Since the agreement’s introduction last year, South Korean cosmetics worth $20.2m have been exported to Canada, up 48% from 2014, according to a recent report issued by the Korea Trade-Investment Promotion agency.
This is particularly impressive considering that, according to the trade body, Canada’s overall imports shrank more than 9% in the same period.
The trade agreement
The CKFTA came into force in January 2015, and at the time was heralded by the Canadian government as a landmark agreement, projected to boost Canada’s economy by $1.7bn in the longer term.
The recent figures confirm that trade between the two countries is already booming thanks to the agreement, with beauty at the forefront of this growth.
In a recent market report, global research firm Euromonitor International noted that demand for Korean beauty products in Canada is being driven both by native consumers, and by an ongoing rise in immigration from Asia.
“Imported Asian brands of skin care continue to be in demand,” analysts observe. “This is supported by the continuing trend towards immigration from the Asia-Pacific region.”
Multifunctionality
Beauty brands from Asia, particularly Korea, are to thank for the ever-popular multifunctionality trend which has taken hold in beauty in recent years.
It’s products such as these, according to Euromonitor, which have seen a strong uptake from Canadian consumers.
“The products with more value-added ingredients such as anti-ageing functions, skin serums with multiple benefits and oral care with multiple functions are in demand as they are convenient to use and apply, as well as time saving too,” analysts confirm.