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K-Beauty Surpasses French Cosmetics in U.S. Market Share for Early 2024

Korean Beauty Products Gain 20.1% Market Share, Outperforming France's 19.3% in the U.S.
South Korea
Beauty 40
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Korean cosmetics have made significant strides in the U.S. market, overtaking France to capture the largest import market share from January to April 2024. According to data from the United States International Trade Commission (USITC), K-Beauty products accounted for 20.1% of the U.S. import market, translating to $477.1 million in sales. France, a traditional leader in the cosmetics industry, followed closely with $459.43 million, holding 19.3% of the market share.

This shift marks a notable change in the competitive landscape, driven by the innovative formulations and unique ingredients of K-Beauty products, which have resonated well with consumers globally. The influence of Korean pop culture, known as the “Korean Wave” or “Hallyu,” has further propelled the popularity of Korean beauty products, aided by endorsements from celebrities and social media influencers.

Amazon has played a pivotal role in the rise of K-Beauty in the U.S., with sales during its spring big sale event growing by 200% compared to the previous year. Notably, six of the top twelve beauty items sold on Amazon were Korean products, underscoring the significant demand.

Support from Korean government agencies, such as the Korea SMEs and Startups Agency, has also been instrumental. Initiatives like export logistics discounts and promotional activities have bolstered the international presence of K-Beauty products.

Korean cosmetics have also made waves in other markets, notably surpassing French cosmetics in Japan in 2022, a market France had dominated for nearly three decades. This achievement has further cemented K-Beauty’s position as a global industry leader.

As the appeal of K-Beauty continues to grow, it challenges the established dominance of French brands, reflecting an evolving consumer preference for innovative, high-quality, and affordable beauty products.

 

 

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