K-Beauty Exports to the US Doubled from 2020 to 2023 | Happi

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A new report from Landing looks at K-Beauty’s “second wave."

By: Christine Esposito

October 14, 2024

The launch of BB cream into the US beauty market in 2011 ushered in the K-Beauty craze, shaping skincare routines across the globe. This surge was not merely a trend, but a cultural phenomenon fueled by the rising global influence of Korean culture (K-Pop, K-Drama, and K-Kood), according to a new report called The Second Wave of K-Beauty.

The report, which comes from a K-beauty insider, Landing International Founder and CEO Sarah Chung Park, highlights the current dynamics of the K-Beauty, its impact on North American consumers and growth opportunities for retailers. Landing was named one of Fast Company’s Most Innovative Companies in Beauty.

Park has successfully launched 180-plus Korean beauty and wellness brands—including COSRX, Hanskin and Klairs—into major retailers like Ulta, Target, Dermstore, Nordstrom and JCPenney.

The report’s data is based on proprietary insights from Spate, ClearForMe and Landing’s own platform.

K-Beauty exports to the US have doubled from $622.3 million in 2020 to $1.2 billion in 2023, according to the report. In the first four months of 2024, South Korea ranked first in the US imported cosmetics market share, with exports of $477.1 million, accounting for 20.1% of the market share. France, historically the global cosmetics leader, ranked second with exports of $459.43 million, accounted for 19.3% of the market share. Canada followed closely behind, exporting $327.23 million worth of cosmetics to the US, according to the United States International Trade Commission (USITC).

According to Landing, the South Korean beauty industry has experienced a massive explosion in the number of brands over the past two decades. This surge can be attributed to several factors, including the presence of original design manufacturers (ODMs), strong government support for the cosmetics industry, a culture of beauty innovation, and a global demand for Korean beauty products, according to Landing. As of 2022, South Korea had nearly 33,000 companies active in the cosmetics industry, including 28,015 responsible sellers and 4,548 cosmetics manufacturers. The number of manufacturers has been increasing steadily, and jumped to over 4,000 in 2020.

The second wave of K-Beauty is successfully capitalizing on the growing global popularity of K-Culture, says Landing.

While skincare remains the heart of K-Beauty’s success, it is making significant inroads into haircare, color cosmetics, body care and fragrance. This expansion is supported by both consumer demand and the sector’s reputation for natural ingredients, high efficacy, and affordability.

Each of these emerging categories shows promising growth, signaling that K-Beauty is evolving into a comprehensive beauty solution. K-Beauty exports cover a wide range of product categories beyond its traditional stronghold in skincare, notes Landing.

In 2023, K-Beauty revenue on Amazon.com jumped 78% year over year. In the first five months of 2024, sales are estimated to more than double from the same period last year. And during the spring big sale period in March, sales of K-beauty products increased by more than 200% YoY.

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