Forecast: Export of Essential Oils, Perfumes, Cosmetics and Toileteries from South Korea

The export of essential oils, perfumes, cosmetics, and toiletries from South Korea has shown impressive growth over the past decade. In 2023, the value stood at $7.9781 billion USD. From 2013 to 2023, the industry experienced fluctuating year-on-year growth, peaking in the mid-2010s with growth rates exceeding 50% in some years. In recent years, the growth has moderated, with a 5.29% increase in 2023 compared to 2022. The compound annual growth rate (CAGR) over the last five years up to 2023 is 5.01%. Looking forward, the forecast CAGR for the next five years is estimated at 3.36%, projecting a total growth of 17.98% by 2028, reaching a value of $9.8709 billion USD.

Future trends to watch for:

• Growth in demand for natural and organic personal care products.
• Expansion into emerging markets, particularly in Southeast Asia.
• Technological advancements in skincare and cosmetic formulations.
• Increasing consumer awareness and preference for sustainable and eco-friendly products.
• Potential impacts of trade policies and international relations on export dynamics.