Jo Yong-chul, right, chief executive officer of Nongshim, and Liu Yanping, chairman of Guangzhou Wanglaoji Pharmaceutical, shake hands after signing an agreement to launch dietary supplements in each other's markets at the Nongshim headquarters in Seoul, Tuesday. Yonhap
Nongshim, Korea's leading instant noodle maker, said Wednesday it has partnered with a Chinese company to launch collagen-based dietary supplements in the second half of the year.
Under the agreement, Nongshim will sell its Lifill collagen products through the distribution network of Guangzhou Wanglaoji Pharmaceutical in China, the company said in a press release.
Nongshim also plans to introduce its partner's dietary supplements in the Korean market later this year to create synergies.
China's dietary supplements market, valued at about 41 trillion won ($27.8 billion), is expected to grow at an average annual rate of around 7 percent through 2027, the company said.
The partnership is part of Nongshim's broader effort to diversify its portfolio beyond instant noodles and snacks and secure long-term growth.
Source: Korea Times News
