South Korean Cosmetic Exports Rise in North America and Southeast Asia in H1 2023
In the first half of 2023, South Korea's cosmetic exports rose by 0.6% compared to the previous year, reaching $4.08 billion or roughly 5.46 trillion won. This achievement shines even as overall health industry exports have declined.
Growth in cosmetics exports was particularly noted in North America, Southeast Asia, and Russia. Exports to the United States alone increased by a staggering 20.7%, recording $537 million. Notable growth was also seen in exports to Vietnam, Thailand, and Russia. While exports to China and Japan diminished, a diversification in export routes to North America and Southeast Asia has helped maintain overall growth.
When viewed by product category, 'basic makeup products' recorded $3.1 billion, seeing significant increases in the U.S., Hong Kong, Vietnam, and Russia. 'Colored cosmetics' rose in both Japan and the U.S., totaling $520 million. 'Children’s products' and 'fragrance products' showed remarkable growth in the U.S. and China, respectively.
In conclusion, South Korea's cosmetic exports in the first half of 2023 are displaying diverse growth across both regions and product categories. The country is maintaining a stable condition overall, especially seeing growth trends in North America and Southeast Asia.
Nearly Half of Online Cosmetic Ads Deemed Unfair by Korean Food and Drug Administration
The Korean Food and Drug Administration (KFDA) and the Korea Cosmetic Association recently conducted a monitoring study of 322 online cosmetic advertisements last month. The results showed that 155 ads, or 48.13%, were deemed unfair.
This examination primarily focused on keywords such as 'diet' and 'weight loss,' targeting platforms like Naver, 11st, and Interpark.
Consultations with civilian advertising verification experts, comprised of 90 professionals including doctors, professors, and consumer groups, led to the discovery of ads using misleading terms like 'fat reduction,' 'breast enlargement,' and 'double-chin lifting.'
KFDA plans to take administrative or legal action against the companies responsible for such unfair advertisements and is planning to conduct specialized monitoring during specific seasons like holidays and summer. The team focuses on monitoring false labeling, exaggerated advertising, and illegal distribution online.
The Lab by Blanc Doux Releases Refillable Deep Toner in Aluminum Cans
China's Boycott Against Japanese Products Benefits Korean Cosmetics and Travel Industries
Since Japan released contaminated water from the Fukushima nuclear plant into the ocean, a fast-growing boycott of Japanese products has emerged in China.The Chinese government has fully banned the import of all Japanese seafood, and the search term "Japanese cosmetics" has shot to the top of the social media platform Weibo.
As a result, South Korean cosmetics and travel sectors are reaping unintended benefits. Stock prices for brands like Tony Moly, Coreana, Amore Pacific, and Clio are showing an upward trend.
"Wishcompany" Sets Record Sales, Cementing Its Place in the Global K-Beauty Market
Wishcompany has experienced steady growth over 11 years since its founding in 2010. With its flagship brand 'Dear, Klairs,' the company exports products to over 60 countries and recorded about 61.5 billion won in sales last year.They set a new record for the first half of this year with sales of 30.4 billion won, projecting close to 100 billion won for the second half. Sales have notably expanded in Vietnam and Northern Europe, and the company's YouTube channel, "Wishtrend TV," has recently surpassed 1.86 million subscribers.
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