Wellness guide to better business.

In forecasting economic conditions in 2004, Korea's renowned research institutes run by the Samsung and LG groups, said "well-being" will be the key phrase in Korean marketing in 2004 and thereafter.

Most Koreans have become conscious of their well-being generally. People are concerned about pursuing better life styles.

South Korea's preoccupation with the concept of well-being began in early 2002 when a popular television documentary series highlighted the hidden dangers in everyday food. The airing of the three-episode series led to a temporary drop in meat sales, while grain stores ran out of brown rice!

The trend came even further to the fore in 2003, according to market watchers.

Companies dealing in organic food, fitness and safety construction materials have benefited the most.

In fact, Korea's organic food sector has experienced a 30% to 40% per year growth in recent years, and it is estimated that there are over 1,000 stores that sell organically grown food.

Soy products are big sellers.

"In 2005, the size of the organic food market is expected to reach 600 billion won (US$512 million) from 300 billion won (US$256 million) in 2003. Generally speaking, only people with health problems tended to seek out organic food, but nowadays, nearly everyone seems to have embraced the trend. " says Chung Keun-young, an official at the Korea Organic Farming Association.

In addition to the growth of the organic food market, the dairy industry is also capitalizing on the boom.

Milk produced from black soybeans is flying off the shelves because the black soybean milk is said to be good for everything from kidney ailments to diabetes. The daily sales figure has reached over 300,000 cartons so far in 2004, according to Lotte Ham & Milk Co Ltd.

"It is rare for a dairy product to reach that level of popularity in such a short time and the wellness concept should continue to influence the Korean industry in 2004 due to the growth of green tea products in the well-being market." said Kwon Kyeong-cheon, an official at the dairy.

Style for living in the future.

Industry watchers predict that the well-being-based healthcare product market in Korea is expected to reach US$3.4 billion in 2005.

In the general view of market watchers, the well-being trend symbolizes that Korean society has reached a certain degree of maturity.

Koreans tend to believe that an interest in health and the environment is closely related to levels of education and sophistication, so that the recognition of physical and spiritual well-being is the sign of a society whose basic needs have been met.

On the whole, the well-being trend spells enormous business opportunities for companies in South Korea.

from Crystal Park, Seoul Consultant