South Korea Hangover Cure Products Market Size, Share, and COVID-19 Impact Analysis, By Product (Solution/Drinks, Powder, Tablets/Capsule, Patches), By Product Consumption Pattern (Before Drinking, After Drinking), By Distribution Channel (Online, Offline), and South Korea Hangover Cure Products Market Insights Forecasts to 2032

Industry: Healthcare

RELEASE DATE Dec 2023
REPORT ID SI3120
PAGES 200
REPORT FORMAT PathSoft

South Korea Hangover Cure Products Market Size Insights Forecasts to 2032

  • The South Korea Hangover Cure Products Market Size was valued at USD 285.55 Million in 2022.
  • The Market Size is Growing at a CAGR of 16.1% from 2022 to 2032.
  • The South Korea Hangover Cure Products Market Size is expected to reach 1270.11 Million by 2032.

 South Korea Hangover Cure Products Market

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The South Korea Hangover Cure Products Market Size is expected to reach USD 1270.11 Million by 2032, at a CAGR of 16.1% during the forecast period 2022 to 2032.

 

Market Overview

Hangover remedies are designed to relieve the discomfort caused by excessive alcohol consumption. Manufacturers must provide accurate information and refrain from making false claims about effectiveness. Brands should also promote responsible drinking on product packaging. Dietary supplements containing vitamins, electrolytes, and herbal extracts that claim to aid recovery are among the solutions. Other products, such as oral rehydration solutions, focus on rehydration. Some services provide IV hydration therapy, which is administered by medical personnel. The scientific evidence on the effectiveness of these products and services, on the other hand, varies. The best hangover cure is moderation, hydration, rest, and time. As awareness of anti-hangover solutions spreads, the adoption of these products is expected to rise in the South Korean region. These remedies, which include hangover tonics, concentrate on liver support, nutrient replenishment, hydration, and increased energy levels. Manufacturers are responding to consumer demand for herbal-based options by including ingredients such as milk thistle and plant extracts that promote liver health, acetaldehyde metabolism, and detoxification.

 

Report Coverage

This research report categorizes the market for South Korea hangover cure products market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea hangover cure products market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea hangover cure products market.

 

South Korea Hangover Cure Products Market Report Coverage

Report CoverageDetails
Base Year:2022
Market Size in 2022:USD 285.55 Million
Forecast Period:2022-2032
Forecast Period 2022-2032 CAGR:16.1%
2032 Value Projection:1270.11 Million
Historical Data for:2020-2021
No. of Pages:200
Tables, Charts & Figures:115
Segments covered:By Product, By Product Consumption pattern, By Distribution Channel
Companies Covered: HK inno.N Corp., GLAMI.COM, Dong-A Socio Holdings, Samyang Holdings Corporation, Bayer AG, HANDOK, Abbott, Flyby, Revival, Vit2go Online Shop, Zolv, and others.
Pitfalls & Challenges:Covid-19 Empact,Challenges,Growth, Analysis.

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Driving Factors

The rising consumption of alcohol in South Korea significantly contributes to the demand for hangover cure products, resulting in a consistent market need. Urbanization and busy lifestyles lead to an increase in social activities involving alcohol, increasing the demand for effective hangover remedies and, as a result, boosting South Korean hangover cure products market growth over the forecast period. Consumer preferences for natural and plant-based ingredients in products encourage the development of hangover remedies containing herbal extracts, vitamins, and minerals, in line with the growing health-conscious trend. Hangover cure products in user-friendly formats, such as dietary supplements, rehydration drinks, and easy-to-consume shots, cater to consumers looking for quick and easy solutions, positively impacting revenue growth. Increasing public awareness of the importance of health and wellness encourages people to seek restorative remedies after drinking, stimulating the market for scientifically proven hangover cures.

 

Restraining Factors

The lack of robust scientific evidence supporting the beneficial effects of many hangover cure products undermines consumer confidence, causing purchase hesitation and hindering revenue growth over the forecast period. Moreover, alcohol consumption rates are closely related to market growth. Alcohol consumption fluctuations or decreases can have a direct impact on demand for hangover cure products, affecting revenue which is hampering the South Korean hangover cure products market growth.

 

Market Segment

  • In 2022, the tablets/capsule segment accounted for the largest revenue share over the forecast period.

Based on the product, the South Korean hangover cure products market is segmented into solutions/drinks, powder, tablets/capsules, patches, and others. Among these, the tablets/capsule segment has the largest revenue share over the forecast period. The increasing acceptance of tablets/capsules offered by key players such as No Days Wasted and Flyby is driving this segment forward. Because of their widespread visibility and accessibility, tablets/capsules have emerged as the preferred hangover cure product. The rising acceptance of tablets/capsules is expected to fuel the South Korean hangover cure products market expansion.

 

  • In 2022, the before-drinking segment accounted for the largest revenue share over the forecast period.

Based on product consumption patterns, the South Korean hangover cure products market is segmented into before drinking and after drinking. Among these, the before-drinking segment has the largest revenue share over the forecast period. Owing to the country’s intense drinking culture, many Koreans use hangover-cure drinks and tablets a couple of hours before drinking to help them metabolize the alcohol and prevent a hangover the morning after. Such a trend is propelling segment growth during the forecast period.

 

  • In 2022, the offline segment accounted for the largest revenue share over the forecast period.

Based on the distribution channel, the South Korean hangover cure products market is segmented into online and offline. Among these, the offline segment has the largest revenue share over the forecast period. These items are available at nearby convenience stores, pharmacies, supermarkets, and shopping malls. A convenience store chain in South Korea also launched 'Gyeondyo-bar,' which translates to "hang in there." According to the company, it is the first ice cream bar specifically marketed for minimizing the effects of alcohol consumption.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea hangover cure products market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • HK inno.N Corp.
  • GLAMI.COM
  • Dong-A Socio Holdings
  • Samyang Holdings Corporation
  • Bayer AG
  • HANDOK
  • Abbott
  • Flyby
  • Revival
  • Vit2go Online Shop
  • Zolv
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Development

  • In June 2022, Bayer AG announced a collaboration with producer and musician T-Pain to launch its new innovative product Alka-Seltzer Hangover Relief. This product claims to provide immediate relief from mental fatigue, body aches, and headaches the following morning. The musician also created a new version of his jingle "Plop Plop, Fizz Fizz" to introduce the brand to a younger audience.

 

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea hangover cure products market based on the below-mentioned segments:

 

South Korea Hangover Cure Products Market, By Product

  • Solution/Drinks
  • Powder
  • Tablets/Capsule
  • Patches
  • Others

 

South Korea Hangover Cure Products Market, By Product Consumption Pattern

  • Before Drinking
  • After Drinking

 

South Korea Hangover Cure Products Market, By Distribution Channel

  • Online
  • Offline

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