Market Insights Health OTC Pharmaceuticals

Vitamins & Minerals - South Korea

South Korea

In South Korea, the revenue generated in the Vitamins & Minerals market market in 2024 amounts to US$0.72bn.
It is projected that this market will experience an annual growth rate of 5.92% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market, with US$5,328.00m in 2024.
Taking into account the total population, per person revenues in South Korea reach US$13.86 in 2024.
Sales of vitamin and mineral supplements in South Korea have seen a significant increase due to the growing health-consciousness among the population.

Key regions: Canada, United Kingdom, India, Europe, Brazil

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Analyst Opinion

The Vitamins & Minerals market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Korean consumers are becoming increasingly health-conscious, which has led to a growing demand for vitamins and minerals. With the rise of chronic diseases and lifestyle-related health issues, consumers are actively seeking ways to improve their overall well-being. As a result, there is a strong demand for products that can help support immune function, boost energy levels, and promote overall health.

Trends in the market: One of the key trends in the Vitamins & Minerals market in South Korea is the increasing popularity of natural and organic products. Consumers are becoming more skeptical of synthetic ingredients and are looking for products that are made from natural sources. This trend is driven by a desire for healthier and more sustainable options. As a result, there has been a rise in the demand for vitamins and minerals derived from natural sources, such as fruits, vegetables, and herbs.Another trend in the market is the growing popularity of personalized nutrition. South Korean consumers are looking for products that are tailored to their specific needs and preferences. This has led to an increase in the demand for customized vitamin and mineral supplements. Companies are now offering personalized formulations based on factors such as age, gender, and health conditions. This trend is driven by a desire for more targeted and effective solutions.

Local special circumstances: South Korea has a well-developed healthcare system and a strong emphasis on preventive healthcare. The government has implemented various initiatives to promote healthy living and encourage the consumption of vitamins and minerals. For example, there are regular campaigns and programs that educate the public about the importance of a balanced diet and the role of vitamins and minerals in maintaining good health. Additionally, there are regulations in place to ensure the safety and quality of vitamin and mineral products.

Underlying macroeconomic factors: The strong growth in the Vitamins & Minerals market in South Korea can be attributed to several underlying macroeconomic factors. Firstly, the country has a high disposable income and a strong middle class, which has led to an increase in consumer spending on health and wellness products. Secondly, there is a growing aging population in South Korea, which has created a demand for products that can help support healthy aging. Lastly, the rise of e-commerce has made it easier for consumers to access a wide range of vitamin and mineral products, driving the growth of the market.Overall, the Vitamins & Minerals market in South Korea is experiencing significant growth due to increasing consumer awareness and demand for health and wellness products. The market is characterized by trends such as the popularity of natural and organic products, as well as the demand for personalized nutrition. The government's focus on preventive healthcare and the underlying macroeconomic factors of high disposable income, an aging population, and the growth of e-commerce have also contributed to the market's growth.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.