The report titled “Korea Nutraceuticals Market Outlook to 2021 – Rising Trust over Herbal Ingredients with Increasing use of Ginseng in Functional Foods to Foster Future Growth” focuses on overall market size for Korea nutraceuticals market, market segmentations on the bases of dietary supplements, functional food & beverages and distribution channels, dietary supplements sub-segmentation by type of supplements, functional foods and beverages sub-segmentation by product category. The report also covers Government regulations for nutritional and dietary supplements in Korea, import and export scenarios of nutritional and dietary supplements in Korea, trends & developments in the market and competitive landscape of major players in Korea nutraceuticals market. The report concludes with market projection for future and analyst recommendation highlighting the major opportunities and cautions.
Korea Nutraceuticals Market Size
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 because of lesser or no side effects and their historical familiarity with herbal medicines. Additionally, the aging population of Korea and workaholic culture among people has resulted in various indigestive disorders in the country, which further demands for dietary supplements especially probiotics for digestion, driving the overall dietary supplements market in the country. 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 in year 2012, clearly advocating the high intake of dietary supplements and reason behind its dominating share.
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. In Korea, number of convenience stores have surpassed ~ in the year 2016. These stores responded well towards selling nutritional supplements in the market. 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. 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. 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.
Future Outlook and 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. 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:
Introduction to Korea Nutraceuticals Market
Korea Nutraceutical Market
Nutritional Supplement Drinks Korea
Digestive Food Market Growth in Korea
Korea Functional Food Industry
Korea Nutraceuticals market size, 2011-2016
Dietary Supplements segmentation by type of supplements
Foods and Beverages Market Segmentation by Product Category
Blackmores Vitamins and Supplements Korea
Future Functional Food Nutraceutical Products Korea
Regulatory Landscape of Korea
Competitive Landscape of Major Players in Korea Nutraceuticals Market
Korea Swisse Wellness Nutrition Multi Vitamin Brand
Import & Export Scenario of Nutritional and Dietary Supplements in Korea
Korea Ginseng Market
Korea Dietary Supplements Market Trends
Major Trends and developments
Korea Nutritional Supplements Market
Probiotic Nutrition Market Korea
Korea Nutraceuticals Future Outlook and Projections, 2016-2021
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Ankur Gupta, Head Marketing & Communications