Functional Foods Market size was valued at USD 274.78 Billion in 2024 and is forecasted to grow at a CAGR of 10.4% from 2026 to 2033, reaching USD 654.45 Billion by 2033.
South Korea's Functional Foods Market: Navigating Types and Industry Demands
South Korea's functional foods market has experienced significant growth, driven by an aging population and heightened health awareness. The market's value reached over 4 trillion KRW in 2022, with projections indicating continued expansion. This surge is attributed to the increasing demand for products that promote health and wellness.
Key Product Categories
Red Ginseng: Leading the market, red ginseng products accounted for approximately 22% of total health functional food production value in 2021. Its popularity stems from its perceived benefits to the immune system.
Probiotics: Representing 14.7% of the market, probiotics have seen a 25.6% increase in production value, reflecting growing consumer interest in gut health.
Vitamins and Minerals: Comprising 10.6% of the market, these supplements have become daily essentials for many South Koreans.
EPA and DHA: These omega-3 fatty acids have experienced a 77.3% growth in production value, highlighting their rising prominence in the market.
Hemohim Angelica Extract: Making up 5.1% of the market, this product has gained attention for its potential health benefits.
Regulatory Landscape
The Ministry of Food and Drug Safety (MFDS) oversees the regulation of health functional foods in South Korea. Manufacturers must comply with the Health Functional Food Code, which outlines standards for ingredients, manufacturing processes, and labeling. Notably, the MFDS has approved over 500 individually recognized ingredients, emphasizing the importance of compliance for market entry.
Emerging Trends
Customized Health Functional Foods: Set to be implemented in 2025, this category allows for personalized combinations of health functional foods tailored to individual needs, reflecting a shift towards personalized nutrition.
Increased Production Value: The overall production value of health functional foods rose by nearly 20% in 2021, indicating robust market growth and consumer demand.
In conclusion, South Korea's functional foods market presents significant opportunities for industry stakeholders. Understanding the diverse product types and adhering to regulatory requirements are crucial for success in this dynamic and expanding market.
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Functional Foods Market
Probiotic Foods
Prebiotic Foods
Fortified Foods
Enriched Foods
Whole Foods
Functional Beverages
Functional Dairy Products
Functional Snacks
Functional Meat Products
Bakery & Confectionery
Dietary Supplements
Vitamins
Minerals
Amino Acids
Fibers
Plant-based Ingredients
Omega-3 Fatty Acids
Digestive Health
Heart Health
Immunity Boost
Bone & Joint Health
Weight Management
Blood Sugar Management
Powders
Capsules & Tablets
Liquids
Bars
Ready-to-eat Foods
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Functional Foods Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Functional Foods Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Functional Foods Market, By Type
6. South Korea Functional Foods Market, By Application
7. South Korea Functional Foods Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Functional Foods Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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