Boston, MA -- (ReleaseWire) -- 06/13/2014 -- Weight management recorded 19% value growth to reach Won 932 billion in 2013. The category was over Won932 billion for the first time following such healthy growth. According to the Ministry of Health and Welfare, the obesity rate in South Korea was 24.1% in 2012, up from 21.6% in 2008. As the obesity rate is increasing, weight management also has shown healthy growth over the review period. However, Korean consumers prefer supporting products for losing weight rather than direct ingredients affecting weight loss. As a result, meal replacement sliming and other sliming products recorded value growth of 24% and 17% respectively, but weight loss supplements showed only 6% value growth in 2013. Other sliming products mainly consist of drinks which can boost fat oxidation during exercise.
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Herbalife Korea Co Ltd maintained the leading position with a 64% value share in 2013. The company accounts for 91% of value sales in meal replacement slimming, and its dominance is predicted to continue. In South Korea, individual distributors of Herbalife products are aggressive in attracting consumers. Most distributors open shops where consumers can relax and enjoy a foot massage. Women aged 40-50 years visit the shops to chat with friends and they can experience Herbalife products. Consumers can try 10 Herbalife formulas including the shake mix for only Won30,000. This marketing strategy is considered very creative and successful in South Korea.
Weight management is expected to increase by a CAGR of 4% in constant value terms over the forecast period. Meal replacement slimming is going to increase by a CAGR of 4% in constant value terms, and weight loss supplements and other slimming products will grow by a CAGR of 3% in constant value terms respectively over the forecast period.
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The Slimming Products in South Korea market research report includes:
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- Detailed segmentation of international and local products
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
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