South Korea becomes world’s second‑largest cosmetics exporter, overtaking the United States

South Korea’s beauty industry has overtaken the United States to become the world’s second‑largest cosmetics exporter, according to the latest trade data released by the Korean Ministry of Trade, Industry and Energy. In 2023, South Korean cosmetics and skincare products generated export revenues of roughly 2.1 trillion won (about US$1.6 billion), up 12 percent from the previous year and surpassing the US export figure of 1.9 trillion won (US$1.5 billion). The jump was driven by strong demand for K‑beauty staples such as sheet masks, BB creams and innovative skincare devices, as well as a broader shift toward natural and sustainable formulations.

The rise reflects a decade‑long strategy to position Korea as a global beauty hub, supported by government incentives for research and development, streamlined export licensing and aggressive marketing in emerging markets. Major Korean brands—L’Oréal‑owned Amore‑Pacific, Innisfree, and Etude House—have expanded their presence in Europe, Latin America and the Middle East, while the domestic market’s high consumer spending on beauty products continues to fuel domestic production. Analysts note that the country’s robust supply chain, high quality standards and strong brand storytelling have helped it compete with long‑established players such as Japan, China and Germany.

Industry officials say the new ranking underscores Korea’s growing influence in the global cosmetics landscape and signals a shift in consumer preferences toward innovative, technology‑driven beauty solutions. The government plans to further support the sector through investment in digital trade platforms and sustainable packaging initiatives, aiming to maintain its competitive edge and drive future growth in international markets.