The South Korea biodegradable packaging market has witnessed significant growth over the past few years owing to increasing awareness about environmental sustainability. Biodegradable packaging materials like paper, paperboard, bioplastics, etc. are gaining traction as they decomposes completely and do not release toxic by-products. These materials are primarily used for food packaging, beverage packaging, pharmaceutical packaging and personal care products packaging. The biodegradable packaging helps in reducing carbon footprint and minimizes plastic waste.
The South Korea Biodegradable Packaging Market is estimated to be valued at US$ 581.0 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the South Korea biodegradable packaging are Amcor, Mondi Plc, Smurfit Kappa, serimbng co.,ltd., ANKOR Bioplastics and Among Others. These players are focusing on new product launches, partnerships, and capacity expansion to strengthen their market position and meet the growing demand for biodegradable packaging solutions.
The growing demand for sustainable packaging from industries like food and beverage, pharmaceutical, and personal care is fueling the growth of the South Korea biodegradable packaging market. Consumers are also increasingly preferring eco-friendly packaged products over products packaged using conventional plastic materials.
The biodegradable packaging market in South Korea is further expected to grow exponentially over the forecast period owing to stringent government regulations against single-use plastic and growing expansion of global players in the country.
Market Drivers
One of the key drivers for the South Korea biodegradable packaging market is the implementation of stringent regulations against plastic waste. The South Korean government has imposed penalties and banned specific single-use plastic products to control plastic pollution. It has also increased taxes on plastic bags to encourage the use of sustainable alternatives like biodegradable packaging. These government initiatives are positively influencing the adoption of biodegradable packaging solutions in South Korea.
The current geopolitical situation is significantly impacting the growth of South Korea biodegradable packaging market. South Korea shares borders with North Korea and maintains tense relations with its neighbor. Ongoing political issues and threat of conflicts in the region has increased economic uncertainties. This has made companies wary about large investments and expansion plans. The biodegradable packaging industry is sensitive to changes in consumer spending behavior and economic growth. However, rising consumer awareness about environmental protection and sustainability is creating new opportunities. Market players need to focus on developing innovative and affordable solutions to cater to cost-conscious consumers. They must ensure adequate domestic production capacity and diversify import sources to minimize supply chain disruptions due to geopolitical risks. Entering new export markets will help gain Footholds in other fast growing Asian economies and offset revenue losses. Collaborating with local startups and research institutions can boost innovation.
The biodegradable packaging market in South Korea is currently concentrated in the Seoul Capital Region, which accounts for over 40% of the country's GDP. It is home to the headquarters of major FMCG companies and retailers driving demand for sustainable products. Busan is another important industrial hub in the southeast, with a sizable food processing and manufacturing base. The port city contributes about 15% to the national biodegradable packaging market value. However, regions outside of Seoul are witnessing stronger growth led by expanding small and medium enterprises. Gyeongsang, centered around Daegu and Ulsan, is the fastest growing region due to multiple industrial clusters and increasing exports. Government support through industrial zones and training programs is attracting investments.
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What Are The Key Data Covered In This South Korea Biodegradable Packaging Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the South Korea Biodegradable Packaging's growth between 2024 and 2031.
:- Accurate calculation of the size of the South Korea Biodegradable Packaging and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- South Korea Biodegradable Packaging Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of South Korea Biodegradable Packaging vendors
FAQ’s
Q.1 What are the main factors influencing the South Korea Biodegradable Packaging?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top South Korea Biodegradable Packaging companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the South Korea Biodegradable Packaging’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it