Many experts believe that K-pop is no longer just defined as “Korean pop music”, thanks to its strong development and global dominance in various industries in recent years
Now, the K-pop industry boasts groups and artists that attract millions of fans around the world.
According to a report published by TikTok and British market research firm Kantar, the current market size of the K-pop industry is estimated at $76 billion. With this growth momentum, the potential value of Korean goods, services and products is expected to reach $143 billion by 2030.
Notably, K-pop revenue comes not only from concerts, albums and merchandise, but also from various other products and services, including beauty products (K-beauty), food (K-food), fashion (K-fashion ), and even tourism in South Korea.
Beauty products (K-Beauty)
As passionate fans emulate the makeup and beauty styles of their favorite idols, the export of Korean fashion and cosmetics has increased significantly. Additionally, many K-pop idols serve as brand ambassadors for major cosmetics brands, further pushing the global consumption of Korean beauty products.
In Asian countries, Korean cosmetics have become quite familiar. According to 2023 Korea Cosmetics Association data, Vietnam is currently the most profitable market for Korean cosmetics. In a survey conducted by the Korea International Cultural Exchange Agency, 91.2% of Vietnamese respondents aged 15 to 59 said they had purchased at least one Korean cosmetic product, while about 68.8% regularly purchase beauty products from Korea.
Korean Fashion (K-Fashion)
Like beauty trends, K-pop idols’ fashion styles often set new fashion trends. Many K-pop fans try to imitate or draw inspiration from their idols’ clothing, leading fashion brands to invest heavily in the K-pop market, spending billions of dollars to sign big names for their campaigns.
Familiar ambassadors for longtime K-pop fans include Jennie (Chanel), Jisoo (Dior), Rosé (Saint Laurent) and Kai (Gucci). New names have emerged recently, such as Jungwoo (NCT) as Tod’s brand ambassador and Felix (Stray Kids) as Louis Vuitton ambassador.
K-Food
In addition to fashion brands, major F&B companies also actively collaborate with exclusive K-pop artists to promote their products.
In early 2024, NewJeans became a global ambassador for Coca-Cola, launching a series of “Coca-Cola Zero K-Wave” specialty drinks in convenience stores. Pepsi’s competition remains strong, with YG Entertainment’s rookie group Baby Monster as its new partner. Meanwhile, Starbucks collaborated directly with BLACKPINK on the “Turn Up Your Summer” campaign, resulting in a 4x increase in engagement.
The cultural influence of K-pop has also helped introduce and popularize Korean food around the world. Dishes such as kimchi, bibimbap, tteokbokki and Korean fried chicken have become beloved dishes in many countries. In Vietnam, these products and services have been easy to find in recent years.
K-pop tourism
In particular, the K-pop industry plays a significant role in boosting South Korean tourism through concerts, fan meetings, and idol events.
Additionally, the KStar Tour, where fans can follow in the footsteps of their idols, has long been a must-do for K-pop fans visiting Korea. From behind-the-scenes locations featured in viral MVs to popular K-drama filming sites, these locations attract plenty of tourists eager to explore and check in.
K-pop tours, which allow visitors to visit entertainment companies, K-pop museums and famous movie locations, have also become very popular.
In particular, K-pop’s impact on tourism extends beyond South Korea. A prime example is Super Junior, who in May 2023 became the first artists selected as tourism ambassadors for Saudi Arabia, promoting the country’s culture and events around the world.
According to the Korea Creative Content Agency (KOCCA), South Korea currently ranks 7th in the world in terms of market share in the content industry, after the United States, China, Japan, Germany, the United Kingdom and France. South Korea’s Ministry of Culture and Sports said the country will continue to promote K-pop entertainment content, with an ambition to elevate South Korea’s cultural industry into the top 4 globally.
