Key Market Indicators
Korea's cosmetics import and export are both set to rise significantly over the next five years. Import is forecast to reach $2.5 billion by 2026, a 2.3% year-on-year growth from 2021's $2.2 billion. Since 1993, the demand for Korean cosmetics has increased by an average of 4.4% annually. In 2021, Korea ranked 18th, with Australia taking the lead at $2.2 billion. China, Germany and the UK came in second, third and fourth respectively. Meanwhile, export of Korean cosmetics is forecast to hit $9 billion by 2026, growing at a 3.8% year-on-year average rate since 1993. Last year, the country ranked sixth, with Singapore leading at $7.2 billion. The US, Germany and Ireland took second, third and fourth place respectively.
South Korea Cosmetics Innovation Articles
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