How Korean Beauty Products Get Made - Part 1

If you’ve ever wondered how your favourite Korean beauty products get made, who the big players are in manufacturing, and which companies own which brands in K-Beauty then stick around. On today’s episode, which is the first in a two part series, we’re deep diving on how Korean Beauty products are actually made.  CONNECT WITH ME  Instagram: www.instagram.com/lauren.kbeauty  Facebook: www.facebook.com/stylestory.au  Website: www.thekoreanbeautyshow.com  Pinterest: https://www.pinterest.com.au/stylestoryau Tik Tok: https://vt.tiktok.com/ZSaHUgHL/ Download Your Free Guide to K-Beauty: https://manage.kmail-lists.com/subscriptions/subscribe?a=XgHS8t&g=SmUKyF Episode Summary: K-Beauty News Headlines Korea's cosmetics exports reached a new record last year. According to the Korea Customs Service, Korea exported US$6.12 billion of cosmetics in 2020, up 14.8 percent from the previous year  In the first quarter of this year, exports grew by 32.4% year-on-year with skincare products leading the way, with an increase of 24%. Makeup sales were down, likely due to the impact of working from home and mask wearing.    The biggest importers of Korean cosmetics are China, Hong Kong, the US, Japan and Vietnam  Korea's imports of cosmetics fell 10.7% on-year in 2020 to $1.07 billion. A few things to note about the K-Beauty industry generally  Size of market is huge, as evidenced by latest export figures Dominated by two players - Amore Pacific and LG Household and Health Care   It is literally no exaggeration to say that Korea’s national economy was built on export. After the Korean War, the country was decimated, and had a GDP the size of countries in Sub-Saharan Africa. Korea is now the world’s 10th largest economy. The turnaround is 100% due to Korea’s exports. As a country, Korea has few natural resources so to speak of; instead, they build things and then sell them overseas. Historically, the government identified sectors to focus on for its exports, things like cars, semiconductors etc. These days, cosmetics are also at the top of the list.  KOTRA, the national trade agency, plays a huge role in promoting and assisting companies to export overseas.   Who Owns Who in K-Beauty? For the remaining show notes visit: https://stylestory.com.au/blogs/podcast/how-korean-beauty-products-are-made-part-1-ep-60See omnystudio.com/listener for privacy information.