Support For K-beauty Industry | K-Beauty Expo

Growth of Korean cosmetics products especially in skincare industry is phenomenal. Gyeonggi-do's comprehensive support behind it mad it possible.

ⓒ K-BEAUTY EXPO

K-beauty has become a well-known term among make-up and beauty enthusiasts all around the world. Perhaps one of the better known K-beauty trends is the 10-step Korean skincare routine that was popularized after different beauty gurus gave it a try. More importantly, the popularity of Korean pop culture has had a major influence, directing people’s attention to Korean beauty trends.

But it’s not just the beautiful glow of Korean celebrities that has caught the eyes of the world; Korean cosmetics and skin-care products make use of natural ingredients, ranging from green tea and volcanic ash to traditional medicinal ingredients, some of which the foreign consumers find novel and exotic. K-beauty products are also known for their beautiful packaging which helps them stand out from other products.

In addition, the success of K-beauty is more than the popularity of the material products; K-beauty is about a different philosophy and approach to beauty that emphasizes maintaining and improving healthy hair and skin, which are considered the foundations of attractiveness.

Success of the Korean Beauty Industry Abroad

Over the past decade, the term K-beauty has become commonly recognized by consumers around the globe.  

In Kenya, theSouth Korean beauty company Skin Republik is sweeping the market after introducing 70 different skincare products. Their products have drawn attention and their use of natural ingredients has won consumer trust. 

In the Middle East, South Korean beauty and personal care brands are expanding their presence and the market for them is expected to keep growing. Exports to the region have seen a 265-fold growth over the past eight years.

In the North American beauty market, interest in colorful makeup items is decreasing and consumer interest has shifted towards the ‘natural look’. This change in beauty trends offers Korean small and mid-sized enterprises (SMEs) a chance to enter the North American market with their products. 

Korean skincare products are receiving global attention
ⓒ K-BEAUTY EXPO

In 2019, the value of South Korean cosmetics exported to the USA amounted to more than USD 624 million; exports are expected to grow further in the upcoming years. One of the local brands Belif, (which is popular for The True Cream Aqua Bomb), has entered an official partnership with the popular American beauty retailer Ulta Beauty that will make its products more readily accessible to North American consumers. Although Sephora has carried Belif’s products before, the significance of this expansion lies in making the product available to customers who use different loyalty programs.

Sephora, the well-known French multinational cosmetics retailer with 2,600 stores around the world, has selected the Korean brands Whal Myung, Tamburins, and Amuse as exclusive local brands for its stores. In addition, Sulwhasoo, one of South Korea’s leading cosmetic brands, has announced its plans for entry into the North American market through Sephora stores as well as their online channel, Sephora.com.

Gyeonggi-do K-Beauty Expo

The global popularity of South Korean cosmetics is the result of a collective effort in which Gyeonggi-do is proud to have played a part. The province has created many programs and events to help promote Korean beauty brands, notably the K-Beauty Expo; after its launch in 2009, it has become one of the top trade fairs for South Korea’s cosmetics and self-care industry. 

2020 K-Beauty Expo Schedule
ⓒ K-BEAUTY EXPO

The 2019 K-Beauty Expo was held in 7 Asian cities (Jakarta, Shanghai, Bangkok, Hongkong, Taipei, Ho Chi Minh, and Goyang) and yielded satisfying results; the participating businesses observed significant increases in on-location contracts and earnings compared to the 2018 Expo. 2019’s events received 1.2 million visitors demonstrating the ongoing interest in the Korean Beauty Wave. The Goyang City (KINTEX) event also attracted 2,682 foreign visitors, an 11% increase compared to 2018, which indicates that interest in K-beauty is growing.

CELLRETURN's LED facial care mask made a boost in sales with K-Beauty EXPO
ⓒ K-BEAUTY EXPO

CELLRETURN is an outstanding and innovative K-Beauty unicorn venture business that successfully participated in the K-Beauty Expo. The company, which produces LED facial care masks, has achieved KRW 120 billion in sales. The CEO has said that the secret to their success includes paying careful attention to customer opinions and feedback as well as making good use of CELLRETURN's participation in the K-Beauty Expo.  

GB Global is another noteworthy unicorn company that is popular among local and foreign buyers and representatives of companies such as Olive Young and L'Oréal, as well as department stores, duty-free stores and more. The company is an original equipment manufacturer (OEM) with its own cosmetics lines. They entered the global market in 2015 by targeting 10 regional markets, including the United States and Taiwan. At the 2019 K-Beauty Expo, they introduced their new skincare line, Ampoule Factory, which drew the attention of many visitors.

Through the 2019 K-Beauty Expo, local companies established contact with international buyers and showcased their exemplary products. Many of Gyeonggido’s local companies connected and negotiated sales with buyers from various countries including Serbia, Russia, China and more. 

Gyeonggi K-Beauty Support Programs

The K-Beauty Expo creates bridges between Korean cosmetic and self-care companies and international buyers. However, for SMEs hoping to go global, Gyeonggi-do offers various support programs as well.

First of all, depending on the target market, products will need to meet different international certification standards. Under one of the available support programs, the Gyeonggi Cosmetic Committee offers local companies consultations and financial support for the application process for different international certification standards, including FDA CGMP, ISO22716, and Halal.

Another support program, offered by Gyeonggi Technopark, helps local companies develop their products and compelling product packaging designs.

Gyeonggi-do also provides support for the clinical testing of local cosmetic products. This program helps local companies test their products with the aid of experts at the Kyung Hee University Skin Biotechnology Center. This helps smaller companies assure the safety and effectiveness of their cosmetics. 

Gyeonggi province offers multi-dimensional support to K-cosmetic companies
ⓒ K-BEAUTY EXPO

By offering various support programs that cover different aspects of cosmetics production, Gyeonggi-do seeks to empower provincial SMEs in fulfilling their potential for entering international markets. 

As the popularity of K-beauty and South Korean cosmetics grows, Gyeonggi-do will continue its active support of the industry. Gyeonggi-do believes that the local company focus on creating high-quality products and putting consumer needs first is the way to win global consumer trust and loyalty.

2020 K-Beauty Expo will be held in KINTEX (Goyang City, Gyeonggi-do) hall 4-5 from 15-17 of October.