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In 2024, the market size of the cosmetics industry in South Korea amounted to more than **** trillion South Korean won. The market saw a marked drop from 2019, and again in 2022. As K-beauty products gained global popularity, the production and exports of Korean cosmetic products had significantly grown from 2014 to 2024. 

Key players

The South Korean cosmetics industry has been dominated by local products. Based on sales revenue, the leading domestic companies were LG Household & Health Care�����Ի���the Amorepacific Group. Both have a number of sub-brands, for instance, the Face Shop, O Hui, Sum, and Belif under the former; Sulwhasoo, Laneige, Innisfree, IOPE, Hera, Etude House, and Mamonde belong to the latter. Another key player, Korea Kolmar, is mainly engaged in the original development and design manufacturing (ODM) and original equipment manufacturing (OEM) of cosmetics.

Korean cosmetics in the global market

Global companies are increasingly interested in the Korean cosmetics market. L'Oreal, the world's largest cosmetics company, has acquired a Korean cosmetics company “Style Nanda”. Style Nanda originally started with an online fashion mall and now it is more well-known for its cosmetics brand 3CE. In addition, AHC, which is famous for its eye cream, was acquired by Unilever, and Have&Be, which owns the Dr.Jart brand, was acquired by Estee Lauder.