Sunscreen sales lead K-beauty boom in first 7 months of 2024

Customers test sunscreen products at a department store in Korea in June. [LOTTE DEPARTMENT STORE] Korean sunscreen products have been gaining traction globally for their variety in formulation and for their claimed “multifunctional benefits” that complement their primary ultraviolet (UV) ray blocking function. Sales of sunscreen products on Olive Young’s global mall from January to July was up 90 percent compared to the same time period last year, the cosmetics retailer said Monday. Related ArticleKorean cosmetics exports reach record-high of $4.8 billion in first half of 2024Little-known K-beauty duo behind YSL, Dior cosmeticsKorean cosmetics sales surge over 200% on Amazon for end of March While the global mall ships products to 150 countries, around 70 percent of its total revenue comes from customers in North America. SPF products have done particularly well in the United States, where the Food and Drug Administration’s (FDA) approved list of sunscreen filters — which hasn’t been updated since 1999 — excludes many options that are produced in Korea. Korean sunscreen products can be bought in the United States through retailers such as Olive Young and YesStyle, with some unavailable in major retailers such as Sephora due to FDA restrictions. U.S. media outlet Glamour described Korean sunscreens as lightweight and non-sticky as well as offering a naturally finished look without white cast in its description of the products’ standout points compared to local counterparts. The filters used in the products, which are responsible for the claimed multifunctional benefits such as moisturizing, brightening and anti-aging properties, have not gained FDA approval despite having gone through rigorous testing by the Korean Ministry of Food and Drug Safety, Glamour reported. The SPF products have also become popular in other English-speaking markets such as Britain thanks to attention on social media. SM Korea Beauty's "Beauty of Joseon Relief Sun Rice + Probiotics SPF 50+" [BEAUTY OF JOSEON] SM Korea Beauty’s “Beauty of Joseon Relief Sun Rice + Probiotics SPF 50+,” for instance, went viral on TikTok multiple times for its affordable price and lightweight finish. It is one of the most popular sunscreen products sold at Olive Young, the retailer said. Sales of Skin1004’s “Hyalu-Sika Waterfit Sun Serum SPF 50+" from June to July were eight times those of the same time period last year. It was the bestselling item on Korean online cosmetics retailer Jolse in March and on YesStyle in May, as well as being a hit on Olive Young. A firm employee told Yonhap that the product’s jump in sales could be attributed to its popularity in Europe and the United States after going viral for its lightweight texture and hydrating quality. Elsewhere, SPF products from Gowoonsesang Comestics’ Dr. G brand are doing well in Japan and Vietnam. Sales for products in the sunscreen category rose 41 percent in Japan last year, while sales for the brand’s “Brightening Up Sun+” cream in this year’s first quarter doubled compared to the same time period last year. Market researcher Fortune Business Insights estimates the global sunscreen market in 2024 to be worth $14.9 billion, and to grow by a yearly average of 5.16 percent to reach $22.3 billion in 2032. The skincare category that includes sunscreen products made up 25.1 percent of all Korean cosmetics exports shipped in this year's first quarter, according to the Korea Customs Service. Exports reached a record high for that quarter, with the proportion shipped to China, Korea's largest buyer, falling by half but increasing for other countries. BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]