Market Insights Health OTC Pharmaceuticals

Digestives & Intestinal Remedies - South Korea

South Korea

In South Korea, the revenue generated in the Digestives & Intestinal Remedies market market amounts to €0.39bn in 2024.
It is projected that the market will experience an annual growth rate of 2.90% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue in this market, reaching €4,045.00m in 2024.
Considering the total population, per person revenues of €7.45 are generated in South Korea in 2024.
South Korea's growing interest in natural and herbal remedies has led to an increase in demand for digestive and intestinal remedies in the OTC Pharmaceuticals market.

Key regions: Canada, United States, Australia, Brazil, Japan

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Analyst Opinion

The Digestives & Intestinal Remedies market in South Korea has been experiencing steady growth in recent years.

Customer preferences: South Korean consumers have shown a growing interest in digestive health and wellness, leading to an increased demand for digestive and intestinal remedies. This can be attributed to several factors, including a rise in gastrointestinal issues such as indigestion, bloating, and irritable bowel syndrome. Additionally, changing dietary habits and an increased awareness of the importance of gut health have also contributed to the growing demand for these products.

Trends in the market: One of the key trends in the Digestives & Intestinal Remedies market in South Korea is the shift towards natural and herbal remedies. Consumers are increasingly looking for products that are made from natural ingredients and are free from artificial additives. This trend is driven by a desire for healthier and more sustainable options, as well as a growing preference for traditional Korean medicine.Another trend in the market is the increasing availability and popularity of probiotic products. Probiotics are live bacteria and yeasts that are beneficial for gut health. They are commonly found in fermented foods such as yogurt and kimchi. The demand for probiotic supplements and foods has been on the rise in South Korea, as consumers recognize the benefits of maintaining a healthy gut microbiome.

Local special circumstances: South Korea has a strong cultural emphasis on health and wellness, which has contributed to the growth of the Digestives & Intestinal Remedies market. Traditional Korean medicine, known as Hanbang, has a long history and is deeply rooted in the country's culture. Many consumers in South Korea prefer natural and herbal remedies that align with traditional Korean medicine principles.Furthermore, South Korea has a well-developed healthcare system and a high level of healthcare awareness among its population. This has led to an increased demand for preventive healthcare products, including digestive and intestinal remedies. Consumers are willing to invest in products that can help them maintain good gut health and prevent digestive issues.

Underlying macroeconomic factors: South Korea has a strong economy and a high standard of living, which has contributed to the growth of the Digestives & Intestinal Remedies market. As disposable incomes have risen, consumers have become more willing to spend on health and wellness products. This has created a favorable market environment for companies operating in the Digestives & Intestinal Remedies sector.In addition, South Korea has a rapidly aging population, which has also contributed to the growth of the market. Older adults are more likely to experience digestive issues and are therefore more likely to seek out digestive and intestinal remedies. The aging population in South Korea has created a larger consumer base for these products and is expected to continue driving market growth in the future.

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.