South Korea Nutraceuticals Market Overview, 2027

Nutraceuticals is the combination of two words: nutrition and pharmaceuticals. These are drugs (medicines), food ingredients, and dietary supplements that are in a medicinal form not necessarily associated with food. It protects against chronic diseases, prolongs life, and supports overall body structure strength. They have attracted consumer attention due to their nutritional, therapeutic, and safety effects. They are a promising dietary intake for diabetes, arthrosclerosis, cardiovascular diseases, cancer and neurological disorders. They are antioxidants required for the body based on disease-modifying indications. Emphasis is being laid down to provide herbal nutraceuticals for oxidative stress, allergies, Alzheimer’s, heart, cancer, eye, immune, or Parkinson’s diseases, and obesity. Consumers' beliefs on medicinal plants to address health issues with no side effects have been raised as they have been used for a long time with no serious toxicity. However, the medical regulatory considers them to be drugs with side effects that must be prepared with the proper ingredients and used with caution. According to the research report titled "South Korea Nutraceuticals Market Outlook, 2027", published by Bonafide Research, the market is expected to grow rapidly in the wake of health importance. Nutraceuticals boost energy, relieve anxiety, improve mental clarity, prevent chronic diseases, and delay the ageing process with overall health benefits. Nutraceuticals have a considerable market share due to their potential nutritional and safety profiles other than therapeutic ability. Dairy fortified products are in high demand by consumers as they are consumed on a daily basis. Soy-fortified milks, flour, breads, pasta and other food items are on the rise since they contain high levels of proteins that are beneficial for the overall health of the body. Beverages with antioxidant properties like coffee, tea, and green tea that are fortified with varied nutritional ingredients are highly consumed by millennial’s. Energy drinks are increasingly being consumed by the young populace as they are available in different combinations with vitamins and nutrients for growth. Immunity booster drinks that are flavoured also grab attention from all age groups of consumers. The rising disposable income of consumers, growing awareness among consumers regarding health and its preventive measures, innovations in products, lifestyle disorders, and an increase in sports and fitness activities are the factors driving the demand for nutraceuticals. The regulatory laws associated with products are the major restraining for nutraceuticals. The proportions and conditions to use botanicals or bioactive substances are not yet harmonized. Each government differs on the opinion of the ingredients to be allowed and deciding on the quantity required. The rising expenditures on the technological innovations in these products lead to a higher demand. The rampant use of over the counter pills has negatively affected consumer lifestyle. The functional food and beverages has come to the rescue to this problem. The concept of functional food originated in Japan in the 1980's and was approved by the government to improve the general health of its populace. By product type, functional foods are the most consumed by the populace as they have a positive effect on health beyond providing nutrition. They may help to lower the risks of chronic diseases and improve overall health. One of the most common recent examples is that of oatmeal, as its soluble fibre lowers cholesterol levels in the body. Whole fruits, legumes, nuts, grains, and vegetables are easy to incorporate into diets. However, they cannot overcome the poor eating habits of consumers. Fruits and vegetables are packed with antioxidants that give protection against diseases. There are also modified functional foods that are fortified with vitamins, minerals, fibres, or probiotics to increase the health and nutrition levels in foods. Examples of modified functional foods are fortified cereals, fortified grains, fortified bread and pasta, and so on. Supermarkets and hypermarkets have gained importance recently in busy consumers' lifestyles, as they tend to buy all their monthly requirements from such places. It is time-saving as all the products are available under a single roof rather than scout of individual shops. Supermarkets play a pivotal role in inducing indulgent buying by consumers as they are fascinated by the packaging and display format. Furthermore, supermarket discounts are enticing consumers even more. The consumer can select one alternative from several options available by reading the labels carefully and comparing the prices of competitive products. The COVID-19 pandemic has had a mixed impact on the nutraceutical market. The health awareness and growing demand for immunity-boosting supplements have resulted in a surge in the demand for nutraceutical products. Although the less available supply chain and lack of transportation impacted the quarterly growth during 2020, Additionally, many businesses in this area shortened their working hours to allow workers to refill inventory and clean stores overnight. These factors slowed the pace of the functional foods and beverages market's growth. Demands for dietary supplements and functional foods increased during the pandemic to improve the health and immunity of individuals. Supplements that boost immunity have become mainstream, indicating consumer behaviour changes in buying preferences to reduce the risks of getting infected. After the pandemic, the trend has been towards preventive health measures and continues to raise demands for the same. Due to pandemic effects across the globe, these have become an indispensable part of the lives of consumers. Considered in this report Geography: South Korea Historic Year: 2016 Base year: 2021 Estimated year: 2022 Forecast year: 2027 Aspects covered in this report South Korea nutraceuticals market with its value and forecast along with its segments Application wise nutraceuticals market distribution Various drivers and challenges On-going trends and developments Top profiled companies Strategic recommendation Based on product type of nutraceuticals market in the report: Dietary Supplements (Vitamin, Minerals, Herbal Supplements, Probiotic, Amino acid/Protein& Others) Functional Foods (Bakery & Cereals, Dairy Products, Meat, Fish & Eggs, Soy Products,Fats & Oils & Others) Functional Beverages (Energy Drinks, Sports Drinks, Dairy & Dairy Alternative Drinks, Fortified Juices & Others) Based on Distribution channeltype of nutraceuticalsin the report: Supermarkets&Hypermarkets Convenience Stores Drug and Pharmacies Online Retail Stores Other Distribution Channels The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to food &beverage industry, nutrition industry, pharmaceutical industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. Please get in touch with our sales team to find out more.