Korea should swiftly draft measures to meet surging demand from the aging population and deep-pocketed Arab and Asian consumers to sustain growth for the next 10 years, a trade association urged Wednesday.

Over the next decade, the growing elderly population will be a significant factor driving the market around the world and create niche products, the Korea International Trade Association said in a report.

The United Nations forecasts the number of people aged 65 or older will rise from 530 million to 710 million by 2020, making up about 10 percent of the world’s population.

Korea is one of the world’s most rapidly aging societies. The local silver industry has been expanding in recent years as the increasing number of seniors gives birth to new businesses such as for meal delivery, medical and health equipment rental, elderly fashion and travel planning.

The blossoming market as a whole is projected to grow at an annual average rate of 13 percent until 2020, according to the Korea Chamber of Commerce & Industry.

Despite the recent spike, Korea has a long way to go to compete with Japan, the U.S. or aging European nations, said Je Hyun-jung, a senior researcher at the trade body.

“Companies bypassing the senior consumers or products will likely face sales or profit losses in the future,” she said in the report.

“They should make thorough preparations for the nascent market if they want to turn silver into gold.”

Meanwhile, the number of Muslims is expected to reach 1.9 billion by 2020, accounting for a quarter of the world’s population, but 60 percent of which would live on the Asian continent ― such as in Indonesia, India or Pakistan.

Driven by oil wealth, many states in the Middle East and North Africa will likely form the economic center of the Arab world through a construction and financing boom.

In contrast, Muslims in Asia would emerge as a global manufacturing hub on the back of cheap labor and rapid economic growth, Je said.

“We also need a new insight for the Islam world beyond religion. The growth of the Muslim population will boost not just the halal market but also other fields such as cosmetics and health care,” she said, referring to food produced according to Islamic law.

As for Asia, the report underscored China as a growth driver of the world’s markets for production, consumption and capital.

“If Asia’s emerging economies have focused on manufacturing so far, their middle class from now onward will take a leading role in the global consumer market,” Je said.

By Shin Hyon-hee (heeshin@heraldcorp.com)