Forecast: Export of Beauty, Make-Up and Skin Care Preparations from South Korea

The export of beauty, make-up, and skincare preparations from South Korea has experienced significant growth over the past decade, with exports standing at $6.2845 billion in 2023. The market has seen a deceleration in growth rates over recent years, with year-on-year growth at 5.25% in 2023. The Compound Annual Growth Rate (CAGR) has also been declining, moving from rates above 30% in the early 2010s to 5% over the last five years.

While the early 2010s exhibited robust double-digit growth, recent years have shown a trend of single-digit increases. Based on the forecast data, the CAGR for the upcoming five years is expected to be around 3.34%, reflecting a continued slowdown compared to historical growth rates. However, an overall growth rate of 17.86% is predicted by 2028.

Future trends to watch for include emerging market dynamics, shifts in consumer preferences towards organic and natural products, and the impact of digital transformation on the beauty industry's supply chains. Additionally, geopolitical factors and trade policies will play a crucial role in shaping South Korea's export landscape.