How Korean Beauty Products Get Made - Part 1

If you’ve ever wondered how your favourite Korean beauty products get made, who the big players are in manufacturing, and which companies own which brands in K-Beauty then stick around. On today’s episode, which is the first in a two part series, we’re deep diving on how Korean Beauty products are actually made. 

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Episode Summary:

K-Beauty News Headlines

• Korea's cosmetics exports reached a new record last year.
• According to the Korea Customs Service, Korea exported US$6.12 billion of cosmetics in 2020, up 14.8 percent from the previous year 
• In the first quarter of this year, exports grew by 32.4% year-on-year with skincare products leading the way, with an increase of 24%. Makeup sales were down, likely due to the impact of working from home and mask wearing.   
• The biggest importers of Korean cosmetics are China, Hong Kong, the US, Japan and Vietnam 
• Korea's imports of cosmetics fell 10.7% on-year in 2020 to $1.07 billion.

A few things to note about the K-Beauty industry generally 

• Size of market is huge, as evidenced by latest export figures
• Dominated by two players - Amore Pacific and LG Household and Health Care  
• It is literally no exaggeration to say that Korea’s national economy was built on export. After the Korean War, the country was decimated, and had a GDP the size of countries in Sub-Saharan Africa. Korea is now the world’s 10th largest economy. The turnaround is 100% due to Korea’s exports. As a country, Korea has few natural resources so to speak of; instead, they build things and then sell them overseas.
• Historically, the government identified sectors to focus on for its exports, things like cars, semiconductors etc. These days, cosmetics are also at the top of the list. 
• KOTRA, the national trade agency, plays a huge role in promoting and assisting companies to export overseas.  

Who Owns Who in K-Beauty?

For the remaining show notes visit: https://stylestory.com.au/blogs/podcast/how-korean-beauty-products-are-made-part-1-ep-60

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