K-beauty exports to Latin America rise fourfold

Fueled by the popularity of Korean content such as K-pop Demon Hunters, South Korean beauty products, including cosmetics and perfumes, have seen exports to Latin America quadruple in the past four years.

According to the report "Analysis of the Latin American Beauty Import Market and Strategies for Local Expansion," published on Nov. 24 by the Korea International Trade Association’s Trade and Commerce Research Institute, South Korean beauty exports to Latin America reached $70.2 million last year, up 4.6 times from $15.3 million in 2020.

By country, Brazil accounted for the largest share, importing $31.56 million, or 45 percent of the total. It was followed by Chile with $16.28 million, Colombia with $6.62 million, Peru with $5.61 million and Argentina with $2.88 million. Cosmetics were the most popular products. Exports of cosmetics, which totaled $12.84 million in 2020, surged to $63.26 million last year, a 493 percent increase. KOTRA noted that the growth in cosmetic exports among consumer goods is so rapid that it is expected to soon surpass food exports, currently the top consumer goods export.

The report found that the total value of beauty product imports to Latin America rose from $2.61 billion in 2020 to $4.13 billion last year, an average annual growth of 4.7 percent. During the same period, South Korea’s market share in the region rose from 0.7 percent to 1.6 percent.

The Korea International Trade Association said that as the Korean wave boosts the popularity of K-beauty products in Latin America, the region is becoming increasingly important as a new export market. It added that companies should set their products apart from competitors by emphasizing eco-friendly and sustainable cosmetics and perfumes made with locally tailored or unique ingredients.


Won-Joo Lee takeoff@donga.com