26 April 2023: The Korean Ministry of Food and Drug Safety (MFDS) recently held a hearing regarding the potential grant of approval for Superba krill oil as Health Functional Food in South Korea. Aker BioMarine has reason to believe approval for Superba krill oil as Health Functional Food in South Korea will be received. The formal documentation of the approval can be expected within 15 working days. Upon receipt of the documentation, the company and its local partner will reinitiate marketing and sales in the country.
In South Korea, krill oil has been one of the most successful health-functional foods the last years. However, due to overly aggressive marketing and low-quality products from unserious suppliers, the Ministry of Food and Drug Safety (MFDS) tightened the regulation of the krill oil category in late 2020, effectively blocking all sales of krill oil products in the country.
The new regulations require krill oil products to undergo more rigorous testing and labeling requirements to ensure their safety and efficacy. This move is expected to restore consumer confidence in the krill oil market and promote the development of high-quality products.
An approval is based on a review of the company’s manufacturing process, the product characteristics, and conducted scientific studies, and will be exclusive to Superba krill oil.
“The South Korean market for krill oil has historically been important for Aker BioMarine, and in 2019 and 2020, it accounted for around 25% of our Superba krill oil sales. We welcomed the tightening of regulations for the krill oil category as the market had attracted less serious suppliers and products which did not live up to their health claims. With approval of our high-quality Superba krill oil as Health Functional Food, we will re-launch marketing and sales in the South Korean market together with our long-term local partner. We expect new marketing campaigns to start towards the end of the second quarter, and gradually lift sales through 2023 and 2024.”, said Matts Johansen, CEO of Aker BioMarine.
For further information, please contact
Katrine Klaveness, CFO
Mobile: +47 991 58 915
Email: Katrine.Klaveness@akerbiomarine.com
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Lars Jacobsen, General Counsel, on 26 April, at 11:19 CET.
About Aker BioMarine
Aker BioMarine is a leading biotech innovator and Antarctic krill-harvesting company developing krill-derived products for pharma, consumer health and wellness as well as animal nutrition. The company has a strong position in its industry and is the world's leading supplier of krill, the natural, powerful and health-promoting source of nutrients from the pristine waters of Antarctica. Aker BioMarine is listed on Oslo Stock Exchange (AKBM). More information is available at www.akerbiomarine.com.