By Lee Hyo-sik
Skincare and other made-in-Korea cosmetics products have gained huge popularity among consumers in Latin America over the past few years, the Korea Trade-Investment Promotion Agency (KOTRA) said Tuesday.
The sales of Korean cosmetics items have continued to head upward, despite the overall sluggish demand in the region, which has emerged as the next promising market for local firms.
They have been hit hard by falling demand in China since last year when Korea decided to deploy the U.S. anti-missile defense system.
KOTRA said local beauty firms earned a combined $8.35 million in sales in Brazil, Chile, Columbia and other Latin American nations in 2016, up 738 percent from $997,000 in 2008.
The region's beauty market, which reached $59.7 billion last year, shrank by 31.5 percent in 2016 from a year ago as consumers tightened their purse strings amid worsening economic conditions. But during the three-year period, the sales of made-in-Korea beauty products rose 268 percent, accounting for a larger market share.
"Thanks to the popularity of Korean dramas, movies and music, many Latin American consumers have been seeking to use Korean skincare and other beauty products, promoted by their favorite hallyu (Korean wave) stars," a KOTRA official said. "After joining hands with reliable local retailers, companies can easily establish a foothold in many countries on the back of the huge number of young hallyu fans. They should actively introduce sales and marketing activities via Facebook and other social network service platforms."
Facial mask packs, whitening cream and mostly low-priced items have been well-received in Latin America, according to the official, who also said cosmetics firms should cater more to male consumers in the region as men spend more to improve their looks.
The sales of beauty products for men in Latin America are projected to grow at an annual rate of 5 percent over the next five years, KOTRA said. Brazil is the world's second-largest cosmetics market for men and Mexico is the eighth.
Skincare and other made-in-Korea cosmetics products have gained huge popularity among consumers in Latin America over the past few years, the Korea Trade-Investment Promotion Agency (KOTRA) said Tuesday.
The sales of Korean cosmetics items have continued to head upward, despite the overall sluggish demand in the region, which has emerged as the next promising market for local firms.
They have been hit hard by falling demand in China since last year when Korea decided to deploy the U.S. anti-missile defense system.
KOTRA said local beauty firms earned a combined $8.35 million in sales in Brazil, Chile, Columbia and other Latin American nations in 2016, up 738 percent from $997,000 in 2008.
The region's beauty market, which reached $59.7 billion last year, shrank by 31.5 percent in 2016 from a year ago as consumers tightened their purse strings amid worsening economic conditions. But during the three-year period, the sales of made-in-Korea beauty products rose 268 percent, accounting for a larger market share.
"Thanks to the popularity of Korean dramas, movies and music, many Latin American consumers have been seeking to use Korean skincare and other beauty products, promoted by their favorite hallyu (Korean wave) stars," a KOTRA official said. "After joining hands with reliable local retailers, companies can easily establish a foothold in many countries on the back of the huge number of young hallyu fans. They should actively introduce sales and marketing activities via Facebook and other social network service platforms."
Facial mask packs, whitening cream and mostly low-priced items have been well-received in Latin America, according to the official, who also said cosmetics firms should cater more to male consumers in the region as men spend more to improve their looks.
The sales of beauty products for men in Latin America are projected to grow at an annual rate of 5 percent over the next five years, KOTRA said. Brazil is the world's second-largest cosmetics market for men and Mexico is the eighth.
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