In 2022, the market for raw materials used in herbal medicine in South Korea was worth approximately 455 billion South Korean won. This represents an increase of around 23.1 percent higher than in the preceding year. It is also the largest market size recorded within the decade.
Size of the herbal medicine raw material market in South Korea from 2012 to 2022
(in billion South Korean won)
In order to calculate the market size of herbal medicine raw materials, the following formula was applied:
Market size = (Production value) - (Export value) + (Import value)
1,000 South Korean won equals 0.76 U.S. dollars or 0.69 euro as of January 2024.
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MFDS (South Korea). (December 28, 2023). Size of the herbal medicine raw material market in South Korea from 2012 to 2022 (in billion South Korean won) [Graph]. In Statista. Retrieved December 22, 2024, from https://www.statista.com/statistics/780959/south-korea-herbal-medicine-raw-material-market-size/
MFDS (South Korea). "Size of the herbal medicine raw material market in South Korea from 2012 to 2022 (in billion South Korean won)." Chart. December 28, 2023. Statista. Accessed December 22, 2024. https://www.statista.com/statistics/780959/south-korea-herbal-medicine-raw-material-market-size/
MFDS (South Korea). (2023). Size of the herbal medicine raw material market in South Korea from 2012 to 2022 (in billion South Korean won). Statista. Statista Inc.. Accessed: December 22, 2024. https://www.statista.com/statistics/780959/south-korea-herbal-medicine-raw-material-market-size/
MFDS (South Korea). "Size of The Herbal Medicine Raw Material Market in South Korea from 2012 to 2022 (in Billion South Korean Won)." Statista, Statista Inc., 28 Dec 2023, https://www.statista.com/statistics/780959/south-korea-herbal-medicine-raw-material-market-size/
MFDS (South Korea), Size of the herbal medicine raw material market in South Korea from 2012 to 2022 (in billion South Korean won) Statista, https://www.statista.com/statistics/780959/south-korea-herbal-medicine-raw-material-market-size/ (last visited December 22, 2024)
Size of the herbal medicine raw material market in South Korea from 2012 to 2022 (in billion South Korean won) [Graph], MFDS (South Korea), December 28, 2023. [Online]. Available: https://www.statista.com/statistics/780959/south-korea-herbal-medicine-raw-material-market-size/
