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An evaluation has emerged indicating that the South American market is rising as a brand new export vacation spot for home firms, as Okay-beauty centered on cosmetics demonstrates its international energy.
In response to the “South American Magnificence Import Market Evaluation and Native Market Growth Methods” report launched on Nov. 24 by the Korea Worldwide Commerce Affiliation’s Worldwide Commerce and Commerce Analysis Institute, Korea’s magnificence exports to South America elevated greater than fourfold from $15.3 million (roughly 22.5 billion gained) in 2020 to $70.2 million final 12 months. Korea’s market share within the South American magnificence import market expanded from 0.7% to 1.6% throughout the identical interval, with its rating rising from seventeenth to thirteenth place.
Cosmetics accounted for greater than 90% of Okay-beauty export objects to South America, adopted by hair care merchandise resembling shampoo and conditioner at 6.5%. By nation, Brazil had the most important export share at 45.0%, adopted by Chile (23.2%), Colombia (9.4%), and Peru (8.0%) within the prime ranks.
South America’s magnificence imports have proven regular development not too long ago. As of final 12 months, the South American area’s magnificence import scale reached $4.13 billion, recording a median annual development price of 4.7% since 2020. By product class, cosmetics accounted for the most important share of whole imports at 34.9%, adopted by perfumes (23.1%) and hair care merchandise (19.4%).
The report recommended that Okay-beauty manufacturers hoping to enter the South American market want personalized methods by product class that think about native client traits. For cosmetics, it defined the necessity to strengthen value-oriented methods that emphasize eco-friendliness and sustainability, shifting past performance-focused approaches. It additionally identified that hair care and toothpaste merchandise have to make the most of short-form advertising and marketing to extend model recognition amid fierce competitors, whereas perfumes require area of interest market concentrating on utilizing distinctive substances resembling espresso and coconut.
비지니스코리아 Choi Mun-hee (leesh1200@gmail.com)
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