South Korea Protein Powder Market to Grow at a CAGR of 12.1% During 2024-2032, Aided by the growing health and wellness trend among Koreans.

Wellness techniques including acupuncture, herbal and medicinal teas, meditation, taekwondo, and taekgyeon martial arts are widely adopted in the country amid the trend of health and wellness. Using digital wellness tools and implementing contemporary exercise regimens are also essential components of wellness in South Korea.

In 2022, South Korea’s wellness economy reached a market size of USD 113 billion and ranked as the 4th fittest country in the Asia Pacific region and 9th globally. Protein powder is regarded as a wholesome meal and can fulfil the protein demand without meat consumption. South Koreans spend a substantial amount on healthy eating, nutrition, and weight loss. Korean females generally spend a significant amount on healthcare and skincare, which drives the South Korea protein powder market growth.

Rising investment in product development by companies like Herbalife Korea Co. Ltd. (NYSE: HLF) and Simple Planet supports the market growth in South Korea. In February 2024, Simple Planet, a South Korean business focused on farmed meat, successfully raised USD 6 billion (8 billion won) in a pre-Series A fundraising round to enhance its technology for producing powdered meat.

POSCO Technology Investment, DCP Private Equity, Hyundai Technology Investment, Prologue Ventures, Pathfinder H, and Samho Green Investment were among the investors in Simple Planet's pre-Series A investment round. The investment aims to facilitate the optimisation of its manufacturing processes, its route to regulatory clearances, and its international expansion. It is also intended to accelerate its research and development efforts to generate ingredients like powders and fats for cultured meat.

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Market Analysis by Type, Nature, and Distribution Channel:

• The market, on the basis of type, can be divided into animal-based, and plant-based.

• Based on nature, the market can be divided into organic and conventional.

• The various distribution channels of protein powder include hypermarkets and supermarkets, convenience stores, speciality stores, and online.

Key Findings of the Report:

• The demand for plant-based protein powder in South Korea is booming due to government initiatives to promote the production and consumption of plant-based foods through support in the public sector, industry, and research. It became the 2nd country to declare a national plan aimed at increasing the production and consumption of locally produced plant-based food.

• According to industry reports, in 2022, South Koreans spent USD 13.5 billion on healthy eating, nutrition, and weight loss, and USD 29.7 billion on physical activities. This stimulates the demand for protein powder.

• South Korea has a growing demand for clean-label and natural food products. As a result, Koreans, especially among Millennials and Gen Z, are opting for GMO-free organic protein powders.

• An increase in demand for water-based or clear-base beverages with a high protein content is aiding the South Korea protein powder market expansion. Companies play with innovative flavours such as sweet potato latte, injeolmi, diet black sesame, and diet brown sugar milk tea, while maintaining Korean preference.

Figure: Percentage of Sales by Different Components of Wellness Economy of South Korea, 2022

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea protein powder market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, natures, and distribution channels of protein powder in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea protein powder market are Optimum Nutrition, Amway Korea Ltd., Herbalife Korea Co. Ltd., Sequel Natural LLC. (Vega), and THG Nutrition Limited (Myprotein), among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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