Deputy Chief Secretary Warner Cheuk has called for changes to cater to the city's ageing population, saying the rising number of elderly individuals offers “tremendous" market potential.

Cheuk is leading a working group on promoting the silver economy to address the growing needs of the elderly population.

On RTHK's Overview Policy programme, the minister said Hong Kong could reference measures in other places, such as the mainland, Japan, and South Korea, to support those aged 65 and above.

He also urged businesses to "find their niche" and tap into the potential that the silver economy offers.

"Seniors are a very huge market. For people selling goods or services, they must cater to their customers' preferences... If businesses want to sell products to the elderly, they must make changes," Cheuk said.

"In the future, there should naturally be a designated area for a silver economy, for people to find food, healthcare products, and things that are suitable for the elderly. This is bound to happen, so I'm not worried whether the industry would cooperate on this or not."

In the latest Policy Address, Chief Executive John Lee outlined plans for the silver economy with measures to boost consumption among the elderly, promote industrialisation of products, and encourage seniors to return to the labour force.