Vitamins in South Korea

PROSPECTS

Multivitamins dominates, but vitamin B sees strong growth

Multivitamins remained dominant within vitamins in value terms in 2019. Vitamin C is also popular, but the majority of consumers still prefer multivitamins, as they are easy to consume and cover several vitamins.

Consumers are attracted by delivery formats other than tablets

Consumer demand is becoming more specific in terms of formats. Consumers want something that can be easily swallowed, with a daily dose of only one tablet per day, not the three that some brands require.

Strong online and offline sales of vitamins; challenge from overseas sales

The distribution of OTC products in South Korea is strictly controlled, and they are sold mainly via chemists/pharmacies under the guidance of pharmacists. However, vitamins enjoy much wider distribution, through drugstores/parapharmacies, department stores, modern grocery retailers, internet retailing and others.

COMPETITIVE LANDSCAPE

Direct selling player Amway leads, but could be challenged by new entrants

Direct selling players are notable within vitamins, with Amway Korea remaining the leader in value terms in 2019. It was the only player to hold a double-digit value share in 2019, although it saw a slight share decline.

Trade war could affect the shares of Japanese players

Several Japanese brands are targeting vitamins in South Korea. However, there were trade tensions between South Korea and Japan in 2019, and some South Koreans boycotted products made in Japan.

Different product variants under one brand to attract different consumer groups

Under one brand, manufacturers aim to target different demographics or symptoms. Above all, Centrum has seen success with this strategy, with Silver, Women’s and Men’s, for example.

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