Last year, South Korea took the lead as the foremost cosmetic exporter to the United States, overtaking France for the first time, reflecting the increasing worldwide demand for Korean beauty items.
According to Bloomberg’s report on March 31, South Korea shipped $1.701 billion worth of cosmetics to the United States in 2024, as per information provided by the U.S. International Trade Commission. This figure surpassed French beauty product exports, which amounted to $1.263 billion during the same period.
Experts credit the rise of K-beauty to the global spread of Hallyu, also known as the Korean Wave. With K-pop and K-dramas gaining popularity internationally, beauty companies have leveraged this trend with clever advertising strategies, star endorsements, and strategic product placement. They've launched an array of items, including lip balms and LED facial masks, catering to U.S. customers who seek cutting-edge skin care options.
The Korea Ministry of Food and Drug Safety disclosed that the nation’s total cosmetics exports reached an all-time high of $10.2 billion last year, marking a 20.6% increase from the previous year.
The significant boost in U.S. sales occurs as Korean cosmetic companies encounter challenges in China, which was previously their biggest market. In reaction to slowing demand from China, these firms have shifted focus towards North America. They are leveraging social media platforms like TikTok and Reddit to enhance online sales and are forming alliances with retail giants such as Costco and Amazon to broaden their reach.
Kolmar Korea, a leading South Korean cosmetics contract manufacturing company, is set to launch a new production plant in the United States to cater to increasing demand. Meanwhile, Olive Young, which holds the title of being South Korea’s biggest beauty retail chain, intends to debut its inaugural outlet in America within the current year. Last year, the retailer experienced an impressive surge of 140% in sales attributed to international visitors shopping in South Korea.