Probi has signed a distribution agreement with Dongkook Pharmaceutical Co., Ltd., based in Seoul, South Korea for the distribution of Probi´s gut health product, Probi Mage®. The Product will be launched under Probi's brand in South Korea in the second quarter of 2014.
Established in 1968 and listed in KOSDAQ in 1997, Dongkook is the leading OTC pharmaceutical company in Korea with own research and production facilities. As an R&D and technology innovation focused pharmaceutical company, Dongkook exports their products to more than 50 countries, including 10 countries in the EU. Dongkook will launch Probi Mage® as a dietary supplement in department stores and TV/Internet home shopping, one of the largest distribution channels for dietary supplement products in Korea.
"We are looking forward to launch the Swedish brand Probi Mage® in Korea. Probi Mage®, based on a high-quality probiotic ingredient with good clinical documentation, fits well into our dietary supplement range. This is the start of a long-term relationship with Probi, with the intention to extend the collaboration in the future." says Hee Sup Kim, Vice President at Dongkook Pharmaceutical.
"South Korea is the third largest probiotic supplement market in Asia and we are looking forward to launching Probi Mage®together with Dongkook Pharmaceutical in the growing Korean market." says Peter Nählstedt, CEO of Probi.
The South Korean market for probiotic supplements is estimated to have a value of USD 54 million, and its annual growth rate over the past five years has been on average 15 percent. The increasing health awareness and disposable income are positive factors driving the market growth in Korea.
Peter Nählstedt adds "Expansion in the highly populated markets in Asia is a key component in Probi's business strategy and the company is looking at extending its presence further, both in Korea and the rest of the region."
Source: Probi AB