South Korea beauty industry surpasses $10 billion milestone riding the Hallyu wave – Newz9

South Korea, famend world chief in the cosmetics and cosmetic surgery sector, achieved a major milestone in its Okay-beauty industry with exports surpassing the $10 billion mark in 2024, in response to the authorities knowledge launched on Monday.
Yonhap company information reported that as per the ministry of meals and drug security, the whole worth of South Korea’s beauty exports surged by 20.6 p.c yearly, reaching an all time excessive of $10.2 billion.
This spectacular development was credited to the hallyu wave which amplified the world attraction of Korean cultural exports like Okay-pop and Okay-dramas.
China emerged as the largest importer of South Korean cosmetics, buying $2.5 billion value of merchandise. The United States adopted with $1.9 billion, whereas Japan ranked third with $1 billion in imports, in response to the SME Times.
Food minister Oh Yu-Kyoung stated, “The government will strengthen cooperation with trading partner countries to help local firms continue the growth of cosmetic exports while helping them meet safety standards in the US and China.”
South Korea’s beauty exports have undergone constant development since 2014, when shipments had been valued at $1.8 billion. This determine rose to $4.9 billion in 2017, $7.6 billion in 2020, and $9.2 billion in 2021 earlier than a slight dip to $8.5 billion in 2023.

Bio-health exports hint related path

In addition to cosmetics, South Korea’s bio-well being sector additionally recorded a robust development, leaping 22.5 p.c in the third quarter as in comparison with the earlier 12 months. The bio exports reached $6.34 billion in the July-September interval in 2024 $5.17 billion recorded over the corresponding interval in 2023, as per the Korea well being industry improvement institute.
The bio-well being product exports, together with prescribed drugs and medical devices, had been pushed by sturdy demand for pharmaceutical items in European nations.
Pharmaceutical exports led the surge, rising by 43.5 per cent 12 months-on-12 months to $2.38 billion, with vital demand from Hungary, Germany, and Belgium. Exports of medical devices grew modestly by 1.8 per cent to $1.37 billion, pushed by laser gear gross sales.
Cumulatively, South Korea’s bio-well being exports totaled $18.5 billion for the January–September interval, marking a 15.6 per cent improve from the earlier 12 months.