Businesses selling Korean products have multiplied, riding the wave of the Korean drama boom.

Literal

Korean-wave drama-boom [on-に] riding-the-bandwagon, Korea [possessive-の] products [object-を] sell businesses [subject-が] increased.

韓流 (literally 'Korean current/flow') is the Japanese term for the Hallyu wave of Korean popular culture. 便乗する ('to ride along, to jump on the bandwagon') originally meant literally riding in someone else's vehicle; now it primarily means taking advantage of a trend. The relative clause 韓国の製品を売る modifies 業者 — a clean example of a prenominal verb clause.