6% of GDP.
Competition
There are several local manufacturers of vitamins in South Korea. Consumers in this country favor local manufacturers. This is because their prices are obviously lower than the prices of international vitamins exporters to South Korea. Another reason for which local manufacturers are preferred over foreign ones consists in the attachment of local consumers to national brands.
However, there is still room for new companies exporting their products on the South Korean market. This market sector is currently in full growth and development process.
Product Specific Regulatory Considerations
Government regulation
Vitamins are considered to be dietary supplements and are not legally treated as drugs, but as foods. This classification attracts several consequences regarding the management of this activity. For example, vitamins' producers are entirely responsible for the safety of these products, and not the government.
This situation has further effects. In comparison with drug products' situation where their safety and efficiency must be proven before reaching consumers, in the case of vitamins "there are often no provisions to approve dietary supplements for safety and effectiveness before they reach the consumer" (Wikipedia, 2009).
Vitamins testing requirements
Regarding the testing of dietary supplements, the process is not different from the testing process of foodstuffs. As mentioned above, vitamins are part of the food category and the legal requirements applied in the case of food products are applied in the case of dietary supplements, including vitamins.
Tariffs
Given the fact that vitamins, just as other dietary supplements, are part of the food category, the same tariff policies applied to food products are applied to vitamins also. In such cases, the market is the factor that regulates prices.
The pricing of vitamins is subjected to the factors of influence of the market in case. These factors include: number and size of competitors, number of consumers, economic development level of the region in case, the size of the market, trends...
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