Infinium Global Research and Consulting Solutions

The South Korea dietary supplements market was valued at USD 3633.92 million in 2022 and is expected to reach USD 10772.82 million by 2030 and grow at a CAGR of 14.60% over the forecast period. The growing old age population is one of the key factors driving demand for dietary supplements that can help people stay healthy and active. South Korea is one of the countries with most rapidly aging populations worldwide. Projections from the United Nations (UN-DESA) indicate that the older working-age demographic (aged 50-64) in Korea is set to reach its peak in 2024, while the number of individuals aged 65 and above is expected to continue its expansion until 2051. Crossing the nine-million mark in 2022 for the first time, South Korea's elderly population is experiencing significant growth. Moreover, the people in South Korea are becoming increasingly aware of the importance of taking steps to prevent diseases and improve their overall health, further driving the growth of the market. There has been a significant increase in health consciousness among the South Korean population. People are becoming more aware of the importance of preventive healthcare and are actively seeking ways to maintain their well-being. Furthermore, the growth of the e-commerce sector is creating more growth opportunities for the dietary supplements market in South Korea. According to the data by OECD in 2020, E-commerce is a key component of the overall consumer market in Korea, a country with 99.7% of households having internet access via PC, mobile, or another device. According to International Tread Administration, local online transactions surged to USD 168.5 billion in 2021, a notable uptick from the USD 135.1 billion registered in 2020. The high penetration of smartphones and personal computers is an important factor driving market growth.