The South Korea dietary supplements market size stood at around USD xx billion in 2019 and is projected to reach xx billion by 2028, exhibiting a CAGR of around 2.24% during the forecast period.
Consumption of dietary supplements increases the nutrient intake and help to get the recommended amount of vitamins and minerals when the requirement is not met by food alone. People who are on low calorie diet, have a poor appetite or avoid certain foods (strict vegetarians, vegans) opt to take dietary supplements. Healthcare providers also recommend multivitamins and mineral supplements to patients with certain medical conditions such as osteoporosis, anaemia, and others. Poor diet quality rather than quantity is the major determinant of inadequate micronutrient status. Nutrient shortfalls have consequences that could impact daily life and overall well-being.
The working population is struggling to achieve the daily nutrient requirements because of hectic work schedules and changing lifestyles. This is increasing their reliance on dietary supplements to comply with the nutrient needs, which is expected to drive the market over the forecast period.
Another key factor driving the growth of the market is increasing adoption of multivitamin and mineral supplements by the growing aging population. It is estimated that by 2050 Korea will be a super aged population. With aging population chronic diseases like obesity, cardiac problems and other are also on rise wherein the patient needs additional nutrition support.
Stringent government rules and regulations for labelling of dietary supplements impede the growth of market.