Positive growth is predicted for 2020, with the outbreak of COVID-19 adding to consumers stresses, encouraging some to reach for sleep aids to gain a good night’s rest. In addition to heightened stress and anxiety caused by the pandemic, a diverse range of products becoming available is also boosting sales in 2020.
Throughout 2020, consumers with minor symptoms continued to have concerns that by using OTC sleep aids, they may develop an addiction or tolerance to the product. Consumers with more serious sleep issues tend to preference Rx prescription above OTC product, as they perceive these to be more effective.
Domestic players are set to lead sleep aids in value terms in 2020, with sales dominated by Kwang Dong Pharm. The reliance on local products is mainly due to the strong preference for herbal/traditional sleep aids, such as the brand Woo Hwang Chung Sim Won from Kwang Dong Pharm.
Growth over the forecast period is set to remain steady, predicted to record a 3% current value CAGR. Following the outbreak of COVID-19 in 2020, consumers interest in getting a healthy night’s sleep is set to increase, supported by the general health and wellness trend – which is also expected to be heightened after the initial outbreak of COVID-19.
Herbal/traditional sleep aids are expected to continue to dominate across the forecast period, with sales being boosted by the health and wellness trend, following the outbreak of COVID-19. The reason for the ongoing high preference for herbal/traditional products is that consumers will view these as being more natural, and therefore a healthier option for the body.
Sleep disorders started to be regarded as illnesses only relatively recently in South Korea. Since difficulty sleeping was not considered a symptom to be actively cured, the focus was on the potential side-effects of sleep aids, such as the risk of cancer, rather than on the potential benefits or merits.
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Understand the latest market trends and future growth opportunities for the Sleep Aids industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Sleep Aids research and analysis database.
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