $4.9 billion in 2017, $7.6 billion in 2020, and $9.2 billion in 2021 before a slight dip to $8.5 billion in 2023.

Bio-health exports trace similar path

In addition to cosmetics, South Korea’s bio-health sector also recorded a strong growth, jumping 22.5 per cent in the third quarter as compared to the previous year. The bio exports reached $6.34 billion in the July-September period in 2024 $5.17 billion recorded over the corresponding period in 2023, as per the Korea health industry development institute.

The bio-health product exports, including pharmaceuticals and medical instruments, were driven by strong demand for pharmaceutical goods in European nations.

Pharmaceutical exports led the surge, rising by 43.5 per cent year-on-year to $2.38 billion, with significant demand from Hungary, Germany, and Belgium. Exports of medical instruments grew modestly by 1.8 per cent to $1.37 billion, driven by laser equipment sales.

Cumulatively, South Korea’s bio-health exports totalled $18.5 billion for the January-September period, marking a 15.6 per cent increase from the previous year.

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