Health & Fitness - South Korea

South Korea

The Health & Fitness market in South Korea is expected to generate a total revenue of €19.25m in 2022.
This represents a substantial growth potential for the country's health and fitness industry.
The market is projected to show an annual growth rate of 10.12% between 2022 and 2027, resulting in a market volume of €30.53m by 2027.
In terms of revenue streams, the in-app purchase (IAP) segment is projected to reach €8.88m in 2022, indicating a strong demand for virtual goods and services within the health and fitness sector.
Meanwhile, the paid app revenue is expected to reach €0.96m in 2022, highlighting the willingness of consumers to invest in premium health and fitness applications.
Additionally, advertising revenue is projected to reach €9.42m in 2022, indicating the potential for brands to target health-conscious individuals through targeted advertisements.
The number of downloads in the South Korean Health & Fitness market is projected to reach 30.91m downloads in 2022, reflecting a significant user base interested in health and fitness applications.
The average revenue per download is expected to be €0.62, showcasing the potential monetization opportunities for app developers and businesses operating within this market.
When compared globally, it is worth noting that in China currently generates the highest revenue in the Health & Fitness market, reaching a staggering €1,524.00m in 2022.
This highlights the dominance of the American market and the immense potential for growth in other regions, including in South Korea.

Key regions: Europe, Germany, South Korea, Japan, Asia

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. 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 relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.