Why this is important to Wisconsin businesses:Wisconsin companies could find market opportunities in the rising, tech-savvy, over-65 population.
South Korea’s population is aging and its birth rate is declining. As a result, demand is growing for products and services aimed specifically at senior citizens.
According to Statistics Korea, 9.5 million adults were 65 or older in 2023, or 18.5% of the country’s population of 51.1 million. Senior citizens will make up 20% of the population by 2025—making it a “super-aged” society, according to the government’s definition—and more than 25% by 2030.
To meet the needs of the aging population, the health care market for seniors will jump from $55 billion in 2020 to as much as $128 billion by 2030, the Korea Health Industry Development Institute is projecting.
South Korean startups providing health care services include JunctionMed, which offers a health monitoring platform for senior citizens. Bredis Healthcare is working on identifying biomarkers for early detection of Alzheimer’s disease, and Caredoc provides senior care services.
Specialty foods aimed at older residents are also increasing in popularity. The market size was $497 million in 2014. By 2020, it reached $1.5 billion, and it is projected to reach nearly $2.3 billion in 2025.
Leading food manufacturers in South Korea such as CJ Freshway, Daesang, Pulmuone, and Shinsegae have introduced “care foods” to their lineup. Care foods are defined as ready-made, nutritious meals that are easy to chew and digest. They are designed for people who are older or who are recovering from illnesses.
South Koreans between the ages of 55 and 69 are more likely to be involved in sports and other outdoor activities than previous generations, and they are generally proficient in using smartphones and computers. Some companies have tailored their websites to cater to seniors, and some online shopping malls now feature senior models to enhance their sales strategies.
Wisconsin companies that specialize in products and services for senior citizens might find market opportunities in South Korea.
