South Korean beauty firms are focusing on Mexico as their next key market in Latin America, even as trade restrictions threaten to slow their progress. The drive intensified during K-Expo Mexico 2026, a Korea-centered trade show running from Thursday to Sunday in Mexico City, which also featured a visit by South Korean President Lee Jae Myung.
During the event, Lee tested products from two major K-beauty companies. At Amorepacific’s booth, he examined an AI-driven skin analysis tool, while at LG Household & Health Care’s display, he sampled a hair restoration product. Amorepacific CEO Kim Seung-hwan told Lee that Mexican demand for Korean beauty products is robust, with the company aiming for over ten times higher sales in the market within five years.
Mexico holds major potential for Korean beauty brands. As Latin America’s second-largest beauty market after Brazil, the country’s beauty sales are projected to climb to $22.36 billion by 2031, up from $17.64 billion this year, according to Mordor Intelligence. South Korean cosmetic exports to the entire Latin American region first exceeded $200 million last year, with $168.06 million recorded in the first half of 2024 alone, per Korea Customs Service data.
LG H&H’s exhibition at the expo attracted around 5,000 visitors daily, featuring products already popular in North America. The company’s second-quarter sales in North America hit $151.6 million, a 47% increase year-over-year, surpassing its sales in China for the first time. An LG H&H representative highlighted Mexico’s importance as a launchpad for Latin American expansion, noting strong consumer interest in Korean beauty. The company plans to boost its presence on Mercado Libre, the region’s leading e-commerce platform, and enter other major markets, including Brazil.
Other Korean firms are also expanding their retail networks. Silicon2, a leading distributor, has operated its Mexican subsidiary at full capacity since June. Amorepacific and APR stock their products at major retailers such as Sephora and Ulta Beauty, further securing their market share.
Trade obstacles, however, could hinder growth. Mexico increased import tariffs this year on goods from nations without a free trade deal, including South Korea, raising cosmetic duties to about 25%. While companies have not announced price hikes, the additional costs impose a collective financial burden. Amorepacific’s Kim raised the issue with President Lee, stating tariffs had risen by roughly 10 percentage points.
Lee proposed negotiating a trade agreement between the two countries, citing their shared industrial strengths. Both sides agreed to conduct a joint feasibility study to assess the potential for such a deal, which could reduce tariff pressures. Despite these challenges, Korean beauty brands have strengthened their position in Latin America, first establishing themselves in Brazil before moving into Mexico.
