Cosmetics exports to reach $7.4 billion in Q3 2024, the highest ever

The Ministry of Food and Drug Safety (Commissioner Oh Yoo-kyung) announced that the size of Korea’s cosmetics exports in the third quarter of 2024 reached 7.4 billion dollars, a 19.3% increase from the export amount of 6.2 billion dollars in the same period last year.

Additionally, exports through the third quarter of 2024 are expected to increase by 8.8% compared to the exports of $6.8 billion through the third quarter of 2021, which set the highest annual export record ever.

Q3 2021: $6.8 billion → Q3 2022: $6 billion (-11.8%) Q3
2023: $6.2 billion (+3.3%) → Q3 2024: $7.4 billion (+19.3%)
Highest annual export volume ever: $9.2 billion in 2021

Export Status by Country: China Ranks First, US Increase Largest
By Q3 2024, China’s cosmetics exports by major country were the highest at $2.02 billion, followed by the US at $1.43 billion and Japan at $740 million.
Looking at the increase and decrease in exports by country, China’s exports decreased by $200 million (-9.1%) year-on-year, while the US recorded the largest increase of $550 million (+38.6%). Japan’s exports increased by $130 million (+18.2%).

Export status by product type: Basic cosmetics were the largest, and personal care products showed the largest increase.
In terms of export amount by product type, basic cosmetics were at USD 5.56 billion (+17.3%), color cosmetics at USD 980 million (+26.6%), and personal care products at USD 340 million (+40.7%), and among these, personal care products showed the largest increase.

China: While basic cosmetics exports decreased by 300 million dollars (-18.3%), personal cleansing products (+3.1%) and color cosmetics (+10.3%) increased.
The United States: Most categories showed significant export increases, including basic cosmetics (+77.3%), personal cleansing products (+150.6%), and color cosmetics (+17.2%). Japan:
Basic cosmetics (+27.4%), color cosmetics (+19%), and personal cleansing products (+106%) all saw increases in exports.
MFDS’s cosmetics export support activities
The MFDS is actively supporting the overseas expansion of our cosmetics by strengthening regulatory diplomacy targeting the United States and China, which are major exporting countries, and is quickly grasping regulatory trends in various countries to provide customized information.

In addition, the ‘One Asia Beauty Forum’ will be held on October 17, where Asian regulators and industry will share the latest technologies, to strengthen cooperation for harmonizing cosmetics regulations and expanding exports.

In addition, in line with the safety assessment system implemented in the United States and China, we are preparing to introduce a cosmetics safety assessment in Korea. The Ministry of Food and Drug Safety will continue to do its best to provide high-quality cosmetics that consumers can trust and to make domestic cosmetics more competitive in the global market.

Editor. Hong Se-yeong