Korean cosmetics companies are targeting Latin America as their next growth market, moving into a region where American and European beauty brands have less dominance than in other parts of the world.
Exports from South Korea to Latin America reached $70 million last year, up from $15 million in 2020, according to the Korea International Trade Association, an industry group based in Seoul.
The figure represents a small portion of South Korea’s overall beauty exports but marks the fastest expansion rate among its export destinations.
The push into Latin America comes as Korean brands face stiffer competition from established players like L’Oreal, Estee Lauder and Procter & Gamble in the United States and Europe.
Latin America’s beauty import market totaled $4.1 billion last year and has grown 4.7% annually since 2021. France, the United States and China currently lead imports to the region.
South Korea now ranks 13th among suppliers, up from 17th in 2020, with market share growing from 0.7% to 1.6%. Cosmetics account for over 90% of Korean shipments to the region, with hair care products making up 6.5%.
Brazil takes nearly half of Korean beauty exports to Latin America at 45%, followed by Chile at 23%, Colombia at 9% and Peru at 8%.
The Korea International Trade Association report noted cosmetics represent 35% of Latin American beauty imports, followed by perfumes at 23% and hair care at 19%.
The trade group recommended Korean companies adjust their marketing strategies for Latin American consumers, including emphasizing sustainability for cosmetics, using short video content for hair products and developing perfumes with local ingredients like coffee and coconut.
Korean beauty products have gained international attention in recent years, with major retailers like Sephora and Ulta Beauty expanding their Korean brand offerings in US stores.
