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.