Republic of Korea: Cosmetics Market 2024

Cosmetics Market Size in Republic of Korea

The South Korean cosmetics market surged to $X in 2022, picking up by X% against the previous year. Over the period under review, the total consumption indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Cosmetics Production in Republic of Korea

In value terms, cosmetics production expanded slightly to $X in 2022 estimated in export price. Overall, production continues to indicate a buoyant expansion. The pace of growth was the most pronounced in 2018 when the production volume increased by X%. Cosmetics production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Cosmetics Exports

Exports from Republic of Korea

After ten years of growth, overseas shipments of cosmetics decreased by X% to X tons in 2022. Over the period under review, exports, however, continue to indicate a strong expansion. The growth pace was the most rapid in 2014 with an increase of X%. The exports peaked at X tons in 2021, and then contracted in the following year.

In value terms, cosmetics exports declined to $X in 2022. Overall, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

China (X tons) was the main destination for cosmetics exports from South Korea, with a X% share of total exports. Moreover, cosmetics exports to China exceeded the volume sent to the second major destination, the United States (X tons), threefold. Japan (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Japan (X% per year).

In value terms, China ($X) remains the key foreign market for cosmetics exports from South Korea, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Japan (X% per year).

Export Prices by Country

The average cosmetics export price stood at $X per ton in 2022, standing approx. at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 when the average export price increased by X%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cosmetics Imports

Imports into Republic of Korea

In 2022, approx. X tons of cosmetics were imported into South Korea; with an increase of X% against the previous year's figure. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2015 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, cosmetics imports stood at $X in 2022. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

France (X tons), the United States (X tons) and Canada (X tons) were the main suppliers of cosmetics imports to South Korea, together accounting for X% of total imports. Japan, China, Thailand, Germany, Italy, Malaysia, Australia, the UK and India lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X), the United States ($X) and Japan ($X) were the largest cosmetics suppliers to South Korea, with a combined X% share of total imports. China, Italy, Germany, Canada, Australia, the UK, Thailand, Malaysia and India lagged somewhat behind, together accounting for a further X%.

India, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average cosmetics import price stood at $X per ton in 2022, almost unchanged from the previous year. In general, the import price showed a mild setback. The pace of growth was the most pronounced in 2014 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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