Korea is the 10th largest beauty market in the world, representing nearly 2.9% of the global market. In 2015, the size of the Korean beauty market was estimated to be approximately GBP 5.9bn; the total local production and total exports increased 11.3% and 61.7%, respectively, from the previous year. The market has had an annual growth rate of 6.7% for the last five years.
Meanwhile, total imports of beauty products in 2015 increased 3.8% from the previous year, to reach GBP 780m. On a country by country basis, the U.S. is the largest import country, followed by France (GBP 239m) and Japan (GBP 99m).
Impact of the EU-Korea FTA
Implemented in July 2011, the EU-Korea FTA will lead to the removal of 97% of all tariffs for UK exporters. The FTA contains provisions on services, public procurement, intellectual property (IP) and sustainable development as well as the liberalization of goods tariffs. The FTA has ushered in enhanced protection for IP rights and improved copyright regulations.