Vitamins & Minerals (Pharmacies) - South Korea

Revenue in the Vitamins & Minerals market is projected to reach US$598.30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.03%, resulting in a market volume of US$764.80m by 2029.
In global comparison, most revenue will be generated China (US$4.41bn in 2024).
In relation to total population figures, per person revenues of US$11.56 are generated in 2024.

Definition:
The Vitamins and Minerals market encompasses a range of over-the-counter (OTC) natural and synthetic food supplements available through pharmacies. This includes products like multivitamin preparations, minerals, vitamins, tonics, and cod liver oil, presented in various forms such as capsules, dragees, pills, granulate, ampoules, solutions, powders, and syrups for oral consumption. Excluded from this market are prescription medications, items not explicitly categorized as food supplement drugs (e.g., muscle-building preparations), or those primarily intended for cosmetic use. Prominent examples of top-selling vitamin and mineral products include Vitasprint, Orthomol, magnesium granulate, Curazink, and Centrum. This market exclusively covers product sales through pharmacies.

Additional information:
The Vitamins and Minerals market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Vitamin preparations
Mineral preparations (zinc, calcium, magnesium)
Cod liver oil

Prescription medicines
Homeopathic remedies
Probiotics and food products

The Vitamins & Minerals (Pharmacies) market in South Korea has been experiencing steady growth in recent years.

Customer preferences: South Korean consumers are becoming increasingly health-conscious and are actively seeking ways to improve their overall well-being. This has led to a growing demand for vitamins and minerals, as people are looking for supplements to complement their diets and address specific health concerns. Additionally, with the aging population in South Korea, there is a greater emphasis on preventive healthcare, leading to an increased interest in vitamins and minerals to support healthy aging.

Trends in the market: One of the key trends in the Vitamins & Minerals (Pharmacies) market in South Korea is the rising popularity of natural and organic supplements. Consumers are becoming more selective about the products they purchase and are seeking out options that are free from artificial ingredients and additives. This trend is driven by a desire for healthier and more sustainable lifestyles. Another trend in the market is the growing focus on personalized nutrition. South Korean consumers are increasingly interested in tailored solutions that address their specific health needs and goals. This has led to the emergence of personalized vitamin and mineral supplements, which are customized based on individual requirements and preferences. This trend is fueled by advancements in technology, such as genetic testing and personalized health tracking devices.

Local special circumstances: In South Korea, there is a strong emphasis on beauty and skincare. This has led to a unique market for beauty-focused vitamins and minerals, such as those targeting hair, skin, and nails. South Korean consumers are willing to invest in products that promise to enhance their appearance and maintain a youthful look. This has created opportunities for specialized beauty supplement brands to thrive in the market.

Underlying macroeconomic factors: South Korea has a strong healthcare system and a high level of disposable income. These factors contribute to the growth of the Vitamins & Minerals (Pharmacies) market, as consumers have the means to invest in their health and well-being. Additionally, the government in South Korea has been actively promoting preventive healthcare and wellness initiatives, which further supports the growth of the market. In conclusion, the Vitamins & Minerals (Pharmacies) market in South Korea is experiencing growth due to increasing consumer health consciousness, the popularity of natural and organic supplements, the demand for personalized nutrition, the focus on beauty and skincare, and the underlying macroeconomic factors such as a strong healthcare system and high disposable income.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.