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Why K-Beauty? K-Beauty, on a growth trend despite COVID-19

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As much as the popularity of K-Culture, overseas exports of K-Beauty have increased dramatically. In 2014, exports of Korean cosmetics recorded a trade surplus for the first time. Since then, exports have increased sixfold from USD 1.05 billion in 2013 to USD 6.12 billion in 2020. Despite the impact of Covid-19, exports in 2020 rose a steep 15% from USD 5.34 billion in 2019. According to Allied Market Research, a specialized research agency, by 2026 K-Beauty will grow an average of 11.3% each year, and is projected to become a market worth USD 21.8 billion. K-Beauty has attracted and charmed the people of the world, and steady growth of its popularity has been reflected in export performance.

In addition to the export of Korean cosmetics, sales performance of companies engaged in OEM and ODM of Korean cosmetics has also grown. The total sales of Korean OEM and ODM companies in 2019 grew 5.4% year-on-year, from KRW 7.7016 trillion (USD 6.69 billion) to KRW 8.1146 trillion (USD 7.05) in 2020.
 
Korean cosmetics could maintain a steady trend of growth despite the Covid-19 crisis because K-Beauty had many strengths in the area of skincare. From face packs to functional products, companies involved in K-Beauty are quickly developing and releasing diverse and novel products. They are coping actively to the changing market situation by launching various (cleansing, trouble management and skincare) products that can improve troubling skin symptoms arising from increased use of masks due to the pandemic.
 
 
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Since Covid-19, K-Beauty has evolved in line with global trends, and not only in the area of skincare. Clean beauty and consumption based on ethical values have become hot topics worldwide. Amidst such trends, the keyword of K-Beauty can be defined as “CLEAN”, standing for “Collaboration, Labeling, Ethical Consumption, Acne, and Natural ingredients”. Many Korean companies participating in WeCosmoprof plan to introduce creative and diverse products that lead this new trend. Through ongoing COLLABORATION with other industries, K-Beauty wishes to create the value of “possession”, fight against increased ACNE arising from mask-wearing, provide LABELING (personalized skin management), extol ETHICAL CONSUMPTION from raw ingredients to manufacturing, and pursue value-based consumption, using NATURAL raw materials to capture the heart of consumers.

Not only cosmetics, but diverse Korean beauty tools produced through advanced technology are receiving the attention of global buyers at the CES exhibitions and elsewhere. Covid-19 has resulted in widespread working from home and social distancing, which have increased interest in self-care that can be done conveniently from the home. Notably, there is more demand for home haircare to fight against stress-derived hair loss, and at WeCosmoprof visitors can see for themselves the advanced haircare equipment brands that use low-powered laser techniques. 

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