[su_heading size=”20″]Korean cosmetics are hot in China –so hot that sales have skyrocketed 237 percent year on year in the first quarter. And this is likely just the beginning.[/su_heading]
This recent boom in sales has put Korean cosmetic makers in the number two spot in the massive Chinese market just behind the French
According to industry sources on May 18, China’s cosmetic imports amounted to US$686.27 million in the first quarter of this year with Korean-made cosmetics accounted for $131.21 billion, or 19.1 percent of the total. Korea ranked No. 2 behind France which took up 33.6 percent of the total.
[quote align=’right’]Korean cosmetics giant AmorePacific Corp. has been one of the biggest beneficiaries of the boom in China –their stock price more than doubled last year. And, in the first three months of 2015, investors bid up AmorePacific shares by another 50% –trading today was $435 per share.[/quote]
Following them were Japan with 15.3 percent, the United States with 11 percent and Britain with 6 percent. The share of Korea stood at 9.8 percent last year, ranking No. 4 behind France with 37.9 percent, Japan with 15.9 percent, and the U.S. with 14.7 percent.
Korean cosmetics giant AmorePacific Corp. has been one of the biggest beneficiaries of the boom in China –their stock price more than doubled last year. And, in the first three months of 2015, investors bid up AmorePacific shares by another 50% –trading today was $435 per share.
Still room to grow
Industry researcher Nielsen says that this could be just the beginning. In a report published in March, Nielsen found that six of ten consumers in China, Hong Kong, Taiwan and Singapore have only just “discovered” Korean beauty brands in the past two years.
The survey also found that of respondents who bought Korean beauty brands, 40% were planning to spend more in the coming months
“Our study showed a direct correlation between interest in Korean entertainment and interest in Korean cosmetic brands, particularly among consumers in China,” one Nielsen China executive said.
Cosmetic Imports China for Q1
- France 33.6%
- Korea 19.1%
- Japan 15.3%
- USA 11%
- Britain 6%
In 2013, the value of beauty market in China was estimated at USD54.32 billion and is expected to increase to as much as USD113.9 billion in 2017.
Main photo: Courtney Rhodes [via Flickr]
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