K-beauty sweeping the world...Small and Medium-Sized Indie Brands Leads U.S. Cosmetics Imports to 'No. 1 in Korea'
APR, Anua, Tirtir, Ingredient Editors, Aviv, Rom&, ODM Partnership, High-Speed Growth
K-beauty is making a splash in the global market. In particular, Korean cosmetics has topped the U.S. cosmetics import market for the first time in history. Last year, the U.S. import of Korean cosmetics
exceeded 2 trillion won, surpassing France, which had maintained its No. 1 ranking.
This achievement is noteworthy in that it was led by small and medium-sized indie brands such as APR, Anua, Tirtir, Ingredient Editors, Aviv, and Rom&N. It was small and medium-sized companies that
led the K-beauty craze.
According to statistics released by the U.S. International Trade Commission (USITC) Data Web, Korean cosmetics imports into the U.S. from January to October last year amounted to $1.4516 billion
(about 2.68 trillion won). The figure has already exceeded all imports in 2023.
Korean cosmetics has a 22 percent share in the U.S., ranking first, beating France (16.3 percent) and Canada (13.5 percent). The import gap with France is about $400 million, which is twice the gap
between France and Canada.
K-beauty is showing off its presence not only in the U.S. but also in global markets. According to the Ministry of Food and Drug Safety, Korea's global exports of cosmetics reached a record high of $9.3
billion (about 13.5 trillion won) from January to November last year. The figure has already exceeded the annual export value of $9.2 billion in 2021.
Small and medium-sized cosmetics brands are at the center of the K-beauty craze. According to the Ministry of SMEs and Startups, exports of cosmetics to SMEs from January to September last year
increased 28 percent year-on-year to $5.02 billion. This is equivalent to 68 percent of the total cosmetics exports of $7.4 billion.
This means that 7 out of 10 K-beauty products sold in the U.S. are from SMEs. These results show that SMEs have begun to take the lead, breaking away from the existing beauty industry structure
centered on large corporations.
APR has brands 'Medicube' and 'Aprilskin'. In particular, 'AGE-R', Medicube's beauty device line, has been developed based on clinic-level technology and is gaining great popularity at home and abroad.
APR is recognized for its technological prowess and innovation in the global market through beauty devices and skincare products.
Anua is a skincare brand using natural ingredients, and its flagship product is the 77% soothing toner of Eoseongcho. This product, which gained popularity for its sensitive skin soothing effect, is also
receiving good responses in the Japanese and American markets. It is growing rapidly, ranking top in major online platforms in Japan and the United States.
Tirtir stood out in the U.S. and Japanese markets by actively utilizing social media. In Japan, it has increased brand awareness through collaboration with black beauty influencer Miss Dalsh. Various skin
care products such as toner and serum are gaining popularity and are constantly listed in the top ranks on Amazon in the U.S.
Ingredients Editor is a skincare brand established in 2020 and is developing products with the aim of 'ingredients first'. It is growing rapidly by gaining consumer trust by disclosing natural-derived raw
materials and transparent ingredients.
Aviv is a brand that offers high-functioning skincare products at a reasonable price. Eoseongcho lines such as Eoseongcho Skin Softener are representative. Aviv has built its brand image by
emphasizing minimal design and natural ingredients.
Rom& is famous for its makeup products. In particular, lip products are gaining high popularity at home and abroad, attracting attention in the U.S., Japan, and Southeast Asian markets. It reflects
consumers' various tastes with various colors and textures.
Behind the success of these small and medium-sized indie brands are ODM (manufacturer development and production) companies. Representative ODM companies in Korea, such as Cosmax and
Kolmar Korea, are providing the technical skills and production capabilities that indie brands need to develop products.
Small and medium-sized business brands that have played a major role in K-beauty's No. 1 ranking in the global market are signaling a bright future for K-beauty.
Source: K-Beauty (K-Beauty) (https://www.kbeauty.news)
