The Hallyu market, encompassing products and services influenced by the Korean Wave, is forecasted to surge to $143 billion in the US, Indonesia, Thailand, and Vietnam by 2030. This represents an 87 percent increase from the current $76 billion spent on Korean goods in these countries, according to a recent report by TikTok.
TikTok Korea unveiled these findings during a press conference in Seoul, where they discussed their white paper developed in collaboration with marketing data firm Kantar. The report includes a survey of 2,018 consumers aged 18 to 45 from the US, Indonesia, Vietnam, and Thailand, conducted in April. These countries were selected due to their significant consumption of Hallyu-related products.
This year is poised to be pivotal for Korean brands looking to expand internationally, as the Hallyu phenomenon gains momentum through viral short-form videos. The white paper highlights the growing global cultural influence of Hallyu, particularly in the US and Southeast Asia, where consumers show high receptivity and market potential.
The survey revealed that 86 percent of American and 76 percent of Southeast Asian TikTok users learned more about Korea through the platform. This influence extends across various sectors, creating a “Halo effect” that interlinks industries such as K-beauty, K-food, and K-content, enhancing their collective market presence.
Korean brands are encouraged to leverage TikTok’s platform to reach Hallyu enthusiasts. The platform offers opportunities for exposure through TikTok Shops and user-generated content, acting as voluntary brand ambassadors. Cha Sang-hoon, head of digital and media at Kantar, noted that the integration of beauty, food, and media sectors is crucial in promoting Hallyu and driving consumer purchases.
TikTok’s general manager of global business solutions, Son Hyun-ho, emphasized the importance of short-form content in engaging users and creating business opportunities for Korean brands in high-potential markets. The white paper identifies beauty, food and beverage, and media industries as key areas with substantial growth prospects, underscoring the platform’s role in their international expansion.
