South Korea's cosmetics industry has achieved a remarkable milestone, with exports surpassing $10 billion in 2024, marking a 20.6% increase year-on-year, according to the Ministry of Food and Drug Safety (MFDS).

This achievement signifies a consistent growth trajectory since 2012 when exports first exceeded $1 billion. Notably, October 2024 alone witnessed exports exceeding $1 billion.

China remained the largest market for South Korean cosmetics, accounting for $2.5 billion in exports. However, China's share of the total exports declined for the fourth consecutive year, falling to 24.5% in 2024 from a peak of 53.2% in 2021.

In contrast, the US emerged as the fastest-growing market, with exports surging by $690 million (57%) to reach $1.9 billion. Japan also recorded a significant increase of $230 million (29.2%), crossing the $1 billion mark for the first time.

In terms of product categories, skincare products dominated exports, accounting for $7.67 billion, followed by color cosmetics at $1.35 billion and personal care products at $470 million. While skincare products maintained their strong performance, personal care products witnessed the highest growth rate.

While China saw a decline in exports for most product categories, the US and Japan recorded growth across the board.

"Despite tightening global regulations on cosmetics, South Korea's exports have reached a record high of $10 billion," said Oh Yu-kyung, Commissioner of the MFDS. "The MFDS will continue to strengthen international cooperation and support domestic companies in enhancing their global competitiveness by addressing safety assessments in major markets like China and the US."