The $10.2B Glow-Up: How K-Beauty Passed the U.S. in Exports

When we talk global export power shifts, we usually mean chips, cars, or heavy industry. Not… face wash. But the latest trade data tells a different story: South Korea has officially become the world’s second-largest cosmetics exporter, passing the United States and trailing only France—shipping $10.2B in cosmetics in 2024, up 20.6% year-over-year.

So how did K-Beauty go from “cute sheet masks and viral ingredients” to a full-on manufacturing and biotech powerhouse?

In this episode, we pull back the curtain on:

• The geographic flip that changed everything: China’s share of K-Beauty online sales falling from 69% (2022) to 23% (2024–2025)—while the U.S. surged from 18% to 51%, becoming Korea’s #1 market.
• Why this is more permanent than a trend: Korea’s retail giant CJ Olive Young is making a major brick-and-mortar move into the U.S. in 2026.
• The “dirty little secret” behind K-Beauty speed: most brands don’t own factories—Korea’s mega manufacturers (OEM/ODM) do.
• The hidden giants Kolmar Korea and Cosmax, powering hundreds of brands with deep R&D and a reported 10–12 year technology lead in formulation and texture.
• The changing of the guard: legacy titans like Amorepacific and LG Household & Health Care struggling after the China shock—while disruptors like APR (Medicube) and Goodai Global scale fast with digital-first strategy and aggressive acquisitions.
• K-Beauty 3.0: biotech ingredients (think fermented ceramides, PDRN, exosomes), at-home beauty devices, and AI skin analysis pushing toward a future where you don’t buy a brand—you buy your formula.

By the end, the big question isn’t “Why is K-Beauty trending?”
 It’s: Did Korea just build the most efficient beauty export machine on earth—and are brands about to matter less than manufacturing + data?

Transcript

SPEAKER_00 0:00

Okay. So I want to start today with a bit of a visual.

SPEAKER_01 0:03

Mm-hmm.

SPEAKER_00 0:03

If you can, picture the global map of exports. Usually, you know, when we talk about these massive export shifts on this show, we're thinking about uh semiconductors, maybe electric vehicles or the heavy industrial stuff. Aaron Powell Exactly. The things that usually cause trade wars and you know make the headline news. But today, the data we've got in front of us tells a completely distant story. We're looking at a sector that has quietly, almost invisibly, scaled to the point where it's now moving geopolitical needles.

SPEAKER_01 0:35

Aaron Powell It really is.

SPEAKER_00 0:36

And chances are you probably have some of it in your bathroom cabinet right now.

SPEAKER_01 0:39

Aaron Powell It's one of the most fascinating industrial case studies we've seen in the last decade. And we aren't just talking about face wash here. We are talking about a manufacturing powerhouse that has, well, it's completely upended the global hierarchy. Trevor Burrus, Jr.

SPEAKER_00 0:55

So let's just get into the headline stat right away because when I read this in our prep notes, I actually had to double check the source. I thought it was a typo.

SPEAKER_01 1:01

I did the same thing.

SPEAKER_00 1:02

As of 2024, South Korea has officially become the world's second largest exporter of cosmetics. They blew past the United States.

SPEAKER_01 1:10

Blew right past them. They're now only trailing France.

SPEAKER_00 1:13

That's just wild.

SPEAKER_01 1:15

It is. And the numbers really back it up. South Korea exported $10.2 billion worth of cosmetics in 2024. That's a 20.6% jump in a single year.

SPEAKER_00 1:27

A 20% jump.

SPEAKER_01 1:28

In one year. And if you look at the trajectory for the first quarter of 2025, it's getting even tighter. They were neck and neck with the U.S. sort of trading blows at around $3.6, $3.7 billion each.

SPEAKER_00 1:40

So it's dead heat for that number two spot.

SPEAKER_01 1:41

It's a dead heat.

SPEAKER_00 1:42

It's staggering. But I think there's this uh this lingering misconception we need to address right out of the gate. When people, especially outside the industry here, K-Beauty, I think they still picture something very specific, maybe a little gimmicky. You know, the cute sheet masks with panda faces or that viral phase.

SPEAKER_01 2:00

Oh, the snail mucent.

SPEAKER_00 2:01

The snail mucent. Everyone was putting snail mucent on their face.

SPEAKER_01 2:04

Which, to be fair, was a huge, huge trend.

SPEAKER_00 2:07

Oh, absolutely. I participated. I think I still have a bottle somewhere. But the vibe was always that it was a trend.

SPEAKER_01 2:13

A cultural wave.

SPEAKER_00 2:14

A cultural wave, a moment in time. The data you've brought today suggests this is no longer just a how-you thing. This is something much stickier.

SPEAKER_01 2:22

Aaron Powell That is the trap that most analysts fall into. They see the viral TikTok products and they completely miss the industrial machine that's running underneath. Right. So the mission of this deep dive is to really look under the hood. We need to understand how this industry shifted from, you know, a fun pop culture export to a legitimate biotech and manufacturing powerhouse.

SPEAKER_00 2:44

Okay.

SPEAKER_01 2:45

And maybe most importantly, we have to talk about the massive geographic pivot that's happening right now because the money is moving to entirely different continents.

SPEAKER_00 2:53

But let's talk about that geography. Yeah. Because if we were having this conversation, what, five years ago? Even three years ago.

SPEAKER_01 2:58

Yeah, even three.

SPEAKER_00 2:59

All eyes were on China. That was the golden goose for Korean companies.

SPEAKER_01 3:03

It was everything.

SPEAKER_00 3:04

But looking at the breakdown today, the map has completely flipped.

SPEAKER_01 3:08

It's been a uh a dramatic collapse and a dramatic rise, almost happening at the exact same time. If you go back to 2022, China was well, it was everything. They accounted for 69% of global K Beauty online sales.

SPEAKER_00 3:24

69%.

SPEAKER_01 3:25

69%. That is a massive dependency. I mean, if you're a business strategist, you never want almost 70% of your revenue coming from one neighbor.

SPEAKER_00 3:32

No, that's incredibly vulnerable.

SPEAKER_01 3:35

Exactly.

SPEAKER_00 3:35

And that's risky even in stable times. But by the 2024-2025 period, that share didn't just dip.

SPEAKER_01 3:42

Yeah.

SPEAKER_00 3:43

It cratered.

SPEAKER_01 3:44

It collapsed down to just 23%.

SPEAKER_00 3:46

From 69 to 23 in two years. That's a free fall.

SPEAKER_01 3:49

Yeah.

SPEAKER_00 3:50

So why why did they lose China? Did Chinese consumers just get bored?

SPEAKER_01 3:54

It's a mix of things. It's politics, economics, and honestly a bit of national pride.

SPEAKER_00 3:58

Okay.

SPEAKER_01 3:59

So first you have the rise of what's called Sea Beauty domestic Chinese brands. Over the last few years, Chinese manufacturers realized they could replicate the Korean quality, package it with local nationalism, a trend called Gua Chao, and sell it for cheaper.

SPEAKER_00 4:12

So the domestic competition just got fierce.

SPEAKER_01 4:15

It got really fierce. They basically learned the playbook and executed them themselves.

SPEAKER_00 4:19

Better than anyone expected.

SPEAKER_01 4:20

Much better. But you also have regulatory friction. The political relationship between Seoul and Beijing has been, let's say, complicated.

SPEAKER_00 4:30

It's putting it lightly.

SPEAKER_01 4:31

Right. So it became much harder for Korean companies to navigate that landscape to get permits, to get shelf space. So the Korean industry had this existential choice: either sink with a declining Chinese market or swim to a new shore.

SPEAKER_00 4:45

Aaron Powell And looking at this data, they didn't just swim, they took a speedboat to America.

SPEAKER_01 4:50

Aaron Powell They absolutely did. In that same time frame where China collapsed, the U.S. share of sales jumped from 18% to 51% online.

SPEAKER_00 4:58

51.

SPEAKER_01 4:59

51%. The United States is now the single largest market for Korean beauty. Period.

SPEAKER_00 5:03

Aaron Powell That is such a massive swing. And you see this on the ground, right? I mean, you go on Amazon and brands like COSRX are just dominating the bestseller charts. It's not some niche website anymore.

SPEAKER_01 5:13

Aaron Ross Powell Exactly. And Kio SRX is a perfect example of that Amazon first strategy. But it's not just e-commerce. You have brands like Peach and Lily that have basically taken over huge retailers like Ulta. They have a massive direct-to-consumer presence. Right. This has moved from something you buy on a special trip to an Asian grocery store to just mainstream American retail.

SPEAKER_00 5:36

Aaron Ross Powell And speaking of retail, there's a note here that I think signals just how permanent this shift really is. We're seeing actual brick and mortar moves from the Korean giants themselves.

SPEAKER_01 5:47

Right. CJ Olive Young?

SPEAKER_00 5:49

For anyone listening who hasn't been to Seoul, uh Olive Young is. It's like the Sephora of Korea. But imagine if Sephora was also a CVS and there was one on literally every street corner.

SPEAKER_01 5:57

Aaron Powell They are completely ubiquitous, the dominant retailer. And the news is they are physically entering the U.S. market in 2026. Trevor Burrus, Jr.

SPEAKER_00 6:04

They're setting up subsidiaries. That's right. That's a huge capital commitment. You don't go signing commercial real estate leases in the U.S. and hiring local teams if you think this is just a passing fad.

SPEAKER_01 6:12

Aaron Powell Exactly. It signals that they believe the U.S. market is the future foundation of their entire export economy. They aren't just shipping boxes across the ocean anymore. They're planting a flag.

SPEAKER_00 6:24

Okay, so we know where it's being sold. We know the money has moved from China to the U.S. But I want to get to the part of this that really surprised me. The hidden hand. Mm-hmm. Because I'm scrolling through Instagram or TikTok and I see hundreds of these new brands popping up, Tertir, Beauty of Yuseon, Anua. They all seem to launch overnight with like full product lines. And I'm just thinking, how do they all have factories? How do they all have RD labs?

SPEAKER_01 6:53

Well, the short answer and the kind of the dirty little secret of the industry is they don't.

SPEAKER_00 6:57

Wait, what do you mean they don't have factories?

SPEAKER_01 6:59

Most of them just don't.

SPEAKER_00 7:01

At all.

SPEAKER_01 7:01

No, and this I think is the revelation that explains the speed and the scale of K-Beauty. It all comes down to the OEM and ODM model.

SPEAKER_00 7:08

Okay, let's unpack that acronym SUP. OEM and ODM. We hear these terms in tech sometimes with smartphones, but how does it work in beauty?

SPEAKER_01 7:16

So OEM is original equipment manufacturing, and ODM is original design manufacturing. But to simplify it, just imagine there are these Titan companies in Korea, these mega manufacturers that act like a massive library of skincare technology.

SPEAKER_00 7:30

A library.

SPEAKER_01 7:31

Yeah. They do all the science, the testing, the formulation, and the actual production.

SPEAKER_00 7:36

So the brands we see, what are they doing?

SPEAKER_01 7:39

The brands you know and love are often just the concept, the marketing, and the packaging. They focus on what we'd call layer four of the value chain. They bring the story.

SPEAKER_00 7:47

And the manufacturer brings the science.

SPEAKER_01 7:50

Exactly. So if you buy a fancy serum with a nice minimalist label, there's a very good chance the brand itself didn't actually mix the chemicals in that bottle.

SPEAKER_00 7:59

A very good chance.

SPEAKER_01 8:00

And this isn't even limited to Korean brands. Even famous Western brands. We're talking MB, Dior, NARS, even Rihanna's Fenty, they use these Korean manufacturers for certain products.

SPEAKER_00 8:10

Wait, wait, hold on. Fenty is made in Korea.

SPEAKER_01 8:13

And many specific products in these global lines are. The Giants here are companies you've probably never heard of, Colmar Korea and Cosmex. These two are the mega scale players. They have over 600 brand partners.

SPEAKER_00 8:24

600. That sounds like a monopoly on the science.

SPEAKER_01 8:28

It's certainly a dominance of the science. And this is why K-Beauty moves so fast. These manufacturers, Colmar and Cosmex, this is where the RD happens. The data suggests they hold a 10 to 12 year technology lead over their competitors.

SPEAKER_00 8:42

In formulation and texture, that kind of thing. Yes. A decade lead. That's a massive gap. I mean, in the tech world, that's an eternity.

SPEAKER_01 8:50

It is. They have libraries of thousands of stable formulas ready to go. So think about the business model from the brand's perspective. Right. If you're an indie brand founder, you don't need to build a lab. You don't need to hire a team of PhDs to figure out how to stabilize vitamin C. You just go to Colmar or Cosmax, you pick from their library of advanced text run, maybe you tweak the scent or add a specific extract.

SPEAKER_00 9:14

And you focus all your energy on branding and marketing. That explains so much. It explains how a brand can launch with what feels like a world-class product overnight. They're just outsourcing the hard stuff.

SPEAKER_01 9:25

The really hard stuff. The layer two and three RD and manufacturing, they're outsourcing it to the experts who've been doing it for 30 years.

SPEAKER_00 9:34

It just lowers the barrier to entry so much.

SPEAKER_01 9:36

It lowers the barrier to entry, but and this is so key, it raises the bar for quality because suddenly a small indie brand has access to the exact same high-level tech as a luxury conglomerate.

SPEAKER_00 9:50

Which brings us to the winners and losers. Because if everyone has access to the same factories, the big legacy companies must be feeling the heat.

SPEAKER_01 9:58

Oh, they are.

SPEAKER_00 9:59

They can't just rely on better quality anymore if everyone has the same quality.

SPEAKER_01 10:03

They absolutely are feeling it. And this is what we're calling the changing of the guard. You have the legacy conglomerates Amher Pacific and LG Household and Healthcare.

SPEAKER_00 10:12

Yeah.

SPEAKER_01 10:13

These are the giants who own brands like Solwasue, Laneige, the History of Woo.

SPEAKER_00 10:17

I mean, I see Lanege everywhere. That lip sleeping mask is iconic. They seem to be doing fine.

SPEAKER_01 10:22

You see them because they have massive distribution, but financially, they're struggling, at least relative to their peaks. The data shows they're down 20 to 35% from their 2021 highs. They were the ones most exposed to that China crash we talked about. They were these huge ships that were just too big to pivot quickly when the winds changed.

SPEAKER_00 10:39

So if the old giants are stumbling, who's taking their market share? Who are the new kings?

SPEAKER_01 10:45

The high growth disruptors. The two names you really have to watch here are APR Corporation and Good Eye Global.

SPEAKER_00 10:52

And I read this in the notes. APR actually passed LG Household and Healthcare in market cap.

SPEAKER_01 10:57

That's right.

SPEAKER_00 10:58

That feels I mean, that seems impossible. LG is. It's LG. They make everything from washing machines to toothpaste.

SPEAKER_01 11:05

Aaron Powell, well, their household and healthcare divisions capitalization, to be specific, but yes. APR, which owns the brand Medicube, tops Amazon Prime Day in 2025 and surpassed the market cap of a legacy giant.

SPEAKER_00 11:18

That's a huge symbolic moment.

SPEAKER_01 11:19

It's very symbolic. It shows that an agile digital first strategy is just flat out beating the old heritage conglomerate model.

SPEAKER_00 11:26

And Good Eye Global. That sounds like a sci-fi corporation name, by the way.

SPEAKER_01 11:29

It does a little bit, but their strategy is very modern. They own Beauty of Utian and Tertir. They're using a really aggressive MA strategy.

SPEAKER_00 11:37

Mergers and acquisitions.

SPEAKER_01 11:39

Right. Instead of trying to build everything from scratch, they're just identifying successful indie brands that are blowing up on social media, buying them, and then using their infrastructure to scale them globally.

SPEAKER_00 11:49

Aaron Powell, so they're like a holding company for viral trends.

SPEAKER_01 11:52

That's a great way to put it. They're winning because they captured the U.S. market while the old giants were still trying to figure out their China problem. They moved fast, they understood digital, and they leveraged that manufacturing base we talked about.

SPEAKER_00 12:06

It's classic disruption theory. The big ships turn slowly and the little speedboats just race right by.

SPEAKER_01 12:11

Exactly.

SPEAKER_00 12:12

Okay, let's shift gears a bit and talk about the products themselves because you mentioned we're not just doing snail mucin anymore. The notes say K-Beauty 3.0. What does that actually look like?

SPEAKER_01 12:22

Right. So if K-Beauty 1.0 was BB creams.

SPEAKER_00 12:25

Oh, I remember those.

SPEAKER_01 12:26

And 2.0 was the natural ingredients like green tea and snail mucin, then 3.0 is definitely the biotech and device era.

SPEAKER_00 12:34

Biotech. Okay, so we're getting science-y. This isn't just mashing up plants in a mortar and pestle.

SPEAKER_01 12:39

Very science-y. We are moving away from simple extracts to lab-grown ingredients. We're talking about things like fermented ceramides, PDRN, and exosomes.

SPEAKER_00 12:50

Okay, hold on. You have to break those down. PDRN, exosomes. Why should a listener care about these acronyms?

SPEAKER_01 12:56

So let's start with uh PDRN. It stands for polydioxyribonucleotide.

SPEAKER_00 13:02

Whoa.

SPEAKER_01 13:03

But what it is, it's actually derived from salmon DNA.

SPEAKER_00 13:07

From sorry, salmon. Like the fish.

SPEAKER_01 13:09

Like the fish, yes.

SPEAKER_00 13:10

You have to explain that. Why salmon? That sounds a little uh fishy.

SPEAKER_01 13:14

It sounds strange. I know, but the DNA structure of salmon sperm is surprisingly similar to human DNA-based pears. It's used for tissue repair and anti-inflammation. Okay. Dermatologists have used it in clinics for injectables for a while, but now they're figuring out how to make it penetrate the skin topically.

SPEAKER_00 13:29

Aaron Powell, so we are literally smearing salmon DNA on our faces to repair our skin cells.

SPEAKER_01 13:33

Effectively, yes. And then you have exosomes. Think of exosomes as the messengers of your cells. They're these tiny little bubbles that cells release to talk to each other. I see. In skin care, they act as delivery vehicles, carrying these signaling molecules to your skin cells and telling them to, you know, repair or produce more collagen.

SPEAKER_00 13:52

That is a huge leap from put cucumber on your eyes.

SPEAKER_01 13:55

Aaron Powell It is. The whole shift here is towards stability and speed. Natural ingredients like actual snail slime can vary from batch to batch depending on, well, the snails. Right. Biotech ingredients like synthetic alternatives to snail mucin or these lab fermented compounds, they're consistent, they're cleaner, and they are often much more potent.

SPEAKER_00 14:14

Aaron Powell So ideally, no more harvesting slime from actual snails.

SPEAKER_01 14:18

Ideally, yeah. We can just bioengineer that same molecular structure in a lab. It's more sustainable and it's more scalable.

SPEAKER_00 14:24

Aaron Powell And the other half of K-Beauty 3.0 is the hardware. I feel like I am seeing everyone on social media looking like Iron Man with these LED masks on.

SPEAKER_01 14:33

Skincare is absolutely merging with hardware. It's not just a cream anymore, it's a cream plus a device to help it absorb better. Medicude, which we mentioned is part of APR, their AGR devices are the prime example. These are microcurrent devices, ultrasound boosters, LED masks. They are becoming daily use items, just like your toothbrush.

SPEAKER_00 14:54

You're bringing the dermatologist's office right into your bathroom.

SPEAKER_01 14:57

Exactly. And interestingly, the notes mention that even those struggling giants like Amr Pacific and LGH are winning awards for this. They both won CES 2026 awards for beauty tech.

SPEAKER_00 15:10

So they're trying to catch up on this front. It's a new battleground.

SPEAKER_01 15:13

It really is.

SPEAKER_00 15:14

And then, because it's 2026, you throw AI on top of everything. Because of course you do. Is this just a gimmick?

SPEAKER_01 15:21

In some places, sure. Yeah. But here it actually makes a lot of sense. The AI skin analysis market is valued at $1.79 billion. Wow. So imagine an app that scans your face in real time, analyzes your pores, your hydration levels, your redness, and then it tells you exactly which serum you should use that morning.

SPEAKER_00 15:38

It's the end of yesing. Is my skin dry today? Is it oily? The phone just tells you.

SPEAKER_01 15:43

Right. It removes all the user error.

SPEAKER_00 15:44

I want to pivot to the who for a second. Because I think the stereotype of the K-Beauty consumer is a 20-something woman watching K-dramas. But the data says the demographics are shifting pretty rapidly.

SPEAKER_01 15:58

They really are. The fastest growing segment, and this might surprise you, is male consumers. Men. Growing at a 14.2% KGR compound annual growth rate. That's huge. It is. For the younger generation, Gen Z and Alpha, skincare is becoming completely gender neutral. It's not fashioned, it's just hygiene.

SPEAKER_00 16:19

I see that. My younger cousins have better skin routines than I do. They don't see it as makeup, they see it as maintenance.

SPEAKER_01 16:25

Exactly. And then on the other end of the spectrum, you have the mature consumers, the 30 to 50 plus range. This is where the really meaningful growth is. These aren't people buying for the cute packaging or a viral trend. They have disposable income and they want efficacy. They want results.

SPEAKER_00 16:40

They want the salmon DNA to fix their wrinkles.

SPEAKER_01 16:42

They want the salmon DNA, and this is all driving the trend of skinemalism.

SPEAKER_00 16:46

Ooh, I like that word.

SPEAKER_01 16:48

It's basically the death of the famous 10-step routine. Remember when everyone thought you had to apply 10 different things every single night?

SPEAKER_00 16:55

I tried it once. It took 45 minutes. I was exhausted before I even went to bed.

SPEAKER_01 16:59

It's just not sustainable for most people. The new trend is fewer steps, smarter formulas, multitasking products, and chasing something called guang. Gwang. It's a Korean term. It basically means that healthy inner glow. It's not about covering your skin with heavy makeup. It's about having skin that looks so healthy it just shines on its own.

SPEAKER_00 17:21

Which honestly feels like a much healthier goal overall.

SPEAKER_01 17:24

It absolutely is.

SPEAKER_00 17:25

Okay, we've covered a massive amount of ground. Let's try to tie this all together for everyone listening. We started with the export numbers, over $10 billion beating the U.S. We talked about that geopolitical pivot from China to America. We revealed the secret factories, Coal Mar and Cosmax that power the whole industry.

SPEAKER_01 17:43

Aaron Powell And we looked at the shift from the legacy giants to these agile disruptors like APR and Gudai.

SPEAKER_00 17:49

Right. So taking a step back, what's the big lesson here? If I'm looking at this industry, where is the real value?

SPEAKER_01 17:54

I think the lesson of the value chain is critical. If you look at the margins, the real money, the immediate high profit is in brand ownership, that layer four. Right. You can make 40 to 60% margins there if you hit a viral trend.

SPEAKER_00 18:09

But that's the risky part, right?

SPEAKER_01 18:10

Yeah.

SPEAKER_00 18:11

Today's hot brand is tomorrow's discount bin.

SPEAKER_01 18:14

Exactly. It's high risk, high reward. The real power, the real stability lies with the manufacturers. Colmar and Cosmax. They get paid no matter which brand is trendy this week. They own the IP, they own the formulas. They are the bedrock of the entire ecosystem. Trevor Burrus, Jr.

SPEAKER_00 18:30

It's the old don't dig for gold sell shovels strategy. Trevor Burrus, Jr.

SPEAKER_01 18:33

Precisely. They are just selling the highest tech, biotech-infused shovels in the world, and they're selling them to everyone.

SPEAKER_00 18:39

I love that. Okay, before we sign off, I want to leave the listener with something to chew on. We've talked biotech, AI, bespoke manufacturing. Where does this all end?

SPEAKER_01 18:49

Aaron Powell Well, it raises a really provocative thought about the future of personalization. Right now, we still buy brands. You know, you identify as a lane edge person or a Costex person. But think about the convergence of these technologies. If AI diagnostics become perfect and manufacturing becomes super fast and small batch, are we moving toward a world where brands stop mattering entirely?

SPEAKER_00 19:11

Oh, that's interesting. So I wouldn't buy a brand, I just buy my formula.

SPEAKER_01 19:15

Exactly. Imagine a world where you don't browse a shelf at Ulta, you scan your face with your phone, maybe you swab your DNA at home, you send that data to a cloud. And a machine at a place like Colmar prints a hyper-personalized prescription just for your skin's genetic needs that day.

SPEAKER_00 19:31

And it just ships directly to you.

SPEAKER_01 19:33

It ships to you. In that world, the marketing wrapper, the brand, becomes totally irrelevant. It's just pure biological data meeting chemical engineering.

SPEAKER_00 19:42

That is both incredibly cool and slightly dystopian. It turns us all into little biology projects.

SPEAKER_01 19:48

It's the logical conclusion of K-Beauty 3.0. We're moving from mass appeal to hyperpersonalization.

SPEAKER_00 19:54

Well, on that note, I'm gonna go stare at my current skincare shelf and wonder if it's all just marketing or if there's some salmon DNA in there working its magic. Thank you so much for breaking all this down with us today.

SPEAKER_01 20:06

My pleasure. It's a fascinating world.

SPEAKER_00 20:08

And thank you to everyone listening. We hope you learned something new about the economic machine behind the glow. We'll catch you on the next deep dive.