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Functional Food Market Brief Update
The Korean market for functional food continues to grow and under the recently implemented Free Trade Agreement with Korea, the United States is well positioned to capture and increased market share.
According to the Korea Pharmaceutical Traders Association (KPTA) and the Korea Cosmetic Association (KCA), the total market demand for cosmetics in 2010 was US$5.6 billion.
In 2010, the percentage of over 65’s was 11.3 per cent jumping 24 per cent over the last 5 years. By 2025, it is forecast to be over 20 per cent. Healthcare expenditure by seniors has increased 14.5 per cent (£995 million) from the previous year.
Korea is the 4th largest market for U.S. medical equipment exports.
Korea is the 7th largest market for U.S. chemicals exports.
Healthcare Technologies Resource Guide
A resource guide jointly sponsored by the U.S. Department of Commerce and Reed Sinopharm on healthcare resources in various countries.
Medical Equipment and Devices Market in South Korea
The Korean medical device market is expected to reach USD 3.8 billion in 2008.
Drugs and Pharmaceuticals Market in South Korea
International pharmaceutical companies continue to rank Korea as one of the larger “pharmerging” markets in Asia.
Cosmetics Industry in South Korea
Korean women spend as much money per capita on cosmetics and skin care products as do the French and the Japanese. At USD 130 per person for cosmetics, Koreans have one of the highest consumption rates in the world.
The growing popularity of pets in Korea will lead to increased opportunity for premium pet care products from the United States and other foreign countries. The Korea’s demand for * pet care products was estimated to reach approximately US$ 454.5 million (US$1 = Won 1,100) based on market price.
US GovTrade Promotion, the United States
Part of USDA, the United States
U.S. Commercial Service South Korea
U.S. Department of Commerce, South Korea
United Kingdom Trade Promotion, the United Kingdom