South Korea Dietary Supplements Market Research Report, 2029

South Korea has experienced remarkable growth and has emerged as a significant market in recent years. As an increasingly health-conscious population seeks to enhance their well-being and address specific health concerns, the demand for dietary supplements has surged. The South Korean dietary supplement market offers a diverse range of products, including vitamins, minerals, herbal extracts, probiotics, and other nutraceuticals. The industry is characterized by a blend of traditional Korean medicine and modern science, with many supplements incorporating traditional Korean ingredients known for their potential health benefits. The market is driven by several factors, including rising health awareness, a growing aging population, changing lifestyles, and a strong emphasis on preventive healthcare. The Korean government has also played a pivotal role in regulating and promoting the dietary supplement industry, ensuring product safety and consumer confidence. With increasing consumer demand, innovative product formulations, and a supportive regulatory environment, the South Korean dietary supplement market is poised for continued growth and presents abundant opportunities for both domestic and international companies operating in the industry. The modern lifestyle that is followed today by the millennial generation devoids them of a healthy diet. It lacks vitamin C and D, folic acid, calcium, selenium, iodine, minerals, and other nutrients. Supplements are a substitute for these nutrients, which are not consumed in enough quantities to be needed for overall growth and development of the body. These may be in the form of pills, tablets, liquids, or capsules. However, they need to be monitored as everyone’s needs differ and different nutrients are required. Consuming higher than recommended doses may be harmful and result in negative effects. According to the research report "South Korea Dietary Supplements Market Research Report, 2029," published by Actual Market Research, the South Korea Dietary Supplements market is expected to reach a market size of more than USD 7.64 Billion by 2029. There is a growing emphasis on health and well-being among the South Korean population. As people become more health-conscious, they are actively seeking ways to improve their overall health and prevent illness. This has led to an increased demand for dietary supplements as a means to supplement nutritional intake and support various health goals. South Korea has a rapidly aging population, with a significant proportion of the population being elderly. As people age, there is a greater focus on maintaining optimal health and addressing age-related health concerns. Dietary supplements are seen as a way to support healthy aging, improve vitality, and manage age-related conditions. Furthermore, Traditional Korean medicine, with its rich history and emphasis on natural remedies, has a significant influence on the dietary supplement market. Many dietary supplements in South Korea incorporate traditional Korean ingredients known for their potential health benefits. The fusion of traditional medicine with modern science appeals to consumers who value holistic approaches to health and well-being. Vitamins and botanicals form the major market share by type of supplement taken by consumers more than other types. However, since the food consumed by consumers is low in fibre, omega fatty acids, and carotenoids, other types of supplements are expected to remain in high demand by consumers. Since the rise of chronic diseases among the rising geriatric population of the world, they are projected to be in high demand from them over the forecast period. However, pregnant women are expected to have the lowest demand. Consumers rely on buying their medicines and related products from trusted and nearby pharmacy stores rather than supermarkets or hypermarkets.

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Botanicals hold almost one fourth of the market share and are expected to grow rapidly over the forecast period. Botanicals are often perceived as safe and effective alternatives to synthetic or chemical-based ingredients. Consumers in South Korea are increasingly concerned about the potential side effects and long-term impacts of synthetic compounds, which has led them to seek out natural alternatives. Botanical-based dietary supplements are seen as a way to support health and well-being without compromising on safety. Innovation with amino acids to achieve specific functions such as weight loss and muscle repair is furthering their demands. Rising preventive healthcare and an increased awareness of consumers' health towards health creates demand for botanicals. Women facing problems like insomnia and hot flashes are able to relieve their symptoms through these supplements. Botanicals like fish oil, detoxes, and probiotic drinks are on the rise. High income levels and developing infrastructure for sports and fitness are further expected to boost market demand. During the pandemic, the government advised using certain herbal supplements to maintain health and reduce the chances of getting affected by more of the virus. The dietary supplements are most widely sold over the counter in pharmacy stores as they are easy to reach in every area of the city. However, due to the increase in supermarkets and hypermarkets establishments and consumers' inclined towards buying their fix of groceries from these outlets, their popularity has increased. Since supermarkets give attractive discounts, consumers do not need to travel to a different store to specifically purchase the same. Furthermore, consumers can easily read the labels and compare them to other products on the shelf. Research and development are the key success factors for dietary supplements, which require heavy investments. Furthermore, strict regulations regarding health benefit claims and product labelling are expected to pose challenges for dietary supplements during the forecast period. Tablets are the most common and easiest form of supplement for consumers and lead the market by form type. It is low in cost, has a long shelf life, and is a convenient form for multivitamins and is expected to positively lead the market growth in the future. On the other hand, the encapsulation of finished products for controlled release is expected to bolster future growth from the capsule segment. However, the high price of capsules is expected to be a restraint for this type of supplement. Adults demand more of these supplements as, with age, their bodies require some essential nutrients for proper functioning. Also, as with age, they have developed some or other type of chronic disease, so they do not get sufficient nutrition from the food they are required to consume. Additionally, the hectic working schedules and fast-changing lifestyles lead to increased use of dietary supplements by adults. The rise in the number of chronic diseases like obesity, cardiovascular disease, and diabetes are the other factors driving the future markets.

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Rahul Jagtap

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Covid impact During the COVID-19 pandemic, all the industries are being impacted, and the dietary supplements industry is also one of them. Initially, when the coronavirus spread, it was difficult for the companies to supply their products to the market for consumption purposes, and the production of dietary products also faced disruption in the supply chain completely. Consumers were only focusing on highly essential products such as food and beverages and other essential products. After sometime, the companies started reopening to fulfil the demand for products in the market. It has been found that dietary supplements are helpful in boosting the immune system. The demand for dietary supplements has been greatly increased due to this new trend. Considered in this report • Geography: South Korea • Historic Year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • South Korea dietary supplements • by application type market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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Based on by type of dietary supplement in the report: • Vitamins • Minerals • Botanicals • Amino acids • Probiotics • Other types Based on by form type in the report: • Tablets • Capsules • Powder • Liquids • Other formulations Based on by end user type market in the report: • Adults • Infants and children • Pregnant women • Other end users Based on by application type market in the report: • Energy and weight management • Bone and joint health • Immunity and digestive health • General health • Cardiac health • Other applications The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to medical industry, protein supplement manufacturers, suppliers, associations & organizations related to dietary supplements market, trends and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.