The first set of results is in since the Ministry of Food and Drug Safety (MFDS) mandated that hangover remedy makers prove their products' efficacy. While many had expected the market to consolidate around established pharmaceutical companies, the anticipated windfall has been limited. Amid a broad decline in sales, only Sangkwaehwan, made by Samyang Corporation (145990.KS), posted growth.
According to industry data released on the 29th, HK inno.N's (195940.KS) Condition — the top-selling hangover remedy in South Korea — saw revenue fall for a third consecutive year, dropping from 62 billion won in 2023 to 59.3 billion won in 2024 and 52.1 billion won in 2025. The brand's share of HK inno.N's total revenue also slipped from 7.5% in 2023 to 4.9% last year, dipping below 5% for the first time. "Condition's revenue declined year-on-year for three consecutive quarters," said Shin Min-soo, an analyst at Kiwoom Securities (039490.KS). "Competition in the hangover remedy market has intensified, making it difficult to expect growth this year either." Dong-A Pharmaceutical's Morning Care also edged down, from 10.1 billion won in 2024 to 10 billion won in 2025.
Analysts say the regulatory tightening was expected to deliver gains to surviving brands, but results fell short of expectations. Starting last year, the MFDS required companies to conduct human clinical trials proving hangover-relief effects before using the phrase "hangover relief" on their products. Companies must demonstrate statistically significant improvements in indicators such as blood alcohol concentration and blood acetaldehyde levels. As a result, only 105 of the 177 existing hangover remedy products passed the MFDS certification process, with nearly half eliminated from the market.
Against this backdrop, Samyang Corporation's Sangkwaehwan — the market's No. 2 brand — stood out as the sole growth story. Revenue from the brand rose 6% year-on-year last year.
Industry observers point to product-format diversification and zero-calorie offerings as the key factors behind its success. Growing consumer demand for zero-calorie hangover remedies, driven by a broader health-conscious trend, benefited companies that moved early. Samyang's Sangkwaehwan launched zero-calorie products that drove a 24% year-on-year jump in sales of its jelly-stick format, pulling up the brand's overall revenue. "We are leading the market by being the first in the industry to introduce a zero-calorie hangover remedy," a Samyang Corporation official stressed.
A broader shift away from traditional drink-type remedies toward non-beverage formats such as pills and jellies also played a role. Sangkwaehwan commands close to half the non-beverage hangover remedy market, which helped it avoid the direct hit from declining drink-format demand. HK inno.N, by contrast, was hurt by its heavy reliance on drink-type products. "Overall alcohol consumption has fallen due to changing drinking culture, and the market has shifted toward non-beverage products like jelly types rather than higher-priced drink formats," an HK inno.N official explained.
A broader decline in alcohol consumption is also weighing on the hangover remedy market. Hopes for a post-COVID recovery have yielded limited results. According to the National Tax Service, domestic liquor shipments totaled 3.15 million kiloliters in 2024, down 2.6% from 3.24 million kiloliters the previous year — the lowest level since tracking began in 2006.
