From Vitamins to Inner Beauty: Korean Firms Push Health Products Abroad (Image courtesy of Pixabay/CCL)
SEOUL, Sept. 8 (Korea Bizwire) — South Korean health supplement companies are intensifying their push overseas as slowing demand at home contrasts with rising global appetite for wellness products.
Industry data show exports have climbed steadily since the pandemic, hitting a record 382.1 billion won ($280 million) last year, nearly triple the 2019 figure. By contrast, the domestic market has shrunk for three consecutive years, falling from 6.45 trillion won in 2022 to just over 6 trillion won in 2024, according to the Korea Health Supplements Association.
The shift abroad has been led by contract manufacturers with global reach. Kolmar BNH, part of Kolmar Korea, reported a 13.4 percent increase in overseas revenue last year, with foreign sales now accounting for 37 percent of total revenue.
The company aims to boost that share by 50 percent this year, helped by its strategic alliance with British healthcare giant Haleon. Kolmar produces the multinational’s Centrum vitamins for Asia, with contracted output expanding sixfold since 2021.
It has also begun exporting new formulations to China and plans to introduce inner beauty products in Japan and Southeast Asia through local partners.
Cosmax Group, the world’s largest cosmetics ODM and a leading player in supplements, is also betting heavily on China. Overseas sales represented nearly 70 percent of its supplement business last year, driven by strong demand in Shanghai and other markets.
The company has added production facilities in the United States and Australia and is now targeting India and halal-certified markets. In August, Cosmax signed an agreement with Alibaba’s Tmall Global to deepen its presence in China’s booming cross-border e-commerce sector.
Other conglomerates are joining the push. LG Household & Health Care is rolling out premium supplement brands through its international retail network, while tobacco-to-wellness group KT&G is expanding health product marketing in the United States and China.
Analysts say the global rise of “K-wellness” is mirroring the success of K-beauty and K-pop, powered by perceptions of quality and innovation. “At home, demand tends to follow short-lived trends and competition is fierce,” one industry official said. “Abroad, Korean firms with strong manufacturing capacity and fast product development are finding room to grow.”
With global demand expected to accelerate, South Korean firms are positioning themselves as major suppliers in the fast-expanding market for functional foods and supplements.
Ashley Song (ashley@koreabizwire.com)
