Myung-Kyu Lee, vice president of the Korea Cosmetic Association, explains how the association helps its member companies both at home and abroad, breaks down the implications of new local and international regulations and explains how the association is adapting to new trends such as customized cosmetic. Lee also points out the main peculiarities of Korean consumers and lays down the main challenges and opportunities for Korean companies wishing to increase their global presence.
How has the Korean cosmetics industry known as K-Beauty grown?
In the past, Korean cosmetics were considered to have lower product quality and brand awareness compared to Western competitors. However, Korean companies’ consistent investment in R&D over the past two decades has enabled them to have world-class quality.
In addition, thanks to the Korean Wave, Korea’s reputation has been raised globally. The high-quality Korean cosmetics synergized with the popularity of Korean culture and is expanding globally from Asian regions such as China to matured cosmetic market such as Europe and the US. Last year, Korea exported 6.2 billion USD of cosmetics to 130 countries, the 4th largest exporting country in the world after France, the US, and Germany.
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