Latin America is increasingly becoming a hot bed for South Korean beauty products, according to the Korea Trade-Investment Promotion Agency (KOTRA).
Indeed, sales of K Beauty products continue to rise in the region despite overall low cosmetics sales, with KOTRA stating that local Korean firms took $8.35 million in sales from Latin American countries such as Brazil, Chile and Colombia, a boost of 738 percent since 2008.
Talking to the Korean Times, a KOTRA official said, “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.
“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.”
With projected sales of Korean products expected to grow by 5 percent over the next five years, it seems face masks, whitening creams and lower-priced items are drawing the attention of Latin American consumers, with firms advised to cater to the male audience in a bid for further growth.