Sales of Korea’s Dietary Supplement Market Soars: Expected to Reach $4.18 Billion by 2033

Posted on 2024-06-18 by Future Market Insights in Food & Beverage, Healthcare // 0 Comments

CITY, Country, 2024-Jun-18 — /EPR Network/ —

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.

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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.

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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.

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