The market for health functional foods in South Korea amounted to approximately 5.36 trillion South Korean won in 2022. 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.
In order to calculate the size of the health functional food market, the following formula was applied:
Market size = (Production value) - (Export value) + (Import value)
1,000 South Korean won equals 0.78 U.S. dollars or 0.71 euros as of August 2023.
Figures prior to 2017 were retrieved from previous publications.
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MFDS (South Korea). (July 28, 2023). Size of the health functional food market in South Korea from 2015 to 2022 (in trillion South Korean won) [Graph]. In Statista. Retrieved July 03, 2024, from https://www.statista.com/statistics/780696/south-korea-health-functional-food-market-size/
MFDS (South Korea). "Size of the health functional food market in South Korea from 2015 to 2022 (in trillion South Korean won)." Chart. July 28, 2023. Statista. Accessed July 03, 2024. https://www.statista.com/statistics/780696/south-korea-health-functional-food-market-size/
MFDS (South Korea). (2023). Size of the health functional food market in South Korea from 2015 to 2022 (in trillion South Korean won). Statista. Statista Inc.. Accessed: July 03, 2024. https://www.statista.com/statistics/780696/south-korea-health-functional-food-market-size/
MFDS (South Korea). "Size of The Health Functional Food Market in South Korea from 2015 to 2022 (in Trillion South Korean Won)." Statista, Statista Inc., 28 Jul 2023, https://www.statista.com/statistics/780696/south-korea-health-functional-food-market-size/
MFDS (South Korea), Size of the health functional food market in South Korea from 2015 to 2022 (in trillion South Korean won) Statista, https://www.statista.com/statistics/780696/south-korea-health-functional-food-market-size/ (last visited July 03, 2024)
Size of the health functional food market in South Korea from 2015 to 2022 (in trillion South Korean won) [Graph], MFDS (South Korea), July 28, 2023. [Online]. Available: https://www.statista.com/statistics/780696/south-korea-health-functional-food-market-size/