韩国媒体综述称 K-beauty 全球需求抹平化妆品业传统淡季，Cosmax 一季度产量环比增 15.9%、7 月出口创年内新高

K-Beauty Boom Erases Off-Season for Korean Cosmetics Makers - Seoul Economic Daily
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The traditional off-season is disappearing at South Korean cosmetics manufacturers as K-beauty draws global demand throughout the year. Output and sales are now climbing even in the first quarter and in summer, periods the industry long treated as slow.
Cosmax produced about 172.47 million units in the first quarter of this year, up 15.9% from 148.75 million units in the fourth quarter of last year, the contract manufacturer said on the 14th. That means the first quarter outpaced the fourth quarter, which captures year-end demand. The industry has long regarded the fourth quarter, covering the November-December rush for gifts and moisturizing products, and the second quarter, when production of first-half launches ramps up, as its main peak seasons.
In the past, output typically eased once the year-end peak passed. Cosmax's first-quarter production in 2022 stood at 91% of the previous fourth quarter, a classic off-season pattern. From 2023, however, first-quarter output reached 100.5% of the prior fourth quarter, surpassing the year-end peak, and the trend has strengthened to 115.9% this year.
Summer, once the clearest off-season because demand for moisturizing and hydrating products falls, has instead become the busiest stretch. Cosmax produced 86.22 million units in July, the highest monthly figure this year. July output ranked only fifth and eighth among months in 2021 and 2022, but has held between first and third place for four straight years since first topping the list in 2023.
The shift also shows up in trade data. Cosmetics exports came to $1.09719 billion (about 1.4744 trillion won) in July, the highest monthly total this year, according to the Korea Customs Service. It is the first time July has recorded the year's largest export figure. As recently as 2023, July ranked 11th among the months.
First-quarter exports this year also reached $2.56008 billion (about 3.4402 trillion won), 5.9% above the $2.41695 billion (3.2479 trillion won) posted in the fourth quarter of last year. With first-quarter figures for both production and sales holding up against the year-end peak, analysts say the gap between traditional peak and slow seasons in the cosmetics market is narrowing.
Earnings at major companies show the same pattern, with third-quarter revenue during the summer lull exceeding the second quarter that had been considered a peak. APR posted 272.3 billion won in cosmetics and beauty revenue in the third quarter of last year, up 19.9% from 227.1 billion won in the preceding quarter. Amorepacific showed a typical peak-and-slow pattern through 2023, when second-quarter revenue of 945.4 billion won exceeded third-quarter revenue of 888.8 billion won. Last year, however, third-quarter revenue of 1.017 trillion won surpassed the 1.005 trillion won recorded in the previous quarter.
Industry watchers attribute the blurring line between peak and slow seasons to changing consumption patterns for beauty products. Products segmented by skin concern or lifestyle are bought regardless of season, they say, shifting the business away from a structure in which production and sales cluster in particular periods.
Sunscreen is the clearest example. Once seen as a summer item, it has become a basic product used in all four seasons. For Cosmax sunscreen products, the gap between the highest and lowest monthly revenue narrowed from 6.6 times in 2021 to 1.6 times this year.
Expanding global demand is another factor. As export markets diversify, the range of products consumed in each country has widened and seasonal variation has shrunk. "Unlike the past, when production and sales swung widely depending on the season's signature products, demand for a broad mix of items now continues year-round, so the idea of an off-season is fading," an industry official said.
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Original reporting by
Noh Hyun-young
for Seoul Economic Daily.
AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.
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