Global spending on Korean products may double to $143 billion

In a recent report, TikTok and analytics company Kantar project that global spending on South Korean products may double to $143 billion by 2030, nearly twice the current estimated market of $76 billion.

The growth is likely to be driven by key markets in the U.S. and Southeast Asia, where 80% of users discovered Korean culture through TikTok and more than half of users have purchased Korean products through the e-commerce platform TikTok Shop, according to the research.

What they’re saying: “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, said. “It shows that the Southeast Asian market is acting as a gateway and hub for global viral trends in K-content.”
The road ahead: Some of the driving factors behind the growth in K-content include music, food and cosmetics. According to the research, Korean music, which also encompasses concert tickets and content, is expected to grow to around $11.6 billion, while Korean beauty products and food are projected to each exceed $20 billion in 2024. This upward trend is expected to continue next year, with seven out of 10 users from the two key markets indicating that their spending on Korean products, such as food and cosmetics, may increase in 2025.

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