How Is Korea Nutraceuticals Market Positioned?
The overall nutraceuticals industry of Korea generated revenue worth USD ~ million in 2016. The market recorded growth at a CAGR of ~% inclining from USD ~ million in the year 2011. Priority towards health and wellness with the help of nutritional products has amplified demand for nutraceuticals in Korea during this period.
Red ginseng has been observed as one of the major supplements sold in the Korean nutraceuticals market, which is consumed with the aim to strengthen the body’s ability to fight off infections, improve sexual performance and overall quality of life. Tendency to work for longer shifts and spending more than average annual hours on work has accentuated the requirement to adopt a healthy lifestyle in Korea. Korean consumers strongly consider that the regular use of dietary supplements create a positive impact on their health and hence, driving the overall market.
By Dietary Supplements, and Functional Foods and Beverages: Dietary supplements dominated the Korea nutraceuticals industry with revenue share of ~% in 2016. The growth behind dietary supplements market is largely supported by increasing trust over herbal or traditional ingredients. With the growing demand for healthy lifestyle among the Korean population, people prefer to choose herbal category products over non-herbal products. The intake rate of dietary supplements in Korea was recorded in between ~% to ~% in adults and in between ~% to ~% in children between one to six years old.
By Distribution Channel: Convenience stores segment dominated the Korea nutraceuticals sector’s distribution network with revenue share of ~%, thus generating revenue worth USD ~ million in 2016. Availability of convenience stores in walkway distance from any place in Korea is the major reason responsible for high revenue share. Other major distribution channels include mass merchandisers, door-to-door sales, pharmacies, and mail orders.
Dietary Supplements Segmentation by Type of Supplements
Herbal supplements dominated the Korea nutraceuticals market with segment capturing revenue share of ~% in 2016. The preferred public interest towards herbal products being non-toxic in nature and their availability at affordable prices results in high demand for herbal supplements in Korea dietary supplements industry. The people in Korea are observed to consume herbal supplements for various diseases like obesity to chronic disease like erectile dysfunction. Vitamins and minerals follow herbal supplements with market share of ~% in 2016. The use of vitamins and minerals segment is increasingly witnessed among the teenage population to boost up their immune system. In Korea, regular selling vitamins and minerals supplements constituted vitamin A, vitamin C and vitamin D.
Functional Foods and Beverages Market Segmentation by Food Category
Health segment dominated the functional food and beverages market with a revenue share worth ~% in Korea functional foods and beverages market in year 2016. It is witnessed that in the estimated time period of six years from 2011 to 2016, Korea has developed a busy working lifestyle involving long working duration per year. This does not allow people to work out properly or take sleep in required quantity, resulting in weak immune system, which boosts demand for extra nutrition in form of nutraceuticals, hence driving the market. Energy boosters segment followed the health functional foods with revenue share of ~% in 2016. Sports drinks with energy boosters with major ingredients such as ginseng or green tea and the energy boosters in form of herbal processed foods are observed to be majorly driving the Korean energy boosters market.
Korea Ginseng Corporation dominated the Korea dietary supplements market by capturing revenue share worth ~% in 2016 majorly due to high demand for Korean red ginseng extract plus, Korean red ginseng tonic, women’s balance tonic and energetic tonics in Korea. Amway, Korea Yakult, Korea Eundan, and Novarex are other major players operating in the market. However, CJCJ dominated the Korea functional foods and beverages market by capturing ~% revenue share in the year 2016. Company’s strategically launch of functional foods specific for one therapeutic area has resulted in high revenue share of the company in the market. Company’s brand “Fat Down” is one of the major examples of such launch which was launched with the aim of reducing body fat. Similarly, the company launched ‘Functional Cooked Rice’ for who are suffering from congenital metabolic disease that requires a diet with a strict protein intake. Daesang, Pulmonone, and Lotte are other major players operating in the market with revenue shares in decreasing order.
Korea Nutraceuticals Market Future Outlook & Projections
Korea nutraceuticals market is likely to witness a growth at a CAGR of ~% during the forecast period of four years from 2016 to 2019 owning to the increase in the fast aging rate of population of Korea. It is estimated that the most of the Koreans spend their leisure time in watching TV, resting and playing games on the internet, resulting in rapid aging effects. The per capita expenditure towards healthcare has also been one of the major driving forces for growing nutraceuticals market in Korea. The rising disposable income amongst the Korean population tends to consume more towards health supplements. Apart from health-improving nutritional supplements, there is an increasing demand for herbal supplements, fiber supplements and probiotics in Korea, which are aiming to cure high prevalence of obesity and cardiovascular problems in near future.
Key Topics Covered in the Report:
Korea Ginseng Market
Korea Functional Food Industry
Blackmores Vitamins and Supplements Korea
Ginseng Sales in Korea
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Ankur Gupta, Head Marketing & Communications