South Korea Has Witnessed An Increase in its Elderly Population in the Last Decade

Date: 2015-09-01

“South Korea has witnessed an increase in its elderly population in the last decade, which is expected to rise further by 2020. As a result, demand for lightweight, convenient, easy-to-use pack formats will increase. Additionally, labels with larger fonts and clear nutritional information will have greater preference.

Growth in South Korea’s export-oriented economy has led to a steady increase in disposable income of consumers who are open to experimenting with innovative products. There is a greater need for companies to continuously innovate products in order to meet the aspirations of South Korean consumers. Meanwhile, growing use of credit cards is expected to increase impulse buying in the country, and packaging will act as one of the important differentiators for CPG products, to attract consumers.

The high commuting time of South Korean consumers escalates the demand for on-the-go products as consumers prefer products that can be consumed during travel. Additionally, busier lifestyles will enhance demand for ready-to-cook and ready-to-eat packaging formats as consumers will have relatively less time to spend on cooking. With consumers becoming busier, there will be increasing efforts from FMCG companies to offer easy-to-open or easy-to-use packs for products. For example, Gooksoo, a dry noodle brand, introduced a folding box for noodles which is easier to carry for on-the-go consumption than traditional.

Technological advancements in the manufacturing process are increasingly being adopted by South Korean Food manufacturers in an attempt to increase the quality of their products. Laser film perforation technology used by ADD FARM Ltd. and a moisture absorbent packaging system adopted by BossPack Co. Ltd. are some of the recent examples highlighting the use of improved technologies for Food packaging. 

E-commerce growth is driven by a rise in internet penetration and greater use of smartphones. Rapid growth in online retail sales has encouraged major retailers to step into the online market. Increasing online sales will create greater demand for secondary and transit packaging, most importantly corrugated packaging.”

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