[Gettyimages Bank]
According to data released by Korea Health Supplements Association, the country's market for functional foods including vitamins, probiotics and other health supplements is backed by the rapidly aging society. A survey of 400 people who regularly consume functional foods showed that the main reason for taking health supplements is to stay healthy.
Emart said in a statement on March 29 that the company acquired a 3.3 percent stake in KoBioLabs. The investment will be made in a form of paid-in capital. Emart and the drug developer joined hands in early March to set up a functional food-specialized joint venture called "WeBiom" that will focus on the development of probiotic-based health supplements.
The hypermart franchise has broadened its business scope to attract more customers to offline and online stores amid a prolonged pandemic and maintain its reputation as a key player in South Korea's megastore industry. The company differentiated its market strategy from rivals by carefully fractionating target groups into finer consumer groups to offer a more personalized shopping experience. Emart attracted vegan consumers to its hypermarts by selling vegan products including plant-based alternative meat in December 2021 while alluring camera hobbyists with a one-stop online-to-offline concierge service to marts' electronics sections.
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