New Forecast Sees Korean Culture Market at $143 Billion
A new forecast by TikTok and an analytics company, Kantar, projects the spending on Korean cultural products to reach U.S. $143 billion by 2030.
Korean wave of South Korea, Hallyu, has been extremely successful in increasing its soft power over the world. From K-pop, K-dramas, and K-beauty to Buldak noodles, Korea has been effective in spreading its culture worldwide.
@deemalovesdrama I also write more about kdramas and recs on my IG: deemalovesdrama part 2 is out already #kdrama #fyp ♬ SCIENTIST – TWICE
This effect has been amplified by users across all social media platforms sharing their K-pop biases, their favorite new K-dramas, and trying out new K-beauty products. Even celebrities like Cardi-B have been influenced by this trend. Earlier this year, Keith Lee, a food reviewer on TikTok, posted a video trying Buldak Carbonara noodles with Cardi B. This one video, which has over 13 million views, led to an enormous increase in the sales of Buldak noodles.
The recent report by TikTok and Kantar projects global spending on Korean cultural products to double to $143 billion by 2030. The current market size of South Korea’s cultural exports is estimated at $76 billion. Moreover, the amount of content produced on TikTok about Korean products is expected to significantly boost this figure, particularly in the United States and Southeast Asian markets. Additionally, the report also states that the overall spending on such products could reach up to $198 billion by the end of the decade.
“If you look at the success stories of global trends in K-content, they are often triggered by secondary content from Southeast Asian creators,” Hyunho Son, general manager of global business solutions at TikTok Korea told Bloomberg. Son continues, “It shows that the Southeast Asian market is acting as a gateway and hub for global viral trends in K-content.”
@marwan_awan Trying korean skincare for the first time #skincare #mensskincare #mensskincareroutine #mensskincaretips #skincareroutine #koreanskincare #anua #mensgroomingtips #groomingroutine #menslifestyle #skincareessentials ♬ Her Way (Sped Up) – PARTYNEXTDOOR
This is certainly true for the Korean skincare market. In recent years, Southeast Asian content creators started the glass skin trend by showing their ten-step skincare routines. Following this, many Korean skincare brands like Dr.Jart+ and Innisfree are also now available at Sephora. Korean products have truly taken the skincare world by storm. Additionally, the Korean beauty market ranks among the top 10 global beauty markets and is projected to be valued at USD 21.8 billion by 2026.
Moreover, Netflix just recently announced this year’s most popular K-drama, Lovely Runner is joining its platform. You can read more about that here at Glitter.
