Health functional food market size in South Korea 2015-2023
The market for health functional foods in South Korea amounted to approximately 5.16 trillion South Korean won in 2023. It has grown significantly over the years, more than doubling the value from around 2.23 trillion won in 2015. Health functional foods refers to specific products made by compacting elements that are beneficial to the human body into easily consumable packages. They are consumed for their promoted health benefits, such as improving eyesight, countering natural aging, and strengthening the immune system.
Popularity of health functional foods
Korean red ginseng products were the most popular type of health functional foods, accounting for around one third of all sales. Probiotics were also rather popular. Health functional foods have been popular among older Koreans because of the supposed health benefits, with over the majority of Koreans in their 50s and 60s saying they purchased such products in a consumer behavior survey. Certain products are especially attractive to older Koreans, such as plant extracts to maintain one’s eyesight and counter the effects of aging. During the coronavirus pandemic, it is not just older people but Koreans of all ages who are increasingly seeking out health functional foods to bolster their health. The diversity, reasonable pricing, and improved accessibility are also behind the sales growth of these products.
Market for health functional foods
The total sales value of the Korean market for health functional foods amounted to over four trillion won in 2022. Just as with the market size, the sales value has increased continuously over the past five years. Domestic production of health functional foods also increased rapidly during the last few years. Of this, the majority of products were sold to Korean consumers, while only a small portion were exported. The increase in sales and market size in 2020 is most likely due to the coronavirus and consumers trying to boost their health as best as they can.
