Vitamins are expected to be the area most impacted by the outbreak of COVID-19 in 2020, especially vitamin C which benefited from its reputation as being an immunity-boosting solution. Sales of vitamin B rose at a fast pace in the first half of 2020, with the merits of both vitamin B and C shared widely across social media, and through press releases.
In line with the outbreak of COVID-19 in South Korea, several players ran CRS activities to boost awareness.
Direct selling continues to play an important role in vitamins. In 2020, the leading player is set to be Amway Korea Co, with direct seller USANA Health Sciences Korea coming in third.
Value growth is set to remain positive and steady across the forecast period, with vitamin C and vitamin B recording the best performances. As consumers are expected to remain wary of the COVID-19 virus in the early forecast period, many will continue purchasing vitamins, with growth in 2021 expected to be slightly higher than that in 2020.
Across the forecast period, other single vitamins such as Vitamin D, will benefit from having growth potential; having not established a strong position like vitamin C or B. In addition, growth potential for vitamin D comes from media and press releases that were widespread throughout 2020, marketing the vitamin as a beneficial substance, especially for those spending lengthy amounts of time indoors.
In line with the growing interest in health and wellness, a trend set to be present across the forecast period will see consumers cutting down on excessive amounts of ingredients. Many products in the market are promoted on how their products have over 300%, 400% of daily value% per amount served.
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Understand the latest market trends and future growth opportunities for the Vitamins industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Vitamins research and analysis database.
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