2020, The World Health Organization (WHO) declared the outbreak of coronavirus disease a global pandemic, while thousands of infections and deaths are reported and it has changed our life. The current research or information explores the economics and food systems and how we should be considered in the future. Data from Trend Korea 2021, They inform us about the V-nomics, This word is derived from a combination of the words ” Virus” and ” Economics”. And The meaning of V-nomics is the economy changed by virus or The economy will change by virus.
Since the world’s population is on lock down, we are learning about the food systems in the era of the COVID-19 pandemic crisis. According to recent reports and some of the world’s biggest food companies have warned that food supplies will be massively disrupted, and people suffering hungry could double, unless nations and governmental institutions act.
And also, consumers are looking to protect themselves by healthier diets, food and functional foods. The demand for these products may increase more. suppliers are considering the properties of bioactive ingredients of foods and herbs for the support of the consumer needs.
Based on the information, we can anticipate functional food trends in South Korea.
1. Immunity -multi-vitamin, omega3 (EPA&DHA), lactobacillus, probiotics… etc
In the previous case of swine flu pandemic in June 2009 and Mers epidemic in 2015. This virus situation led to a significant increase in customer demand for immunity. According to Kantar 2020 research information, The swine flu crisis led to a significant increase in red ginseng consumption and Mers led to an increase in vitamins and health food other than red ginseng.
Red ginseng is a very famous functional ingredient in Korea and this accounted for about 50% of total spend in the health food category 2017 but its share slipping to 35.9% in 2019. The Korea customers are considering multi-vitamin, probiotics other than red ginseng.
Such as unstable and unpredictable situations due to COVID-19 pandemic crisis, The customer need for the immunity system is expected to persist even after the end of the coronavirus.
2. Protein
“ The perception that muscles are healthy, a change in fashion for a beautiful body. “
The body health trend of South Korea has been changed from slim body to muscle mass and thin because the customers are aware about the mechanism of muscle that influences energy consumption patterns and increases basal metabolism in the body. According to the data of protein market from Korea Health functional food association (October,2020), The protein market is rapidly growing more than 2.5times.
<2019 The actual output of Functional food products>
*** Unit : KRW hundred million won.( one hundred million won =ten thousand dollars)
Protein has developed into a variety of products for consumers from men to women, silver, etc. who want to grow or care for their bodies. It is also a material that is attracting attention in the children’s market because usually they are difficult to intake.
3. Sleep quality
Sleeponomics is derived from a combination of the words ” Sleep” and ” Economics”. The meaning of Sleeponomics is the money that is spent on products, techniques, etc to help us sleep, With the steady increase in the number of sleep-deprived Koreans, the “sleep” market has been growing over recent years due to COVID-19 situation and it was 3 trillion won ($2.64 billion) reached at 2019 It is fuelled by a booming sleeponomics industry in a sleep-deprived South Korea. And among this market, The functional food of sleep quality market has been growing from 436 million won(about $400,000) in 2018 to 700 million won (about $640,000) in 2019.
According to the Opensurvey 2020 report, people in their 30s recognize lowest sleep quality and it was confirmed that there was an increase in perceptions that the quality of sleep was low due to the deep sleep rather than lack of sleep time.
As much as the word Corona blue appears (depression), Increased anxiety and stress due to Corona. The customers recognize that the mental stress has a physical effect and also, they are evading taking sleeping pills due to side effects, Therefore, The market size will continuously increase because the consumers are seeking good sleep and safety.
** PLX used for Sleep quality products in South Korea.
| COUNTRY | South Korea |
| FINISHED PRODUCT NAME | Good night granule |
| SOLD BY | Chunho N care |
| LAUNCH DATE | 2019, July |
| THERAPEUTIC TARGET | Sleep quality |
| DOSAGE FORM / STRENGTH (PACK SIZE) | 1day 2~3 times, 1pack / 1 time.(1pack – 3g) |
| RETAIL PRICE | KRW 20,000 |
| YEAR VOLUME | 10~15kg |
| OTHER INGREDIENTS | Taro stem powder, Zizyphus jujuba powder, lotus root powder, Nelumbo nucifera powder,Ecklonia cava powder, L-tryptophane, Inositol, Lemon berbena powder, theanine, St. John’s powder |
| CHANNEL AND PROMOTION | Online shop / convenience store |
Sources:
- Oepn survey 2020.09 the trend report of healthcare.
- Coronavirus drives demand for immune-boosting foods – Global site – Kantar Worldpanel
- Coronavirus could double number of people going hungry | Coronavirus | The Guardian
- Korea Health functional food association; functional food industry report (October,2020)
