In 2022, the market size of the cosmetics industry in South Korea amounted to around five trillion South Korean won. Figures saw a marked drop from 2019, and again in 2022. As K-beauty products gained global popularity, the production and exports of Korean cosmetic products had significantly grown from 2014 to 2022.
Key players
The South Korean cosmetics industry has been dominated by local products. Based on sales revenue, the leading domestic companies were LG Household & Health Care and the Amorepacific Group. Both have a number of sub-brands, for instance, the Face Shop, O Hui, Sum, and Belif under the former; Sulwhasoo, Laneige, Innisfree, IOPE, Hera, Etude House, and Mamonde belong to the latter. Another key player, Korea Kolmar, is mainly engaged in the original development and design manufacturing (ODM) and original equipment manufacturing (OEM) of cosmetics.
Korean cosmetics in the global market
Global companies are increasingly interested in the Korean cosmetics market. L'Oreal, the world's largest cosmetics company, has acquired a Korean cosmetics company “Style Nanda”. Style Nanda originally started with an online fashion mall and now it is more well-known for its cosmetics brand 3CE. In addition, AHC, which is famous for its eye cream, was acquired by Unilever, and Have&Be, which owns the Dr.Jart brand, was acquired by Estee Lauder.
Market size of cosmetics industry in South Korea from 2014 to 2022
(in trillion South Korean won)
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MFDS (South Korea). (December 28, 2023). Market size of cosmetics industry in South Korea from 2014 to 2022 (in trillion South Korean won) [Graph]. In Statista. Retrieved February 16, 2025, from https://www.statista.com/statistics/709874/south-korea-cosmetics-market-size/?__sso_cookie_checker=failed
MFDS (South Korea). "Market size of cosmetics industry in South Korea from 2014 to 2022 (in trillion South Korean won)." Chart. December 28, 2023. Statista. Accessed February 16, 2025. https://www.statista.com/statistics/709874/south-korea-cosmetics-market-size/?__sso_cookie_checker=failed
MFDS (South Korea). (2023). Market size of cosmetics industry in South Korea from 2014 to 2022 (in trillion South Korean won). Statista. Statista Inc.. Accessed: February 16, 2025. https://www.statista.com/statistics/709874/south-korea-cosmetics-market-size/?__sso_cookie_checker=failed
MFDS (South Korea). "Market Size of Cosmetics Industry in South Korea from 2014 to 2022 (in Trillion South Korean Won)." Statista, Statista Inc., 28 Dec 2023, https://www.statista.com/statistics/709874/south-korea-cosmetics-market-size/?__sso_cookie_checker=failed
MFDS (South Korea), Market size of cosmetics industry in South Korea from 2014 to 2022 (in trillion South Korean won) Statista, https://www.statista.com/statistics/709874/south-korea-cosmetics-market-size/?__sso_cookie_checker=failed (last visited February 16, 2025)
Market size of cosmetics industry in South Korea from 2014 to 2022 (in trillion South Korean won) [Graph], MFDS (South Korea), December 28, 2023. [Online]. Available: https://www.statista.com/statistics/709874/south-korea-cosmetics-market-size/?__sso_cookie_checker=failed