Executive Summary

Oct 2019
PROSPECTS
Belief in Traditional Chinese Medicine supports herbal/traditional products

Various products within OTC and vitamins and dietary supplements in South Korea are already offered in herbal/traditional format. The demand for natural alternatives and the desire to avoid unnecessary chemical ingredients are pushing sales of herbal/traditional products.

More specific positioning for dietary supplements

Herbal/traditional dietary supplements used to be focused on a general health positioning. However, products positioned for the immune system are now growing rapidly.

Herbal/traditional combination supplements offer complexity

The biggest category within herbal/traditional products is herbal/traditional dietary supplements, with combination supplements being particularly visible. Herbal/traditional combination supplements by Cheong-Kwan-Jang are consumed to aid the immune system, boost energy and to maintain memory health, amongst other reasons.

COMPETITIVE LANDSCAPE
Frequent launches contribute to increasing Korea Ginseng’s lead

Korea Ginseng Corp held a strong lead in herbal/traditional products in value terms in 2019, and continued to see a rising share. The company does not offer OTC products, but the prevention merits of ginseng make the company a giant in overall consumer health.

Local direct selling brand Atomy meets consumers’ needs

International direct selling brands such as Amway, Nu Skin, Herbalife and Mannatech have a strong presence in most dietary supplements categories. However, within herbal/traditional dietary supplements, local direct selling brand Atomy significantly outpaces international brands, holding second position in 2019.

Herbal/traditional hangover cures are popular, but will face challenges

Herbal/traditional products are used for curing hangover symptoms, and are mostly offered by local players. The leading hangover drinks brands, Condition, Dawn808 and Morning Care, all use herbal/traditional ingredients such as hovenia fruit and are considered a necessity before and after drinking to avoid or relieve a hangover.

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Herbal/Traditional Products in South Korea

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Overview

Discover the latest market trends and uncover sources of future market growth for the Herbal/Traditional Products industry in South Korea with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Herbal/Traditional Products industry in South Korea, our research will save you time and money while empowering you to make informed, profitable decisions.

The Herbal/Traditional Products in South Korea market research report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volumes and values, company and brand market shares
  • Five year forecasts of market trends and market growth  
  • Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

  • What is the market size of Herbal/Traditional Products in South Korea?
  • What are the major brands in South Korea?
  • What is the market size of Herbal/Traditional Products in South Korea?
  • What are the major brands in South Korea?
  • Are Ayurvedic or Traditional Chinese Medicine products available in South Korea?
  • Which traditional products, like charcoal, bird’s nest, camphor, valerian, or menthol, are popular?

Why buy this report?

  • Gain competitive intelligence about market leaders
  • Track key industry trends, opportunities and threats
  • Inform your marketing, brand, strategy and market development, sales and supply functions

This industry report originates from Passport, our Consumer Health market research database.

Herbal/Traditional Products in South Korea - Category analysis

HEADLINES

PROSPECTS

Belief in Traditional Chinese Medicine supports herbal/traditional products
More specific positioning for dietary supplements
Herbal/traditional combination supplements offer complexity

COMPETITIVE LANDSCAPE

Frequent launches contribute to increasing Korea Ginseng’s lead
Local direct selling brand Atomy meets consumers’ needs
Herbal/traditional hangover cures are popular, but will face challenges

CATEGORY DATA

Table 1 Sales of Herbal/Traditional Products by Category: Value 2014-2019
Table 2 Sales of Herbal/Traditional Products by Category: % Value Growth 2014-2019
Table 3 NBO Company Shares of Herbal/Traditional Products: % Value 2015-2019
Table 4 LBN Brand Shares of Herbal/Traditional Products: % Value 2016-2019
Table 5 Forecast Sales of Herbal/Traditional Products by Category: Value 2019-2024
Table 6 Forecast Sales of Herbal/Traditional Products by Category: % Value Growth 2019-2024

Consumer Health in South Korea - Industry Overview

EXECUTIVE SUMMARY

Growth continues, but slows due to increasing maturity
Product development important to maintain consumers’ interest
Meeting the needs of local consumers ensures the lead of local players
Stricter control on OTC distribution than vitamins and dietary supplements
Innovation and the health trend will ensure continued growth despite maturity

MARKET INDICATORS

Table 7 Consumer Expenditure on Health Goods and Medical Services: Value 2014-2019
Table 8 Consumer Expenditure on Health Goods and Medical Services: Value 2014-2019
Table 9 Life Expectancy at Birth 2014-2019

MARKET DATA

Table 10 Sales of Consumer Health by Category: Value 2014-2019
Table 11 Sales of Consumer Health by Category: % Value Growth 2014-2019
Table 12 NBO Company Shares of Consumer Health: % Value 2015-2019
Table 13 LBN Brand Shares of Consumer Health: % Value 2016-2019
Table 14 Distribution of Consumer Health by Format: % Value 2014-2019
Table 15 Distribution of Consumer Health by Format and Category: % Value 2019
Table 16 Forecast Sales of Consumer Health by Category: Value 2019-2024
Table 17 Forecast Sales of Consumer Health by Category: % Value Growth 2019-2024

APPENDIX

OTC registration and classification
Vitamins and dietary supplements registration and classification
Self-medication/self-care and preventive medicine
Switches

DEFINITIONS

SOURCES

Summary 1 Research Sources