South Korea Health and Wellness Market Insights Forecasts to 2033

• The South Korea Health and Wellness Market Size was valued at USD 220.5 Billion in 2023.
• The Market Size is Growing at a CAGR of 7.41% from 2023 to 2033
• The South Korea Health and Wellness Market Size is Expected to reach USD 450.5 Billion by 2033

The South Korea Health and Wellness Market Size is anticipated to exceed USD 450.5 Billion by 2033, Growing at a CAGR of 7.41% from 2023 to 2033.

The growing development of targeted products & services and rising awareness about the significance of preventive healthcare & wellness are driving the growth of the health and wellness market in the South Korea.     

Market Overview

Health and wellness market is segregated into personal care & beauty, fitness equipment, health & wellness, anti-aging, physical activity, and wellness tourism. In South Korea, government bodies are focusing on offering comprehensive health solutions. The South Korean health and wellness market is expected to grow as a result of the growing trend of medical tourism. According to data presented by the Research Department in December 2023, over 3 million patients had traveled to South Korea for medical care overall. According to the Korean Health Functional Food Association (KHFF), there are around 51.8 million health supplement users in South Korea. The use of technology to monitor health in order to promote overall well-being. These gadgets are connected to health applications so that real-time health metrics monitoring is possible. The market demand was driven by these platforms' increased capacity to recommend preventive actions due to the growing deployment of big data analytics and AI. These technologies are taking control of their health and aiding more precise and timely care. The launch of numerous innovations, personalized solutions, and advanced technologies to meet evolving needs are anticipated to propel the market expansion.

Report Coverage

This research report categorizes the market for the South Korea health and wellness market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea health and wellness market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea health and wellness market.

Driving Factors

The increasing popularity of traditional Korean medicines and natural remedies is bolstering the market growth. The health and wellness programs offering weight management regimes, nutritional counseling, and non-pharmacological interventions are also significantly driving the market. The innovations in infrastructure, which include cutting-edge healthcare facilities and wellness centers are major factors responsible for driving the market. Additionally, the launch of diet plans, workout regimens, and genetic testing for customized health recommendations are propelling the market growth.

Restraining Factors

The high cost of products or services associated with health and wellness is hampering the market growth for health and wellness.

Market Segmentation

The South Korea Health and Wellness Market share is classified into product type and functionality.

• The functional foods & beverages segment dominates the market with the largest market share during the forecast period.

The South Korea health and wellness market is segmented by product type into functional foods & beverages, beauty & personal care products, preventive & personalized medicinal products, and others. Among these, the functional foods & beverages segment dominates the market with the largest market share during the forecast period. Korea Ginseng Corporation’s red ginseng products and Maeil Dairies probiotics-enriched drinks are extensively gaining popularity. The growing concerns about the impact of diet on health are driving the market growth in the food & beverages segment.

• The nutrition & weight management segment dominates the South Korea health and wellness market during the forecast period.       

Based on the functionality, the South Korea health and wellness market is divided into nutrition & weight management, heart & gut health, immunity, bone health, skin health, and others. Among these, the nutrition & weight management segment dominates the South Korea health and wellness market during the forecast period. Meal replacement shakes from Herbalife and Slimfast are two examples of products that promote balanced meals and successful weight control. The concerns for heart and gut health leads to a surge application of probiotics from brands such as Korea Yakult and heart-healthy supplements.           

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea health and wellness market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Abbott Laboratories
• Amway Corp.
• ELCA Korea 
• L'Oréal Korea
• BioThrive Sciences
• Herbalife Korea Co Ltd.
• Unilever plc
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2024, Banaras Hindu University and Yeongdeok Culture & Tourism Foundation, Republic of South Korea, signed a Memorandum of Understanding for academic and research cooperation in the area of traditional medicines of India and South Korea. This understanding paves the way for the development and operation of wellness culture tourism content based on the traditional medicines of both countries.

• In February 2024, The Global Wellness Institute (GWI), the leading nonprofit dedicated to research and education in the global wellness industry, announced the addition of South Korea to its growing Geography of Wellness platform, through a partnership with Therme Group.

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the South Korea Health and Wellness Market based on the below-mentioned segments:

South Korea Health and Wellness Market, By Product Type

• Functional Foods & Beverages
• Beauty & Personal Care Products
• Preventive & Personalized Medicinal Products
• Others

South Korea Health and Wellness Market, By Functionality

• Nutrition & Weight Management
• Heart & Gut Health
• Immunity
• Bone Health
• Skin Health
• Others