"The Era of Protein for Both Grandparents and Grandchildren: Expanding Frontiers of Protein Supplements"

Market Size Up 30% in One Year
Product Expansion by Life Cycle
Maeil Dairies and Ildong Foodis in Close Competition

[Asia Economy Reporter Eunmo Koo] As the COVID-19 pandemic prolongs, interest in health and immunity has surged like never before, intensifying competition in the protein product market. Companies are also accelerating their response speed by diversifying products according to life cycles.

According to the Korea Agro-Fisheries & Food Trade Corporation on the 5th, the domestic protein product market size reached 336.4 billion KRW last year, growing 30.4% compared to the previous year. The related market, which was around 81.3 billion KRW in 2018, grew to 120.6 billion KRW the following year and surpassed 300 billion KRW last year, expanding more than fourfold in three years.

Maeil Dairies 'Selex Core Protein'

Currently, the protein supplement market is witnessing a fierce battle between Maeil Dairies and Ildong Foodis. Maeil Dairies entered the supplement market in October 2018 with the protein health functional food ‘Selex,’ based on sarcopenia research, and increased its sales from 20 billion KRW in the first year to 85 billion KRW last year.

The growth momentum of the latecomer Ildong Foodis is even more aggressive. After launching ‘Hi-Mun’ in February 2020, Ildong Foodis emphasized high digestibility with ‘Hi-Mun Protein Balance’ and recorded sales of 100 billion KRW last year, rising to the top in just two years.

The recent growth in the protein supplement market is driven by heightened health awareness. In the past, protein supplements were limited to a small number of consumers aiming to build muscle, but recently, protein has been recognized as an essential nutrient, expanding demand for purposes such as improving basic physical strength, boosting immunity, dieting, and meal replacement.

Ildong Foodis 'Hi-Mune Protein Balance'

As understanding and interest in protein increase and the market growth trend is expected to continue, the target of the adult protein business, which started with middle-aged and older adults, is expanding to all age groups. Selex is expanding its product lineup from ‘Core Protein,’ focused on protein and muscle health management for middle-aged and older adults, to sports powders and beverages targeting younger generations who enjoy various exercises. Functionally, the products are diversifying beyond protein supplementation to include blood cholesterol improvement, immunity enhancement, and digestive function strengthening.

Hi-Mun is also diversifying its product lineup with ‘Junior Milk’ for growing children and ‘Pro Active’ for young adults who enjoy high-intensity exercise. An Ildong Foodis official said, "We are building a customized lineup by life cycle to expand our target to the 20s and 30s age group." Additionally, Ildong Foodis decided to invest 38 billion KRW in February to build a third factory in Chuncheon to increase production of the Hi-Mun product line.

Namyang Dairy Products is also expected to drive its related business once again this year. Although Namyang Dairy launched the adult nutrition product ‘Haroo Geunryeok’ in 2019, it did not achieve noticeable results. This year, it is making a renewed challenge by signing a domestic distribution contract last month with the German pharmaceutical company ‘Fresenius Kabi’ for the patient nutrition product ‘Prezubin.’ A Namyang Dairy official said, "We are reviewing ways to secure new growth engines through rebranding protein products and expanding care food and balanced nutrition products."

This content was produced with the assistance of AI translation services.