Vitamins in South Korea

PROSPECTS

Growing range of vitamins for an ageing population

The over 65-year-old population is considered the most profitable demographic in South Korea. The life expectancy of this demographic is increasing and senior consumers are investing more in their health as their disposable incomes rise.

Various formats gain popularity

While tablets continued to account for the majority of the market, various formats are gaining popularity in vitamins as the consumer base for these products widens. For example, chewable vitamins are a necessity in households with children and powder options appeal to consumers who wish to quickly and conveniently consume vitamins without water.

Strong online and offline retailing of vitamins

OTC products in South Korea are strictly controlled by regulation, and sold mainly via pharmacies under the guidance of pharmacists. On the other hand, vitamins enjoy much wider distribution through drugstores, department stores, modern grocery retailers, internet retailing and others.

COMPETITIVE LANDSCAPE

Korea Ginseng aims to widen its consumer base

Supported by its best-selling red ginseng root and extract offer, Korea Ginseng is seeking to develop as an innovative player at the forefront of vitamins in the country. The company is investing in marketing support for Cheong-Kwan-Jang, in order to appeal to consumers in their 20s and 30s, in particular.

Domestic manufacturers watch out for direct purchases from overseas

More consumers are using internet retailing to purchase vitamins from overseas markets. Incomparably low unit prices and a vast choice entice South Korean consumers to make such purchases.

New channel and format

The intake of vitamins is starting to be recognised as an important factor in maintaining health. As a result, some consumers are visiting medical clinics for vitamin injections when feeling below par or drowsy or to cure a hangover.

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