After seeing solid growth for many years, herbal/traditional tonics declined in current value terms in 2020. This was due to the sharp decrease in the consumption of products such as heotgae te (brands include Condition, Dawn808 and Morning Care) as a hangover cure during COVID-19, as consumers have socialised less.
However, herbal/traditional sleep aids and digestive remedies are expected to continue to show steady current value growth in 2021. South Korean consumers tend to feel safer taking herbal/traditional products in these categories, ensuring steady growth.
Korea Ginseng Corp is set to continue to lead herbal/traditional products in value terms in 2021, thanks to its strong lead in herbal/traditional dietary supplements with Cheong-Kwan-Jang. More consumers have been taking care of their health during COVID-19, and ginseng is a well-known herbal/traditional ingredient for improving the immune system in South Korea.
Herbal/traditional products is expected to return to slightly higher rates of current value growth throughout the forecast period, as more consumers will focus on their health, along with the rising health and wellness trend, boosted by COVID-19. In addition, the population in South Korea is ageing, and herbal/traditional products will remain a popular choice amongst the older age group as they believe in the ingredients and functions of herbal/traditional products, although younger people also have rising interest in such products as they are not as strong as alternatives.
After two years of decline, herbal/traditional tonics is expected to return to solid current value growth over the forecast period. This is as COVID-19 comes under better control along with vaccination, and the restrictions on gatherings of people are likely to be removed.
Herbal/traditional dietary supplements is set to drive the bulk of actual growth and remain by far the largest category within herbal/traditional products over the coming years, especially across the early forecast period, when consumers will remain keen to ensure they are supporting their immune systems. In addition, the ongoing health and wellness trend will support sales, with many using dietary supplements daily as a way to benefit their health.
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Understand the latest market trends and future growth opportunities for the Herbal/Traditional Products industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Herbal/Traditional Products research and analysis database.
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