According to a Korea Customs Service report in December 2013, cosmetics exports have increased significantly, placing them at the heart of the wave of Korean products proving popular in Asia.
Skin care exports, for example, grew 1,500% from 1998 to 2012, and now account for 61% of all commodity exports from South Korea. Euromonitor International has estimated that currently over 100 million consumers are thought to be using cosmetics in China, where the market is estimated to be growing 10% annually with most major global brands vying for share.
According to Euromonitor analysis for 2012, L’Oréal was market leader, followed by Shiseido. AmorePacific was the only Korean brand to feature in the top ten, with a year-on-year growth rate of 31%.