Market Insights Consumer OTC Pharmaceuticals

Sleep Aids - South Korea

South Korea

Revenue in the Sleep Aids market amounts to €53.99m in 2024. The market is expected to grow annually by 5.44% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€1,930m in 2024).
In relation to total population figures, per person revenues of €1.04 are generated in 2024.

Key regions: Philippines, Indonesia, United Kingdom, Canada, Thailand

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Región

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Moneda

Analyst Opinion

The Sleep Aids market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Korean consumers are increasingly concerned about their sleep quality and are seeking out products that can help them improve their sleep. This is driven by a variety of factors, including high levels of stress, long working hours, and the prevalence of technology use before bed. As a result, there is a growing demand for sleep aids that can help consumers relax and fall asleep more easily.

Trends in the market: One of the key trends in the Sleep Aids market in South Korea is the increasing popularity of natural and herbal sleep aids. Consumers are becoming more conscious of the potential side effects of synthetic sleep aids and are turning to natural alternatives. This has led to a rise in the demand for products containing ingredients such as valerian root, chamomile, and lavender, which are believed to have calming and sleep-inducing properties. Another trend in the market is the growing popularity of sleep tracking devices and apps. These devices and apps allow consumers to monitor their sleep patterns and receive personalized recommendations for improving their sleep. This trend is driven by the increasing interest in health and wellness among South Korean consumers, as well as the widespread use of smartphones and wearable devices.

Local special circumstances: South Korea has a highly competitive retail market, with a wide range of sleep aids available to consumers. This has led to increased innovation and product development in the Sleep Aids market, as companies strive to differentiate themselves from their competitors. In addition, South Korean consumers are known for their willingness to try new products and trends, which has contributed to the growth of the Sleep Aids market in the country.

Underlying macroeconomic factors: The Sleep Aids market in South Korea is also influenced by underlying macroeconomic factors. The country has a high level of disposable income, which allows consumers to spend more on sleep aids and other health and wellness products. In addition, South Korea has a rapidly aging population, which is driving demand for products that can help with sleep disorders and age-related sleep problems. Furthermore, the government has been actively promoting the importance of sleep and has implemented policies to support the development of the Sleep Aids market. In conclusion, the Sleep Aids market in South Korea is experiencing growth due to increasing consumer concerns about sleep quality, the popularity of natural and herbal sleep aids, the rise of sleep tracking devices and apps, the competitive retail market, high levels of disposable income, an aging population, and government support. As these trends and factors continue to drive demand, the Sleep Aids market in South Korea is expected to continue growing in the coming years.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.