K-Food Newsletter

Senior Living Food Market Trends
Date
2023-08-04 11:44:31
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Korean society is on the verge of becoming a super-aged society with a rapidly increasing number of seniors. According to Statistics Korea, the proportion of the population aged 65 and older has more than doubled from 7.2% in 2000 to 17.5% (9.018 million) in 2022 and is expected to reach 20.3% by 2025. Typically, society is considered to be super-aged when more than 20% of the population is elderly. With this impending transition to a super-aged society, the food industry is actively targeting the senior generation as key consumers.
The term "senior generation" refers to those in their 50s and 60s who, as they enter the age of centenarians, have become a significant consumer group alongside the primary MZ generation, supported by their financial stability. In particular, the rise of 'YOLD' (Young Old) and 'Active Seniors', which refer to 50-60 year olds who retain the tastes of the young, embrace new trends and exhibit active consumption patterns, has made it necessary for the food industry to develop tailored marketing strategies for them.

 


Nowadays, thanks to advances in medical technology and consistent self-care, the senior generation wants to enjoy their favorite foods from their youth and various menus such as pasta and steak even as they age. Given the declines in their chewing ability, a focus in the development of foods for the elderly is improved texture and nutrition while maintaining the appearance and taste of food. The government operates the "Senior-friendly Food Designation System" to promote foods for the elderly, and has designed foods that take into account dental condition, digestion level, etc. Based on the condition of the prepared food, the products are classified as Level 1 (tooth consumption), Level 2 (gum consumption), or Level 3 (tongue consumption). As of December 2022, 113 foods have been designated under this system.

 


Pulmuone expanded its senior-oriented business by launching a high-protein nutritional supplement drink called 'Protein Day', including powdered food, balanced nutritional food, and soft food. CJ Freshway introduced a care food specialist brand called "Healthynuri" and released various room-temperature convenience foods in the form of curry rice with lotus leaves. Hyundai Green Food also operates a care food brand called "Greeting," offering various products and services such as the Longevity Village Meals based on the diet of the world's longevity villages, Mediterranean Diet reflecting the Mediterranean eating habits, and meal subscription services. Daesang WellLife launched balanced nutritional food for elderly cancer patients and diabetics under its patient food brand 'Newcare'.

 


According to the Food Industry Statistics System, the Korean care food market is expected to be about 2.5 trillion won in 2022 and grow to KRW 3 trillion by 2025. As the care food market is expected to grow even larger in the future, with more varieties and intense competition.

 

 

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