With South Korea ranking as the world's second-largest cosmetics exporter last year, government and industry officials discussed ways to expand exports and deepen global regulatory cooperation to sustain K-beauty's growth.
The Ministry of Food and Drug Safety held a Cosmetics Day ceremony on the 7th at The Plaza Hotel in Seoul's Jung-gu district and launched the Global Cosmetics Regulatory Authorities Summit (GCORAS), the first body of its kind in the world. Cosmetics Day was designated a statutory commemorative day last year, marking Sept. 7, 1999, the date the Cosmetics Act was enacted, to highlight the policy importance of the cosmetics industry and strengthen its competitiveness. About 300 officials from the government, the National Assembly, industry and academia attended the ceremony, held under the theme "K-Beauty With Confidence, In Full Bloom," to celebrate the country's second-place ranking in global cosmetics exports last year and to reaffirm their goal of reaching the top spot.
Suh Kyung-bae, chairman of the Korea Cosmetic Association and chairman of Amorepacific, highlighted K-beauty's export performance in a congratulatory address that morning. "Our cosmetics industry surpassed $10 billion in exports for two consecutive years and then posted $7 billion in exports in the first half of this year alone, an all-time high," Suh said. "It is a meaningful record showing that K-beauty's competitiveness and standing in the global market are rising further."
"These results were possible because of the passion and dedication of industry professionals who have continued to conduct research and take on challenges in the field, leading the growth of our cosmetics industry," Suh said, adding that policy support and institutional backing from the government and related agencies have also served as an important foundation for the industry. "The Korea Cosmetic Association will continue to work closely with the government, the National Assembly and related agencies to support the industry's sustained growth and innovation," Suh said. "We will do our utmost together with the industry so that K-beauty can continue making bigger strides in the global market and lead the global beauty industry."
The ministry launched GCORAS the same day to pursue international regulatory cooperation in cosmetics. Fifteen regulatory agencies from 12 countries are taking part, including South Korea, the Southeast Asian nations of Vietnam, Thailand, Indonesia, Malaysia and the Philippines, as well as the United Arab Emirates, Brazil and Mexico. The group's first meeting runs from the 7th through the 9th. The ministry said it plans to use the council to build a foundation for regulatory cooperation among countries and to lower regulatory barriers that Korean cosmetics companies face when expanding overseas.
Yoon Sang-hyun, vice chairman of Kolmar Group, pointed to a "Korean-style beauty ecosystem" as the driver behind K-beauty's growth in a keynote speech at GCORAS. "Korea's cosmetics exports grew more than 4.5-fold over 10 years, from about $2.5 billion in 2015 to $11.4 billion in 2025," Yoon said. "Korea's cosmetics industry is structured around a combination of young, innovative indie brands, specialized distributors, globally competitive ODM manufacturers and a flexible regulatory environment."
"This kind of ecosystem enables strong research and development and manufacturing platforms, and allows for very rapid and flexible product development," Yoon said. "The Korean-style beauty ecosystem is the biggest reason K-beauty has been able to succeed in major global cosmetics markets such as the U.S., China and Japan." Yoon also noted that regulatory systems divided by country and by product category could become a new challenge as the boundaries of the cosmetics industry expand rapidly. Citing his company's artificial intelligence-based beauty devices as an example, Yoon said the "boundaries between beauty, bio, healthcare and AI are disappearing."
The ministry also created government awards this year to honor those who have contributed to K-beauty's international standing and the development of the cosmetics industry. A total of 10 government awards were presented, with Kang Rae-kyu, chief technology officer at LG H&H (051900), receiving the Bronze Tower Order of Industrial Service Merit, and Heo Min-ho, vice chairman of Cosmax BTI, and Yeon Jae-ho, vice chairman of the Korea Cosmetic Association, receiving Industrial Service Medals.
