Rapid Growth from 700 Billion in 2014 to 2.5 Trillion Last Year
CJ Freshway and Daesang Life Science Lead Market with Diverse Product Launches
[Asia Economy Reporter Eunmo Koo] Care food, designed for the elderly and patients, is expanding its consumer base driven by the increasing elderly population and heightened interest in health management. As the market shows growth, food companies are launching various products one after another to secure market dominance.
According to the Korea Agro-Fisheries & Food Trade Corporation on the 6th, the domestic care food market was valued at 2.5 trillion KRW last year. The size of the domestic care food market was only 700 billion KRW in 2014 but surpassed 1 trillion KRW for the first time in 2017 (1.1 trillion KRW), and in 2020, it even broke through the 2 trillion KRW mark, showing a growth trend.
Care food refers to food products targeted at the elderly who have difficulty with food intake and digestion, also called elderly-friendly food, silver food, or senior food. As of 2020, the population aged 65 and over accounted for 15.7% of the domestic population, and with the increase in the elderly population, the care food market targeting them is also growing. Manufacturers are responding to the market size by releasing softened foods (easy-to-chew products), nutritional foods, and convenience foods that consider mastication (chewing) function while maximizing texture and minimizing nutrient loss.
CJ Freshway is nurturing its care food specialized brand ‘Healthy Nuri’ as a future growth engine for the company, based on its know-how in operating institutional catering for medical institutions and developing low-calorie, low-sodium, diabetes, and hypertension diets. It has recorded an average annual sales growth rate of 18% over the past five years, and sales in the first half of this year increased by 20% compared to the same period last year, continuing its growth trend.
Daesang Life Science has introduced various lineups tailored to different disease conditions, such as its patient food brand ‘New Care’ launched in 2015, with cumulative sales of its Dang Plan products exceeding 40 billion KRW. Additionally, Pulmuone Foodmars launched powder meals and softened side dishes with a soft texture through its senior specialized brand ‘Full Care,’ and Ourhome’s ‘Care Plus’ and Shinsegae Food’s ‘Easy Balance’ have also released related products to the market.
Recently, the growth of the care food market is not solely driven by the demand from elderly patients. The middle-aged and older adults who are managing their health, as well as the 20s and 30s generations sensitive to diet management, are showing interest in care food, expanding the consumer base from the elderly to all age groups. An industry insider said, "Initially, care food meant diets for chronic disease patients, but as society enters an aging phase and more people pursue a healthy lifestyle, its meaning is expanding to customized foods," adding, "Both the consumer base and market for care food are expected to expand centered on products targeting these groups."
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