The Korean dietary supplements market is experiencing robust growth, with a projected compound annual growth rate (CAGR) of 10.4% from 2023 to 2033. According to the latest report by Future Market Insights, the market is estimated to be valued at USD 1,561.41 million in 2023 and is expected to soar to USD 4,181.92 million by the end of the forecast period. This significant growth highlights the increasing demand for dietary supplements driven by health consciousness, technological advancements, and evolving consumer preferences.
Growing Health Awareness and Diverse Product Demand
The South Korean market for dietary supplements is witnessing a surge in demand, fueled by a growing awareness of health and wellness. Key trends shaping this market include the increasing popularity of red ginseng, probiotic supplements, vitamins, and collagen products. The convenience and health benefits offered by these supplements have captivated the Korean population, making them an integral part of daily health regimes.
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E-commerce: A Catalyst for Market Growth
The rise of e-commerce has revolutionized the dietary supplements market in Korea. A significant portion of the population is now opting for online shopping to purchase their dietary supplements, enhancing accessibility and convenience. This shift has opened new avenues for both local and international brands to reach a broader consumer base effectively.
Key Drivers of Market Expansion
- Rising Disposable Income Among Youth: The affluent young generation in Korea is increasingly investing in their health and appearance, boosting the sales of dietary supplements. This demographic’s willingness to spend on health and wellness products is a critical driver of market growth.
- Emergence of Fitness Trends: As fitness becomes a mainstream lifestyle choice, there is a notable shift towards plant-based dietary supplements. This trend is gaining momentum, with more consumers opting for products that align with their fitness and health goals.
- Government Regulation Enhancing Consumer Confidence: The Korean government’s stringent regulations on dietary supplements have significantly reduced the prevalence of counterfeit products. These measures have bolstered consumer trust and assured the quality and authenticity of supplements available in the market.
- Rising Popularity of Sports Nutrition: With sports such as football, badminton, and skating gaining popularity, sports nutrition supplements are witnessing increased consumption. These supplements are designed to enhance athletic performance and recovery, further driving market growth.
- Growing Pet Ownership: The pet population in Korea has nearly doubled over the past decade. This surge in pet ownership presents substantial opportunities for the pet dietary supplements segment, catering to the health and wellness needs of pets.
Competitive Landscape and Key Players
The South Korean dietary supplements market is highly competitive, with a diverse array of local and international players. Notable companies driving innovation and growth in this sector include:
- 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
- NOVAREX
- Cellromax
- Biovea
- Nestlé
- GlaxoSmithKline
Recent Industry Developments
In August 2023, Hyundai Department Store partnered with Nestlé to introduce Nestlé’s dietary supplements in Korea, exploring joint production opportunities. Additionally, TSI Group’s myHMB product received approval from the Korean Ministry of Food and Drug Safety (MFDS) in October 2023, enabling TSI Group to highlight the health benefits of myHMB in its dietary supplements.
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
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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.
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