Vitamins in South Korea

2021 DEVELOPMENTS

Consumers’ search for immunity maintains high growth

In 2020, vitamins saw a jump in its current value growth rate due to COVID-19, and although the growth rate is set to slow slightly in 2021, it will remain higher than earlier in the review period. Due to the pandemic consumers have become more aware of health and wellness and are more interested in protecting their health, with the benefits of building immunity attracting a great deal of attention from the media and consumers, leading to the rising consumption of vitamins.

Single vitamins drives growth, with vitamin C’s immune benefits remaining important

Multivitamins saw higher growth than in previous years in 2020, and this trend is set to continue in 2021, maintaining its position as the largest category within vitamins. Consumers appreciate multivitamins for their convenient appeal of offering everything a consumer needs in one tablet.

The importance of direct sellers declines as share of smaller players rises

Direct selling continues to play an important role in vitamins. In 2021, the leading player is set to remain Amway Korea, thanks to its leading position in single vitamins and second position in multivitamins.

PROSPECTS AND OPPORTUNITIES

Solid growth set to continue as health and wellbeing are increasing concerns

Vitamins is projected to see further current value growth over the forecast period, as consumers take better care of their health in the wake of COVID-19. As exercise is becoming more important to protect health and ensure wellbeing in South Korea, many consumers will return to activities outside of the home and particularly outdoors, which will lead to the rising importance of vitamins to boost energy.

Rising distribution via e-commerce as consumers seek more options

E-commerce was a major distribution channel for vitamins even before COVID-19. Although until 2019 direct selling was the leading channel for sales of vitamins and dietary supplements, e-commerce drew level in 2020.

Different formats to drive growth, although challenge from injectable vitamins

In the forecast period, consumer demand is expected to become more focused on different delivery formats. Consumers want something that can be easily swallowed, with many opting for the convenient daily dose of one multivitamin.