South Korea's perfume exports have reached record highs, ushering in the era of "K-Fragrance" as the global popularity of Korean cosmetics continues to surge. Exports to the United States, the world's largest fragrance market, have grown to the point where Korea recorded its first trade surplus in perfumes with the US in 28 years. Foreign fashion and fragrance companies are now developing products inspired by Korean cities such as Seoul and Jeju, positioning K-perfume as the next frontier of K-beauty.
According to the Korea International Trade Association, Korea's perfume exports in January totaled $6.52 million (approximately 9.6 billion won), marking the highest monthly figure since records began in 1988. February exports dipped slightly to $6.24 million but remained above the $6 million threshold for the second consecutive month.
K-fragrance is performing particularly well in the United States, the world's largest perfume market. According to Euromonitor, the global fragrance market was valued at $50.2 billion last year, with the US accounting for $14 billion, the largest share. Korea's perfume trade balance with the US, which had been in deficit since April 1988, turned positive in January for the first time in 28 years. January exports to the US reached $1.84 million, surpassing imports of $1.27 million for the same period. The surplus trend continued in February.
The popularity of K-fragrance is attributed to rising global interest in K-beauty and favorable sentiment toward Korea in general. At Cosmoprof Hong Kong, a cosmetics trade show held late last year, Kolmar Korea showcased eight proprietary fragrances that drew significant attention from foreign companies. Companies from Russia and Vietnam showed particular interest, and export contracts are currently in progress. Kolmar's fragrances are named after Korean cities, including Seoul Foresto, Taebaek Spring, and Jeju Breeze, and are crafted using scents captured from plants native to Korea, such as lilacs and Jeju's Raphanus flowers.
"Foreign companies showed great interest because we recreated the essence of Korea," a Kolmar Korea official said. "Products using these fragrances are scheduled to launch locally this year." The official added, "As interest in fragrances has grown, we established a 'Sensory Lounge' within our company last December to maximize R&D efficiency for fragrances. It has been well received because clients and fragrance researchers can experience scents together and improve products in real time."
Perfume has also emerged as a must-buy item for tourists visiting Korea. According to the Korea Tourism Organization, perfumes and cosmetics ranked as the top shopping category among foreign visitors to Korea in 2024, chosen by 68.3% of respondents in a survey allowing multiple selections. This popularity is seen as a factor behind Loewe Perfumes, a Spanish brand, opening its first global flagship store in Seoul's Seongsu-dong district in January.
"As Korea's domestic fragrance market has been growing rapidly, we opened Loewe Perfumes' first standalone store worldwide in Korea to expand contact points with consumers," said an official from Shinsegae International, which operates Loewe Perfumes in Korea. "Niche fragrance brands like Diptyque also recorded double-digit sales growth in Korea last year, showing rapid expansion."
The rapidly growing global fragrance market is also expected to benefit K-fragrance. Euromonitor projects the global perfume market, valued at $26.5 billion in 2020, will grow to $53.1 billion this year and $55.9 billion next year, representing growth rates of 5.6% and 5.3%, respectively.
