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The exports of South Korean functional foods to China have grown at an annual rate of 41 percent for the past four years, with their market share doubling over the cited period, a report showed Wednesday.
According to the report compiled by the Korea International Trade Association, a total of $90 million worth of South Korean health functional foods were shipped to China in 2016. This made up 6.2 percent of China's imported health functional food market.
The US came in first with 23.4 percent, followed by Australia with 15.8 percent, and Thailand and Taiwan with 7.4 percent each.
Demand for health functional foods is growing rapidly in China but a tightened certification process for such goods make it hard for foreign firms to venture into the country, KITA said.
The report said imported functional goods account for 4.5 percent of China's overall market for such goods, it said. (Yonhap)
