Iran welcomes K-beauty with reduced regulation
In an agreement signed between the two countries, Korea and Iran have laid out plans to abolish on-site inspections for Korean products headed for sale in Iran: until now, this has been mandatory, despite the products meeting domestic regulations in Korea.
Indeed, all products which meet the internationally recognised Good Manufacturing Practice (GMP) system will now be permitted for retail in Iran without the requirement for further inspection, according to the Korea Herald.
“Under the agreement, Korean cosmetics-makers will only have to prove that they have been approved for sale in Korea. In effect, this means Iran recognizes Korean cosmetics standards as being on par with those made in the U.S. and Europe, the ministry said,” Sohn Ji-young writes.
Iran’s move comes as global attention has very firmly turned to Korea within beauty, with the country’s output enormously popular across diverse markets such as France, China the US and Australia.
“South Korea is the source of innovation for the beauty industry,” Danielle Bailey, research director at L2 , recently explained. “The hottest products in recent years - including BB cream and cushion compacts that Western brands have copied - originated in South Korea.”
Last year, the country saw its beauty exports more than double, reaching a huge USD 2.45 billion which is 53% up from the preceding year according to recent data from the Korean Customs Service (KSC).
The KCS also revealed that beauty has enjoyed an annual growth rate of 36.9% over the past five years, and so far this year, it has been enjoying a similarly strong 21.9% growth year on year to USD 710 million.
“Korean-made cosmetics appeal to overseas consumers on the back of the rising popularity of South Korean movies, pop and TV series,” the KCS has said.