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By APD writer Alice
South Korea aims to earn more than 9 trillion won (US$7.6 billion) from exporting cosmetic products annually with a view to becoming the third-largest cosmetics exporter in the world by 2022.
The country's makeup products are globally competitive, with growth buoyed by popularity of the Korean Wave and the growing reputation of K-beauty as being high quality yet affordable, according to the country’s Ministry of Health and Welfare.
South Korea strives to have at least seven of the world's top 100 makeup companies, from four at present.
Another goal is to have 276 local cosmetics companies with annual sales exceeding 5 billion won in the target year, up from 150 now. Such growth will contribute to the creation of 73,000 new jobs in the sector.
On the R&D front, the country will provide 7.7 billion won in support for small and medium enterprises next year, and the figure will increase to 20-30 billion won from 2020 onward.
The ministry said the country will focus on the vast Southeast Asian market, where South Korean products are in high demand, with special K-beauty display areas to be opened in places frequented by foreign visitors.
Data showed that South Korea's cosmetics export value increased to 6.3 billion last year from just $1.8 billion in 2014, ranking fourth in the world.
Its main overseas markets are China, Hong Kong, the United States, Japan, Vietnam and Thailand, with total numbers of makeup manufacturing companies and retailers standing at 12,000.
(ASIA PACIFIC DAILY)
