The dietary supplement market in Korea is witnessing substantial growth, with sales expected to reach US$ 1,561.41 million in 2023 and projected to escalate to US$ 4,181.92 million by 2033, at a robust CAGR of 10.4%. This growth is fueled by various factors, including the increasing variety of supplements, rising disposable income among the young population, and the growing trend of online purchasing. Key trends such as the popularity of red ginseng and probiotic supplements, the emergence of plant-based products, and the demand for sports nutrition supplements are shaping the market landscape.
In Korea, the demand for dietary supplements is driven by several factors. The expanding variety of supplements and the positive response from the Korean population to new launches contribute to market growth. Red ginseng, probiotic, vitamin, and collagen supplements are particularly popular. The rise of eCommerce has also significantly boosted demand, as consumers increasingly turn to online platforms to purchase supplements. Additionally, factors such as rising disposable income among the young population and the growing trend of fitness contribute to the increased adoption of dietary supplements in Korea.
Request Sample Report and Drive Impactful Decisions: https://www.futuremarketinsights.com/reports/sample/rep-gb-18326
Growing Factor:
- Variety of Supplements: The increasing variety of dietary supplements, including red ginseng and probiotic supplements, caters to diverse consumer preferences, driving market growth.
- Rising Disposable Income: Growing affluence among the young population enables greater spending on appearance enhancement, fueling demand for dietary supplements.
- Shift towards Plant-Based Products: As fitness trends emerge, there is a significant shift towards plant-based dietary supplements, aligning with consumer preferences for healthier alternatives.
- Demand for Sports Nutrition Supplements: With the rising popularity of sports like football and badminton, the demand for sports nutrition supplements is increasing as individuals seek to enhance their performance through supplementation.
- Pet Dietary Supplements: The growing prevalence of pets in Korea presents an opportunity for the pet dietary supplement market to thrive, reflecting evolving consumer lifestyles and preferences.
Key Takeaway:
The dietary supplement market in Korea is poised for significant growth, with a projected CAGR of 10.4% and a forecasted valuation of US$ 4,181.92 million by 2033. Key drivers include the expanding variety of supplements, rising disposable income among the young population, and the growing popularity of eCommerce. Investors looking to capitalize on this growth should focus on companies offering diverse product portfolios, particularly in segments such as red ginseng, probiotics, and sports nutrition supplements. Collaborations between local and international brands also present opportunities for market expansion and innovation in Korea’s dynamic dietary supplement landscape.
Contact Us Now To Discuss Your Customization Options And Unlock The Full Potential Of Market Intelligence For Your Business Success: https://www.futuremarketinsights.com/customization-available/rep-gb-18326
Competitive Landscape
Diversity in products is a predominant concern among players in Korea. By introducing new products, Korean producers hope to maintain a hold on the industry in the nation. Consumers in this country show a preference for Korean-made products. Therefore, Korean local players are thriving. However, international brands have also made their mark in the nation.
Recent Developments Observed in Dietary Supplement in Korea
- In August 2023, Hyundai Department Store agreed to a deal with Nestle to sell the latter’s dietary supplement in Korea. The two brands are also considering joint production in Korea.
- In October 2023, TSI Group’s myHMB product received label approval from the Korean Ministry of Food and Drug Safety (MFDS). Thanks to this decision, TSI Group can now advertise the health benefits of myHMB in dietary supplements.
Some of the Key Players with Dietary Supplement in Korea
- Korea Ginseng Corporation
- ChongKunDang Healthcare
- Dong-A Pharmaceutical
- Kolmar Korea
- Nongshim Health
- Il-Yang Pharm
- Pulmuone Health & Living
- Amway Korea
- GNC Korea
- Viva Health
- USANA Health Sciences
- Kyani
- DSM Nutritional Products
Gain Immediate Access to Detailed Market Insights Purchase Now: https://www.futuremarketinsights.com/checkout/18326
Key Segments
By Form:
- Soft Gel or Capsules
- Confectionary Products
- Gummies
- Chews
- Others
- Pharmaceutical Products
- Chewable Pills and Pills
- Soft Gel
- Confectionary Products
- Powder
- Liquid
By Ingredient:
- Vitamins & Minerals
- Amino Acids
- Botanical Supplements
- Others
By End Use:
- Men
- Women
- Senior Citizen
- Others
By Application:
- Weight Loss
- Sports Nutrients
- General Well Being
- Immune Health and Digestive Health
- Bone and Joint Health
- Heart Health
- Others
By Distribution Channel:
- Pharmacies Drug Store
- Health & Beauty Stores
- Immune Health and Digestive Health
- Bone and Joint Health
- Heart Health
- Other
By Province:
- South Gyeongsang
- North Jeolla
- South Jeolla
- Jeju
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube