The market volume of Korean dietary supplement reached 4.58 trillion KRW (about 4.104 billion USD) in 2019, representing an average annual rate of 11.7% since 2015. The market volume is expected to be more than 5 trillion KRW (about 4.48 billion USD) this year.
South Korea has seen a great demand for the dietary supplement as more people are becoming more aware of the importance of health, as well as the aging population. The need for the dietary supplement is even greater after the outbreak of COVID 19, especially vitamins and the ginseng products. It can be regarded as an excellent opportunity to access to the Korean market for overseas companies.
Nevertheless, the compliance requirements of Korean dietary supplement are difficult to understand. The dietary supplement is referred to as “health functional food” in South Korea. The registration of a foreign health functional food product touches upon many regulations, such as Imported Food Act, Health Functional Food Act, Food Code, etc. To help enterprises trade with S. Korea and surpass these obstacles, ChemLinked will share this webinar about the compliance of Korean health functional food.