Firms shift focus to care food as protein market heats up
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According to industry sources on Sunday, Daesang Wellife’s care food brand New Care saw a 16 percent increase in sales in 2023 compared to the year before. With Daesang Wellife’s total revenue hitting 308.9 billion won ($ 224 million) in 2023, a significant portion of this is attributable to New Care. The brand has been expanding its product lineup, launching “Joint Plan” in February 2024 and “Blood Pressure Plan” in April.
Following New Care’s success, other food companies that have thrived in the protein market over the past few years, such as Ildong Foodis and Maeil Dairies, are also expanding their care food businesses. While New Care currently holds the top spot in the Korean patient food market, there is still room for other strong competitors to emerge.
In contrast, the protein food market is becoming increasingly saturated, with home shopping channels, coffee shops, and convenience stores all entering the fray. The heightened competition has led to a slowdown in major companies’ performance. Sales of Ildong Foodis’s protein brand Himune Protein Balance and Maeil Dairies’ protein brand Selex both saw double-digit declines in the first half of 2024 compared to the previous year.
“We plan to put more effort into expanding our care food line, including the Himune Caremate, in 2024 ” an Ildong Foodis official said. Himune Caremate currently offers two products: one for general use and general patients, and another for diabetic patients. The company plans to introduce more disease-specific products in the latter half of 2024.
Maeil Dairies is also bolstering its care food business. The company relaunched its nutritional food brand Mediwell in May 2024, reinforcing its commitment to this sector. Maeil had been operating the nutritional food business in partnership with Daewoong Pharmaceutical since 2007 butbut has took full control in 2024 in a bid for independent growth.
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