THE WHAT? Japan could be set to take over South Korea’s status as number one cosmetics importer to the Chinese market as the popularity of low-to-mass market J Beauty products soars, according to industry tracker IHS Global Trade Atlas.
THE DETAILS According to a report by Yonhap News Agency, South Korea represented 25.5 percent of China’s imported cosmetics, with Japan snapping at it heels with a 25.2 share.
France came in third, with a share of 18.7 percent, followed by the U.S. and the UK. China is expected to break the $10 billion mark of imported cosmetics by the end of the year.
THE WHY? The report has highlighted that the growing popularity of low-to-medium priced J Beauty products amongst Chinese consumers has been a catalyst for the growth in imported Japanese cosmetics.