Cosmoprof On the Road stops at Seoul
The journey of Cosmoprof On the Road continues! The stop in South Korea ended yesterday. During the conference organized by ICE Seoul together with Italian Ministry for Economic Development, Cosmoprof met key players of the beauty industry, representatives of trade institutions and local journalists.
Everyone had the opportunity to know the latest news about the next edition of Cosmoprof Worldwide Bologna, such as the new exhibit layout. Cosmoprof On the Road represents a unique opportunity to get to know in advance new projects and initiatives of the exhibition and the latest market trends.
KOTRA – Korea Trade Investment Promotion Agency – has been one of the main players of the day with the presence of Changpyo Hong, Director of Overseas Exhibition, who explained the incentives available for Korean companies to exhibit at Cosmoprof.
Furthermore we want to thank the Italian Ambassador in South Korea, Marco della Seta, who opened the conference and underlined the importance of cooperation among the international markets.
In this occasion we had the opportunity to interview Vicenzo Calì - Italian Trade Agency Director - ITA Seoul. Here is a follow-up about the Korean beauty market.
Over the last 40 years, the Korean cosmetics industry has witnessed remarkable growth. Korea is the 8th largest cosmetics market in the world, accounting for 3.9% of the global cosmetics market by value. According to Korean Customs and KITA (Korea International Trade Association) statistics, Korean cosmetics exports increased by 18.5% to 4,968 million USD over the last year. Due to the THAAD issue with China, exports to China have encountered difficulties, but through diversification and exporting to countries such as North America and the EU, the situation is improved. The main destinations for Korean exports are China (39.2%), ASEAN (10.9%) and the United States (9.1%). In 2017, Korean imports in the cosmetics sector increased by 7.8% to a value of 1,917 million USD. Italy is the sixth largest supplier and has recorded a sales increase in Korea of 15.1%, to the value of 85 million USD. The competitor countries were as follows: United States (442 million USD, -1.5%), France (USD 410 million, + 9.9%), Japan (277 million USD, + 7.2%) , China (98 million USD, + 15.6%), Thailand (91 million USD, + 12.9%), Germany (74million USD, + 6.6%).