Like China, South Korea was hit hard by Covid-19. But unlike the Land of the Rising Sun, South Korea did not opt for population containment in order to contain the spread of the coronavirus, but preferred a massive testing campaign and accurate tracing of infected people. Nonetheless, the various industries, including the beauty industry, have nevertheless been slowed down. During a webinar organized by ChemLinked, Mike Sohn, cosmetics expert at Reach24, gave an overview of the South Korean market at the time of the coronavirus.
Before going straight to the point, Mike Sohn recalled some important data for all those who are not familiar with the South Korean cosmetics industry.
“Our market is among the top 10 most influential in the world. Initially, we were in 8th position, but we were dethroned by India in 2018, so we dropped one place. Our country may be the least populated in the ranking, but we have a mature market because our consumers are educated about beauty. They are connoisseurs and sophisticated,” says Mike Sohn. Korea’s cosmetics exports exploded at a time when K-Beauty was a rising trend in the world. China was a major contributor to the market expansion. Growth then slowed down for various reasons.”
Indeed, China and Hong Kong alone account for 60% of South Korea’s cosmetics exports. Behind them are the United States and Japan.
“On a global scale, France is the world’s largest exporter. But it is important to note that in terms of overseas expansion, South Korea has been the fastest growing player in the world,” adds Mike Sohn.
Changes and forecasts of the Korean cosmetics market for 2020
Covid-19 in South Korea has had several impacts on the cosmetics sector.
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