New materials of Green Grass can be applied as healthy food ingredients to replace the existing food ingredients and this will create the biggest market following the expansion of preventive medicine, could take up a big proportion compared to the market of consuming refined form in the existing functional health food market and by replacing the unhealthy food ingredients, MediFood would be able to take a firm position, making it a market with the biggest possibility of replacing the existing food market.
By using the ingredients of Green Grass that have been recognized for its safety and functionality in the market where animal materials are being replaced with plant materials due to the expansion of negative awareness on animal materials, additional value can be obtained by using livestock by-products. It can be used as ingredients for food and gelatin in medicine capsules and can be utilized as ingredients for collagen pack, collagen for eating and jelly.
The health functional foods stand for the foods made with functional raw materials, ingredients, and processed foods giving the health benefits. Herewith the ’Functionality’ means having the practical effects on health care in controlling the nutrients for physical function of human.
As those interests on caring health have been rising, the health functional foods are available at various channels so that, those health functional food markets are getting bigger each year not only in Korea, but throughout the world.
|Types of functionality||Details of functionality|
|Reduces risk of diseases||Function related to reduced risk of diseases or health status|
|Bioactive function |
Function that contributes to health or enhances function or maintains and improves health due to its special effect in the normal function of human body or biological activity
|Nutritional function||Bioactive application of nutrition concerning normal function of human body or biological activity|
* Source: status of accreditation of functional ingredients in functional Currenthealth food (Ministry of Food and Drug Safety, Dec. 2016)
According to Korea Health Supplements Association, the world’s functional health food market size was about $61.3 billion (approximately KRW 75 trillion) in 2004 and has grown consistently since then. In 2013, it underwent rapid growth, exceeding $100 billion (approximately KRW 122 trillion), gaining attention as an international industry. Such estimation continued and in 2021, the market size is expected to reach $ 162.5 billion (approximately KRW 199 trillion) which is a 6.1% increase compared to the previous year.
Reflecting the market with increased needs concerning health and generalized consumption of functional health food, the market that aims to maintain health through prevention instead of treatment is gradually expanding and as for the market expansion of functional health food, if the new materials of Green Grass can be applied to food and the effects of the function can be achieved, the new materials of Green Grass is judged to have more ripple effects.
The pet food market is rapidly growing. Following the increase in pet population, the consumption expenses concerning pets are also increasing day by day. Just like people, pets consume food and various methods are being applied to prevent diseases.
Green Grass Bio Co., Ltd.