Dublin, Feb. 19, 2024 (GLOBE NEWSWIRE) -- The "South Korea Probiotics Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The South Korean probiotics market is expected to grow at a CAGR of 13.44% from US$ 840.230 million in 2021 to US$ 2,031.823 million in 2028.
The growing popularity of probiotic drinks associated with consumer's growing awareness of living a healthier life is driving the growth of the South Korean probiotics market during the forecast period. Furthermore, the rising willingness of consumers to spend on functional food and beverages owing to the growing health consciousness is further enhancing the market growth. Lifestyle in Korea is becoming busier and working hours in South Korea are long among all the OECD countries which has increased lifestyle-related disease among the people living in the country.
According to the International Trade Administration, with a compound annual growth rate of 12%, the South Korean cross-border e-commerce industry is expected to reach $4.8 billion by 2022 from $2.7 billion in 2018. This growth is anticipated to significantly impact the online distribution of probiotics. Furthermore, the ease of accessing the South Korean market through cross-border e-commerce is steadily improving. Cross-border purchases, or "jik-gu" in Korean, have been made by more than half (52%) of South Korean internet consumers, and by the end of 2023, the industry is expected to grow to a value of over $5.5 billion.
Rising health concerns
The South Korean probiotics market is expected to surge over the forecast period owing to the rising awareness about health. It has been observed that with time, modern consumers are becoming aware that to maintain good health, it is necessary to take care of their bodies in the form of edible ingredients or nutrients in the form of drinks. Hence, to avoid any health-related issues, consumers are moving towards healthier options such as probiotic drinks, which are in the form of functional beverages and help boost the Immunity of the consumers internally. Additionally, the rise in the aging population and growing understanding of the importance of preventive health is expected to boost the demand for probiotic drinks across South Korea.
As per the National Library of Medicine, in 2020, 16.7% of Korean people thirty years of age or older were predicted to have diabetes mellitus. 65.8% of people with diabetes mellitus from 2019 to 2020 were aware of their condition and received treatment with antidiabetic drugs. Among adult Koreans, diabetes mellitus remained highly prevalent. From 2019 to 2020, only 9.7% of persons with diabetes mellitus were able to maintain perfect glycemic, blood pressure, and lipid management. It is necessary to continuously assess the country's diabetes data and launch a nationwide campaign to raise awareness of diabetes mellitus and enhance all-encompassing diabetes treatment.
The public health system in South Korea is made up of 254 neighbourhood public health centers, 17 regional governments, and a national-level administration (the Korea Centres for Disease Control and Prevention).
Furthermore, one functional bowel illness that is associated with a patient's symptoms but does not result from an organic disease is irritable bowel syndrome (IBS) which can be treated using probiotics. It is a widespread gastrointestinal condition that affects 3.8 to 11.2% of the global populace. The criteria used to diagnose IBS determine its prevalence, which differs across nations.
In addition, functional beverages such as probiotic drinks are gaining popularity in the South Korean market as a convenient option for enhancing the health and wellness of consumers worldwide. This is because of the growing adoption of a busy lifestyle and hence consumers look for packed beverages that are easy to consume while meeting their nutrition needs, improving digestion, increasing cognition, and also helping in weight loss. Although Korea's obesity rates are among the lowest in the OECD, they have been gradually rising. In Korea, roughly 30% of adults are overweight (including obese), while about 4% of adults are obese. In the coming years, overweight rates are expected to rise by an additional 5%, according to OECD predictions.
The bacteria segment is predicted to grow steadily.
The bacteria-based South Korean probiotics market has been segmented as lactobacilli, bifidobacterium, streptococcus thermophilus, and others. In recent years, extensive study has been conducted on microorganisms such as lactobacillus and bifidobacterium. In addition, bacteria are widely employed in probiotic foods and beverages, as well as dietary supplements, to provide health advantages to the host. As a result, the bacteria segment is expected to witness steady growth.
Under the bacteria segment, the lactobacilli-based probiotics market in South Korea is projected to grow
The segment is anticipated to witness healthy growth attributable to the growing inclination of consumers toward healthy food products. Lactobacilli are found in the human urinary and digestive system and aid in the treatment of diarrhoea and other gastrointestinal diseases. South Korea has become an aging society and the number is expected to reach 12.98 million in 2030 and 17.22 million in 2040. The growing geriatric population increases the demand for lactobacilli-based probiotics in the country since older people are more susceptible to digestion problems. Lacto-fit, Daily Vitality, and Yakult, for example, are among the most popular lactobacilli-based probiotics in South Korea. Yakult has also been aggressively promoted as a digestive health drink that aids in the health of microorganisms that live in the human gastrointestinal system.
The dietary supplement is predicted to grow
The rising awareness of consumers and healthcare providers about the multiple health benefits of probiotics that extend beyond digestive health, as well as the various delivery routes that are more convenient for consumers, is driving up demand for probiotics dietary supplements in the country. In addition, manufacturers are experimenting with the formulation and manufacture of multi-strain probiotics, particularly in supplements, to provide consumers with high-quality goods that also improve immunity. For instance, in July 2020, Amway, a leading health and wellness firm, announced a strategic investment and cooperation with Holzapfel Effective Microbes (HEM), based in South Korea. Under this partnership, the companies collaborated to create tailored probiotics to promote wellbeing through gut-health-related advantages such as immunity, weight loss, cognitive health, skin health, and more.
Other factors, such as extensive research and development initiatives to identify novel probiotic strains, increased production of probiotics, as well as the growing geriatric population, which is more sensitive to digestive disorders, are expected to propel the market forward. For instance, according to the World Bank, in 2022, 12% of South Korea's overall population aged 65 and above.
Segmentation:
By Ingredient
- Bacteria
- Lactobacilli
- Bifidobacterium
- Streptococcus Thermophilus
- Yeast
- Saccharomyces Boulardii
- Others
By Form
- Liquid
- Dry
By Application
- Functional Food and Beverages
- Dietary Supplements
- Tablets/Capsules
- Sachet and Drops
- Animal Feed
By End-Users
- Human
- Animal
By Distribution Channel
- Online
- Offline
- Pharmacy
- Super Markets
- Other Outlets
By Region
- Seoul
- Gyeonggi
- Chungnam
- Gyeongnam
- Others
Companies Mentioned
- Yakult
- Cell Biotech
- Danone
- Probi AB
- Garden of Life LLC (Nestle)
- AceBiome
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