Africa and the Middle East
Australia and New Zealand
Central and South America and the Caribbean
Companies in the automotive, telecommunications and pharmaceutical industries are broadening their focus across multiple industries and seeking opportunities for cross-sector collaboration.
Supplements and food ingredients that target eye health, joint health and menopause are in particular demand.
Wisconsin companies can get involved in plans to use artificial intelligence and data analysis to better understand rare diseases.
Wisconsin companies wishing to enter the market must understand cultural norms and consumer preferences.
Growth is being driven by increased sales by online retailers and convenience stores.
In particular, South Korean consumers are interested in dairy products and baked goods from abroad.
Approximately 10 percent of South Korea's growing elderly population is living with dementia.
Wisconsin biotech companies with advanced technologies should consider partnering with South Korean companies.
The market has grown 71 percent in seven years, with particular growth in premium teas.
After scandals involving bird flu, pesticide, and Hepatitis E contamination, South Korea is increasingly looking to imported sources of eggs and sausage.
Air quality in South Korea has deteriorated due to a dust storm in the Gobi Desert and smog from China, creating demand for air purifiers, vacuum cleaners, dust-proof bedding and curtains, and dust masks.
Demographic and cultural trends have led to increased demand, and companies in the industry are working to come up with healthier options.
Demand for desserts is rising, while the supply of key ingredients has dropped.
The South Korean government is actively pursuing the “new energy” industry as a core innovation project for the nation’s economic growth. The government plans to reduce greenhouse gas output by 5,500 tons and to grow the new energy industry to be a $100 billion market by 2030. The Ministry of Trade, Industry and Energy launched the Energy Future Strategy Committee and announced in July that a total of $42 billion will be invested in the new energy industry by 2020. The government will focus mainly on growing eight areas: electric automobiles, the megawatt market, energy storage systems, energy independent islands, eco-friendly energy towns, zero-energy buildings, utilization of heat from wastewater from thermal power plants, and solar panel rental services.
The Ministry of Land, Infrastructure and Transport (MOLIT) of South Korea recently announced a plan to expand the Gimhae airport, located in the southern part of the country, to be more competitive as an international airport.
The Ministry of Science, ICT and Future Planning of South Korea recently announced a plan to establish strategies for the development of the intelligence information industry and invest one billion dollars in fostering the specialist labor force and data infrastructure for the next five years. The intelligence information affected includes artificial intelligence, the Internet of Things (IoT), the cloud, and big data. The government plans to enhance the artificial intelligence technology that is currently lagging behind that of other developed countries.
The South Korean government is focusing on developing the country’s water sector, with support for this development coming from the chemicals sector. The water purification subsector is growing especially fast, with support from both the government and the chemicals sector.
South Korea’s packaging industry has been growing significantly, and is expected to grow further based on advanced technologies and materials. Compared to the sales of global packaging market, which is forecast to reach $82 billion by 2016 and has a 3 percent growth rate, the South Korean packaging market is growing at double the pace. The size of South Korea’s packaging machine industry reached $742 million in 2013 from $675 million in 2012, which is a 10 percent year-over-year increase. With this growth, a packaging market that used to be regarded as supplier-oriented is transforming into a consumer-oriented market, and a range of delicate new packaging types addressing consumer safety, convenience and environmental concerns have been introduced to the market.