As South Korea’s cosmetics industry saw a trade surplus of over three trillion won (€2.3 bn) — how much exports exceed the cost of the country’s imports — K-beauty is now fiercely expanding into European markets.
To find out how business on the ground is fairing since this country’s new President had his ‘worst call by far’ with a foreign leader, Cosmetics Design caught up with Jacqui Rathner of Naturally Australian Products.
Last month Cosmetics Design ran a reader survey to gauge your sense of how the next four years will reshape the industry. The results are in—likely new policy on trade agreements, international sourcing, and regulations will impact the beauty business.
Although Japanese law does not require most cosmetics to undergo animal testing - it is not prohibited and the government is really feeling the pressure to introduce the same regulatory requirements around alternatives as the EU.
According to the Korean International Trade Association, Korean companies accounted for 22.1 per cent of China's imported cosmetics in 2015, closing the gap with its French rivals whose combined market share was 30.6 per cent.
As Korean cosmetics really start to become known for their creativity and high quality, China has its sights set on the country's finest R&D and production personnel to help it compete in the beauty arena.
As domestic markets inch closer to saturation, numerous Korean brands have really started to recognize their own R&D and manufacturing capabilities, which is transforming how “Made in Korea” products are viewed.
South Korea’s Ministry of Food and Drug Safety (MFDS) has notified the World Trade Organization (WTO) that it intends to amend quality control regulation with regards to imported cosmetics as an issue of health and safety.
More cosmetics manufactured by Thai companies will ship to these key markets thanks to the work of deputy commerce minister Apiradi Tantraporn and her office, as the Thai cosmetics business is growing both domestically and abroad.
The European Commission will host a sixth round of EU-US trade talks next month on a new trade and investment deal, known as the Transatlantic Trade and Investment Partnership, or TTIP; and the outlook is positive as Europe is in a strong position.
China's Ministry of Commerce has implemented a levy on anti-dumping duties on the United States and Japan on the importation of the chemical resorcinol, making it the latest in a series of tariffs on imported chemicals.
President Obama's announcement during his State of the Union address that the US and the European Union (EU) will begin free trade negotiations will have a big impact on the cosmetics industry and has been welcomed by trade associations.
China has imposed anti-dumping duties on the imports of two chemicals widely used as coupling agents for water-based coatings present in cosmetics and other consumer goods from the US and the European Union.
Market research firm Global Industry Analysts (GIA) has predicted the global personal care products market to reach $333bn by 2015, driven by increasing product innovations, growing disposable incomes and better market penetration.
The Personal Care Product Council has announced its support of President Obama's decision to send the Colombia, Korea and Panama free trade agreements to Congress, stating the importance of international trade in the cosmetics industry.