Last year, Brazil-Chile market worth KRW 103.4 billion market share increased from 0.7% to 1.6%
A citizen selecting cosmetics at a department store in Seoul (file photo). 2023.4.16 News1
The export of 'K-beauty' products such as cosmetics and perfumes to South America has increased more than fourfold in the past four years, driven by the popularity of Korean Wave content such as 'K-pop Demon Hunters'.
According to the report 'Analysis of the South American Beauty Import Market and Strategies for Expanding Local Entry' published by the Korea International Trade Association's International Trade and Commerce Research Institute on the 24th, Korean beauty-related products exported to South America last year amounted to USD 70.2 million (approximately KRW 103.42 billion), a 4.6-fold increase from USD 15.3 million (approximately KRW 22.54 billion) in 2020.
By country, Brazil imported a total of USD 31.56 million, accounting for 45% of the total. This was followed by Chile (USD 16.28 million), Colombia (USD 6.62 million), Peru (USD 5.61 million), and Argentina (USD 2.88 million). The most popular products were cosmetics. The export value of cosmetics increased by 493%, from USD 12.84 million in 2020 to USD 63.26 million last year. KOTRA also analyzed that "the upward trend in cosmetics export value among consumer goods is very steep, and it is expected to soon surpass the export value of food, which is the top export item among consumer goods."
According to the report, the import value of beauty products in the South American region grew from USD 2.61 billion (approximately KRW 3.84 trillion) in 2020 to USD 4.13 billion (approximately KRW 6.083 trillion) last year, increasing by an average of 4.7% annually. During the same period, the market share of Korean products also increased from 0.7% to 1.6%.
The Trade Association advised, "As the preference for K-beauty products in South America is rising due to the Korean Wave, the importance of this region as a new export market is growing," and suggested, "It is necessary to differentiate from products of other countries by emphasizing eco-friendliness and sustainability in cosmetics and using unique local ingredients in perfumes tailored to the local market."
Lee Won-joo
AI-translated with ChatGPT. Provided as is; original Korean text prevails.
ⓒ dongA.com. All rights reserved. Reproduction, redistribution, or use for AI training prohibited.
