The Korean cosmetics industry – rising import numbers
In 2017, Korea imported high volume of cosmetics from France (28%), the US (25%) and Japan (16%). Switzerland takes up 2%, which amounts to CHF 20.8 Million. Over 60% of top 16 countries which Korea imported from are based in Europe, including Switzerland. Swiss cosmetics companies have potential to penetrate the Korean market which has customer pool increasingly open to prestigious brands from Europe.
Opportunities for Swiss cosmetic companies in Korea
Swiss cosmetic products have prospect in functional cosmetic lines including organic, cosmeceutical and derma-cosmetics. The market for derma-cosmetics is increasing every year by 15%, as consumers are increasingly attentive to ingredients used in cosmetic products. Foreign branded functional cosmetics, especially from Europe and North America have a good reputation in Korea among which include Vichy, Avene, La Roche-Posay, Physiogel and Obagi. Economically active age groups are increasingly open to foreign branded cosmetics and Switzerland brands have high perceived brand value in Korea. There is potential for Swiss cosmetics in the market if companies employ successful means of marketing tools to convince Korean customers on the price of products.
Find an overview of the industry, current market trends and practical information about the import process and requirements in our fact sheet below.