The Hallyu market formed with Korean Wave-influenced products and services is forecast to grow to $143 billion in the US, Indonesia, Thailand and Vietnam by 2030 with additional unrealized headroom of $55 billion, according to TikTok. The forecast represents an 87 percent growth from the current $76 billion spent on Korean products and services in those four countries. TikTok Korea held a press conference Monday in Seoul to review its white paper entitled “Hallyu in the Digital Age: Short Content, Big Impact,” prepared jointly with Kantar, a marketing data and analytics company.
The white paper includes a survey of 2,018 consumers aged 18 to 45 from the US, Indonesia, Vietnam and Thailand conducted in April. The four countries were chosen for the survey due to the significant size of their Hallyu-related consumption This year will be a breakthrough year for Korean brands to expand their business overseas, as Hallyu is now especially exerting global cultural influence with the help of viral short-form videos, according to the white paper. In particular, four countries — the US, Indonesia, Vietnam and Thailand — have high Hallyu receptivity and market potential.
According to Kantar, 86 percent of American and 76 percent of Southeast Asian TikTok users among the 2,018 platform users who took part in the survey for the white paper responded that they had learned more about Korea through the platform. "In the past, Hallyu used to be divided into different categories such a.
