"This year's health functional food market is worth KRW 6.44 trillion"Dry Food Association announces market status and consumer research report
Nov 24, 2024
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According to the survey, the experience rate of purchasing health functional foods increased slightly from the previous year to 82.1 percent. The number of households purchased was 17,793 in 2024, an increase of 1,610 compared to 2020. In other words, it has steadily increased by about 400 households per year.
Changes in consumer groups are also noticeable. By 2022, older people aged 51 or older formed the main consumer group, but in recent years, the proportion of consumption among 2040s (0.9%) and children under the age of 10 (0.5%) has increased slightly.
It was found that there is also a difference by age in the proportion of the amount of functional raw materials. Red ginseng was the highest among the elderly aged 61 and older at 12.9%, and probiotics were dominant at 23.5% and 22.5%, respectively, among kids under 10 and those in their 20s and 30s. In addition, multivitamins accounted for 11.1% of the population in their 40s.
In terms of the number of purchases of functional raw materials, probiotics showed a high preference of about 29.535 million and multivitamins of about 15.1 million, while probiotics were estimated to purchase 74.5% from the Internet mall. Multivitamins are also mainly purchased at Internet malls, but the proportion of amounts has increased in various channels such as large discount stores and pharmacies compared to the previous year.
In terms of purchasing experience rate by formulation, traditional formulations such as capsules (49.3%) and tablets (49.1%) still accounted for a high proportion, with new formulations such as Gumi/jelly (10.5%) and liquid/stick jelly (5.1%) more than doubling compared to four years ago. In particular, for senior households who have difficulty swallowing, the experience rate of purchasing liquid bottles has risen for three consecutive years.
Distribution channels account for 69.8% of the total Internet mall and are still the main channels for purchasing health functional foods. Among Internet malls, open markets and social commerce accounted for the highest portion of the amount at 32.3%.
Changes in pharmacies and drug stores received attention in distribution channels by household characteristics. Pharmacy has been a specialized channel for baby and kids and senior households, but with the recent positive contributions from teenage children and adult households, Target's expansion has led to the highest share of purchases (4.2%) in the last three years. Drugstore is a channel focused on independent households, and this year, some underage children's households have been introduced.
An official from the Dry Food Association said "The health functional food market is focusing on strengthening global competitiveness by continuing the influx of new consumers and diversification of products."We will continue to grow sustainably by reflecting new consumption trends and realize the industry's future vision of K-Health W.A.V.E."
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