With South Korea’s aging population and the rising prevalence of chronic diseases, traditional Korean medicine is emerging as a promising export, according to a report by the Korea International Trade Association.

The report projects that the global traditional medicine market will grow from $518.6 billion in 2022 to $768.2 billion by 2027, with an average annual growth rate of 8.2 percent.

It also highlights that the World Health Organization (WHO) is actively encouraging the use of traditional medicines for chronic disease prevention and to help reduce medical costs.

Currently, China, India, Japan and Germany dominate the global traditional medicine market. These products are gaining increasing popularity among affluent consumers in North America and Europe, according to the report.

In Korea, the traditional medicine market expanded from 11 trillion won in 2017 to 12.6 trillion won in 2021. Additionally, the number of international visitors seeking traditional Korean medicine experiences in the country is rising, signaling further growth potential for this sector.