Korea's cosmetics industry, which grew last year by sharply increasing exports centered on the U.S. market, is signaling steep export growth this year centered on Europe. As Korean cosmetics corporations have actively entered the European market since the start of the year and delivered sales results, the recent export growth rate to Europe has been outpacing that of the United States. Inside and outside the industry, attention is focusing on the possibility that, following the United States, Europe could become the next growth axis for K-beauty.
According to Samsung Securities and the Korea Customs Service export-import statistics (TRASS) on the 22nd, in the first quarter of this year, Korea's cosmetics exports totaled $2.576 billion (about 3.82 trillion won), up 19.3% from a year earlier. During the same period, exports to Europe reached $552 million (about 820 billion won), up 55.1%, recording a higher growth rate than the United States. Exports to the United States rose 40.2% to $488 million (about 720 billion won).
In particular, exports to major countries within Europe such as the United Kingdom, Poland, and the Netherlands are surging. In the first quarter of this year, cosmetics exports to the United Kingdom were $78 million (about 1.2 trillion won), up 129.4%, and the Netherlands rose 108.7% to $48 million (about 700 billion won). Poland also increased 50.9% to $80 million (about 1.2 trillion won).
These countries are each considered key bases for targeting Europe. The United Kingdom is evaluated as a market that quickly absorbs global beauty trends and has a high online penetration rate. Poland is both a forward base and a logistics hub for expansion into Eastern Europe, while the Netherlands serves as a logistics hub for northwestern Europe centered on Rotterdam.
Korean cosmetics corporations are also accelerating the expansion of local distribution networks. Amorepacific's luxury brand Sulwhasoo officially launched on the U.K. online beauty platform Cult Beauty in January. APR's Medicube has entered Sephora in 17 European countries, including France, Germany, Italy, and Spain, and is expanding sales across more than 450 offline stores and each country's online channels.
Shinsegae International's AMUSE entered 30 stores of Superdrug, a major U.K. retail chain, early this year. CJ Olive Young also partnered with Polish cosmetics distributor Gavona and began its push into Europe, led by Bioheal BOH, bring green, and colorgram.
K-beauty's presence on Amazon in Europe is also growing. d'Alba Global's d'Alba took the No. 1 spot in the beauty category on Amazon Spain and Amazon Germany with its multi-balm product during Amazon's March spring sale event "Spring Deal." Its First Spray Serum also ranked No. 1 in Spain and Germany, No. 4 in Italy, and No. 35 in the United Kingdom.
Amorepacific's COSRX recently ranked No. 1 in the sunscreen category on Amazon U.K. with its sun care product. Medicube is likewise raising its profile by placing three and four products, respectively, in the beauty top 100 on Amazon in the United Kingdom and Germany.
Cosmetics distributors and manufacturers are also speeding up their push into Europe. SILICON2's European sales in the first quarter of this year are estimated to reach about 140 billion won, up around 70% from a year earlier. To handle the increase in export volume, the company is pursuing an expansion that will boost its 13,200-square-meter (about 4,000-pyeong) logistics facility in Poland by 1.5 times. When the expansion is completed next month, the maximum stock that can be stored in Europe is expected to increase to around 250 billion won.
COSMAX secured its first European production base in February by acquiring 51% equity in Italian ODM company Cheminova. Through this, it plans to enhance responsiveness to local European clients and delivery-time competitiveness, and to pursue development of region-specific products.
The growth potential of the European market is also significant. According to market research firm Fortune Business Insights, the size of the European cosmetics market is projected to grow from $335.95 billion (about 497 trillion won) in 2024 to $556.21 billion (about 822 trillion won) in 2032.
Park Jong-dae, an analyst at Meritz Securities, said, "Most cosmetics brand companies are expecting sales growth in Europe," and added, "If this trend continues, Europe could become the largest export market for Korean cosmetics this year."