Due to the outbreak of COVID-19 in the country, growth is set to rise to 6% in 2020, compared to growth of 4% in 2019. The bulk of this value growth will be driven by paediatric vitamins and dietary supplements, with parents particularly focusing on those products advertised as boosting the immune system.
Although paediatric vitamins and dietary supplements is set to record positive growth, many OTC products are predicted to record a decline for 2020, including paediatric analgesics, paediatric cough, cold and allergy remedies and paediatric digestive remedies. Much of this decline is due to some parents preferring to visit doctors for more professional care, rather than relying on OTC goods for their children.
Korea Ginseng Corp is set to continue holding a strong lead in paediatric consumer health in 2020. The player enjoys a strong position within paediatric vitamins and dietary supplements.
Following an increase in sales of paediatric products during the outbreak of COVID-19, value growth is set to be lower in 2021; however, growth will remain positive at 5%. Value growth is then set to be steady across the forecast period, leading to a CAGR of 4%.
Sales of paediatric vitamins and dietary supplements have a high correlation with health facilities. Most medical clinics and paediatricians recommend and actively sell vitamins and dietary supplements, and this is set to continue boosting growth in the landscape across the forecast period.
Across the forecast period, parents are expected to demand wider variety when it comes to paediatric vitamins and dietary supplements, and this will see brands expanding their offerings above ginseng, vitamins, and probiotics. As a result, this will support strong growth on the paediatric vitamins and dietary supplements landscape, compared to other paediatric consumer health categories.
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Understand the latest market trends and future growth opportunities for the Paediatric consumer health industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Paediatric consumer health industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Paediatric consumer health research and analysis database.
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