Boston, MA -- (SBWIRE) -- 06/13/2014 -- The report titled "South Korea Nutraceuticals Industry Outlook to 2017- Sales of Ginseng Products to Drive Revenues" provides a detailed analysis of the industry covering various aspects including market size in terms of revenues, market segmentation on the basis of ingredients, distribution channels and types of establishments and industry developments in the past. The report also includes competitive landscape and market share of the major players operating in the industry. The future projections are included to provide an insight on the prospects in the South Korea nutraceuticals market.
South Korea has been amongst the major nations for functional products in the Asia-Pacific market. The consumption of the functional food as well as the nutritional supplements in South Korea is primarily ingredient-oriented. Red Ginseng has been the major selling functional food and supplement ingredient in the country for several years and accounts for more than half of the market revenues. Apart from this, vitamin and mineral supplements, aloe and omega-3 fatty acids having also been gaining increasing market shares.
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The growth of the nutraceuticals industry in South Korea is largely supported by the historical familiarity with herbal medicines and growing consumption of fortified food for health benefits. Additionally, utilizing food as medicines and practice of preventive medicines has been a part of the culture. The supportive macroeconomic environment prevailing in the developed and a high income South Korean economy has helped to fortify the revenues of the nutraceuticals industry over the years. The country is also characterized by a comparatively low level of unemployment, although the current age structure predominantly features young population. In the next ten years, the proportion of old age people is expected to soar significantly. Additionally, the large metropolitan environment of Seoul and Busan has been considered ideal for selling of the nutraceuticals products by several companies.
The marketplace of the health functional food market in South Korea is inhabited by both the domestic and international players. However, as the Korean economy is trade-oriented, a significant percentage of the ingredients and food products are imported. People have developed growing affinity towards safe and healthy food, which has been evident from the surging demand for organic and functional food in the country.
Companies Mentioned in this Report: Herbalife, Amway, Korea Ginseng Corporation, Amore Pacific, Nu Skin Enterprises, CJ Group, Korea Yakult
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