SEOUL: South Korean beauty companies are making Mexico their next target in Latin America, counting on K-beauty’s momentum in North America, even as unfavourable trade conditions complicate the push.
That effort came into sharp focus at the 2026 K-Expo Mexico, a South Korean-focused trade event in Mexico City that ran from last Thursday through Sunday, and was also attended by President Lee Jae Myung during his state visit.
At Amorepacific’s booth, he tried an artificial intelligence-powered skin diagnostic device and sampled a hair loss product at LG Household & Health Care’s (LG H&H) booth.
“K-beauty has gotten a strong response in Mexico, and we’re aiming for more than 10-fold growth within five years,” Amorepacific chief executive officer Kim Seung-hwan told Lee at the booth.
Mexico is Latin America’s second-largest beauty market after Brazil, and Mordor Intelligence, a market research and advisory firm, projects it will grow to US$22.36bil by 2031 from US$17.64bil this year.
South Korean cosmetics exports to Latin America as a whole topped US$200mil for the first time last year and reached US$168mil in the first half of this year, according to the South Korea Customs Service.
LG H&H’s booth drew about 5,000 visitors a day, featuring brands leading K-beauty in North America, where the firm’s second-quarter sales hit 205.8 billion won (US$151.6mil), up 47% year-on-year, topping China sales of 176 billion won.
“Mexico is a key strategic hub for our Latin American business, where interest in South Korean culture and K-beauty runs very high,” an LG H&H official said.
“We plan to expand into other major markets like Brazil, building on the insights we’ve gained here.”
The company also noted plans to bolster its presence on Mercado Libre, Latin America’s leading eCommerce platform.
Other South Korean companies are also building out their retail footprint in Mexico.
Silicon2, a major South Korean beauty distributor, has operated its Mexican subsidiary at full capacity since June.
Amorepacific and APR also stock their own brand products at retailers such as Sephora and Ulta Beauty.
Optimism runs high, but industry officials remain cautious about the region’s potential.
“Latin America is a market K-beauty can newly tap, but it comes with clear barriers, such as local distribution and trade conditions,” one industry official said.
“As competition intensifies, companies’ localisation strategies will need to be matched by national-level trade cooperation to ease the tariff burden.”
Kim also raised the tariff issue directly with Lee at the Amorepacific booth, saying tariffs had risen by about 10 percentage points and flagged the increase as a burden.
Cosmetics now face tariffs of roughly 25% after Mexico raised import duties this year on goods from countries without a free trade agreement, including South Korea. — The Korea Herald/ANN
