South Korea Nutritional Supplements Market Report 2022 to 2030

South Korea Nutritional Supplements Market Analysis

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By 2030, it is anticipated that the South Korea nutrition and supplements market will reach a value of $11.52 Bn from $5.57 Bn in 2022, growing at a CAGR of 9.5% during 2022-2030. The market is primarily dominated by local players such as Dong-A Pharmaceutical, Kolmar Korea, and Kolmar Korea. The market for nutrition and supplements in South Korea is primarily driven by government initiatives, increasing consumer awareness of health and lifestyle, and strict government regulations. The South Korea nutrition and supplements market in South Korea is segmented by Type, Product, application, and Distribution Channel.

ID: IN10KRON002 CATEGORY: OTC & Nutraceuticals GEOGRAPHY: South Korea AUTHOR: Dr. Vishwa Modhia

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South Korea Nutrition and Supplements Market Analysis Summary

By 2030, it is anticipated that the South Korean nutrition and supplements market will reach a value of $11.52 Bn from $5.57 Bn in 2022, growing at a CAGR of 9.5% during 2022-2030.

According to South Korea's Ministry of Food and Drug Safety, there were 12,495 different types of health supplements available in the country in 2012, but that number increased to 26,342 by 2019. The two most widely used health supplements in South Korea were red ginseng and probiotics, but as more young people became interested in looking after their health, sales of other supplements like collagen, hyaluronic acid, and multivitamins have skyrocketed. In South Korea, households spent $259.5 on nutritional supplements on average in 2021. Nutritional supplements are consumed by 84.5% of South Koreans.

south korea nutrition and supplements market analysis

Market Dynamics

Market Growth Drivers Analysis

South Korean youth tend to spend more money on expensive health supplements due to their high level of disposable income. By 2023, we hope to have doubled the current health supplement sales. Probiotics and foods fortified with vitamins and minerals are two functional foods that are in high demand in South Korea. The popularity of plant-based protein supplements, herbal cures, and other natural health goods has increased with the trend toward a plant-based diet.

In South Korea, there is an increasing demand from consumers for products that are portable and easy to use, like stick packs or individual sachets. South Korea is seeing a rise in demand for products that cater to the aging population and encourage healthy aging, such as joint health supplements. Personalized supplement regimens are becoming more and more popular as personalization and customization become more popular.

Market Restraints

In Korea, drug abuse is a very serious problem. Health supplements have fewer side effects than medications, but it is crucial for people to confirm in advance whether it is safe to take medical medications and health supplements concurrently, especially if they have a disease. This fact can deter new competitors from entering the market because the government has strict laws in place to deal with abuse.

It is challenging for foreign brands to obtain official certification because of the strict regulations. South Korean consumers place a strong emphasis on purchasing domestically produced goods, which further hinders foreign producers.

Competitive Landscape

Key Players

Dong-A Pharmaceutical (ROK)
CJ HealthCare (ROK)
Kolmar Korea (ROK)
Nongshim (ROK)
Il-Yang Pharm (ROK)
Pulmuone Health & Living (ROK)
Amway Korea (ROK)
GNC Korea (ROK)
Viva Health (ROK)
DSM Nutritional Products AG (ROK)
NOVAREX (ROK)
Cellromax (ROK)
Biovea (ROK)
Nestlé
GlaxoSmithKline

Recent Notable Updates

July 2022: The "per pack" service, which Pulmuone Health & Living began offering in July, allows customers to have one-on-one consultations with specialists and create their own health supplements. The supplements are supplied in sufficient quantity in separate single packs so that consumers can easily take them daily.

August 2021: With the launch of a Vitamin Shoppe website, a directly owned and operated e-commerce business, The Vitamin Shoppe, an omni-channel specialty retailer of nutritional products, announced its expansion into South Korea.

Healthcare Policies and Reimbursement Scenarios

The Korean Health/Functional Food Act, a new regulatory framework for ensuring the safety, effectiveness, and labelling of Health/Functional and functional foods (HFFs), went into effect in January 2004. According to the act, HFFs must be sold in measured doses like pills, tablets, capsules, and liquids. The South Korean government's body in charge of policing the sale of food, drugs, medical equipment, and cosmetics is the Ministry of Food and Drug Safety (MFDS), formerly the Korea Food & Drug Administration (KFDA).

For specific populations, such as low-income families and pregnant women, the South Korean National Health Insurance Service (NHIS) covers some types of dietary supplements, such as infant formula. The majority of dietary supplements and nutritional products, however, are classed as "over-the-counter" goods and are not covered by the NHIS. These products require consumers to pay out of pocket.

1. Executive Summary
1.1 Product Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Government Regulation in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel and Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation

6. Methodology and Scope

South Korea Nutritional Supplements Market Segmentation

The Nutritional Supplements Market is segmented as mentioned below:

By Product (Revenue, USD Billion):

Sports Nutrition
- Sports Food
- Sports Drinks
- Sports Supplements

Fat Burners
- Green Tea
- Fiber
- Protein
- Green Coffee
- Others (Turmeric, Ginseng, Cranberry, Garcinia Cambogia)?

Dietary Supplements
- Vitamins
- Minerals
- Enzymes
- Amino Acids
- Conjugated Linoleic Acids

Functional Foods
- Probiotics
- Omega-3
- Others

By Consumer Group (Revenue, USD Billion):

Infant
Children
Adults
Pregnant
Geriatric

By Formulation (Revenue, USD Billion):

Tablets
Capsules
Powder
Softgels
Liquid
Others

By Delivery Channel (Revenue, USD Billion):

Chemists/Pharmacists
Direct-to-Consumer Sales
E-commerce

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.