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Korean Beauty Trends & Industry News: 24-12-03


K-Beauty Achieves Record-Breaking Exports, Cementing Global Influence

    As of November 2023, South Korea’s cosmetic exports reached $9.3 billion, surpassing the previous all-time high of $9.2 billion in 2021. The Food and Drug Administration of Korea (MFDS) anticipates that by the end of 2023, the total will exceed $10 billion, reflecting K-Beauty’s remarkable global growth trajectory.

K-Beauty exports have been steadily growing over the past nine years, climbing from $1.8 billion in 2014 to $7.6 billion in 2020. In October alone, exports exceeded $1 billion, demonstrating K-Beauty's dominance in international markets. These achievements are attributed to customized products targeting key markets such as the U.S. and Japan, supported by government regulatory reforms and global standardization efforts. Additionally, the proliferation of K-Content, including dramas and films, has amplified the global appeal of Korean cosmetics.

Commissioner Oh Yoo-kyung of MFDS acknowledged the industry's efforts, pledging continued support through regulatory improvement and international cooperation. MFDS plans to enhance export diversification by strengthening ties with major markets like China and the U.S. and addressing barriers for small and medium enterprises.

This extraordinary growth highlights the synergy between Korea’s high-quality, competitively priced products and strategic government and industry collaboration, solidifying K-Beauty as a global powerhouse.


VT Cosmetics Expands Subsidiary Stake to Strengthen Market Competitiveness

    VT Cosmetics is solidifying its position in the K-Beauty market by acquiring an additional stake in its subsidiary, E&C, increasing its ownership to 55.67%. This strategic move, valued at approximately $6.5 million, aims to meet the rising demand for Korean cosmetics globally while enhancing the company’s market agility and production capacity.

Following E&C's integration as a VT subsidiary in July, the company has focused on developing innovative products. The newly launched "PDRN Ridulshot Hair Ampoule," which adapts the technology of VT's popular Ridulshot facial care line, sold out immediately after its home shopping debut. E&C, the manufacturer behind VT’s flagship products, will play a pivotal role in bolstering production efficiency and addressing future demand.

VT’s leadership emphasized that this acquisition is a proactive step to adapt to market changes and reinforce its global presence. Backed by an expanding product lineup and advanced manufacturing capabilities, the company is poised to strengthen its leadership in the competitive K-Beauty sector.

The acquisition comes amid a bullish trend for K-Beauty stocks, with VT and other cosmetic brands like Genic and Bbia showing significant gains. This reflects growing investor confidence in K-Beauty’s ability to expand its footprint in international markets.


K-Beauty Leaders Collaborate on Export Growth and Innovation

    K-Beauty industry leaders and government officials, including Commissioner Oh Yoo-kyung of the MFDS, gathered at Korea Kolmar’s Integrated Research Center to discuss strategies for boosting cosmetic exports and global market expansion. The meeting comes as South Korea’s cosmetic exports reached a record $9.3 billion as of November 2023.

The event featured major players such as Roundlab, Romand, and TIRTIR, along with representatives from Kolmar Group and Olive Young. Key topics included regulatory improvements, international cooperation, and innovative product development to sustain the sector's growth trajectory.

During the discussion, Commissioner Oh expressed gratitude for the industry’s contributions, emphasizing the government’s commitment to addressing regulatory barriers and fostering innovation. Kolmar Group Vice Chairman Yoon Sang-hyun highlighted the importance of supporting indie brands and maintaining trust in global partnerships.

Participants also toured cutting-edge facilities like the UV Tech Innovation Lab, known for its breakthrough sunscreen technology, and Chroma Kolmar Studio, a hub for color innovation. These initiatives underscore Korea Kolmar’s role as a trailblazer in cosmetics, pharmaceuticals, and functional health products.

This collaboration marks a significant step toward aligning government and industry efforts, reinforcing K-Beauty’s global leadership through innovation, quality, and strategic partnerships.
Location: 한국

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