by Biodegradable packaging refers to packaging materials that can be decomposed by microorganisms and other naturally occurring conditions. It helps reduce the amount of waste sent to landfills. The key materials used for biodegradable packaging include paper & paperboards, plastic and jute. In South Korea, there is a growing demand for biodegradable packaging from food and beverage industries to package goods. The advantages of biodegradable packaging include sustainability, recyclability and reducing carbon footprint.
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. They collectively account for major share of the market.
The key opportunities in the South Korea biodegradable packaging market include growing preference for sustainable packaging from brands and retailers. The end-users are willing to pay premium for eco-friendly packaging which creates opportunity for innovation.
Due to stringent regulations on use of plastics in South Korea, there is huge scope for biodegradable packaging companies to expand globally and cater to the increasing demand. The government support and policies promoting use of bioplastics will further aid the global expansion of biodegradable packaging market.
Market Drivers
The rapid development of food processing and food service industry in South Korea has been the key driver for biodegradable packaging market. The sectors require packaging materials that can contain food products safely and has low environmental impact. The increasing awareness among consumers regarding use of sustainable materials close the loop of circular economy is further propelling the South Korea biodegradable packaging market growth.
PEST Analysis
Political: South Korea government policies and regulations supporting environmental protection and sustainable development are positively impacting the biodegradable packaging market.
Economic: Increased disposable incomes and higher living standards are driving the demand for convenient packaging. Growing focus on reducing plastic waste is prompting companies to adopt sustainable packaging solutions.
Social: Rising environmental awareness among consumers is fueling the demand for eco-friendly products. Younger population is more inclined towards sustainable packaging options.
Technological: Packaging manufacturers are investing in R&D to develop innovative biodegradable materials and improve production technologies to cater to rising market demand and stringent regulations.
Geographical Regions With High Market Concentration
Being a highly developed nation, South Korea has witnessed rapid urbanisation in major cities like Seoul, Busan etc. Nearly 50% of the nation’s population is concentrated in urban centres which generate high plastic waste. These densely populated regions account for over 60% of the biodegradable packaging market value in South Korea due to growing environmental regulations and widespread availability of sustainable products.
Fastest Growing Region
The government is promoting sustainable development through focused initiatives in smaller cities and rural areas. Subsidies for bioplastics production and awareness drives are encouraging usage of eco-friendly options in these regions. As environmental stewardship rises in tier-2 and tier-3 locations, their biodegradable packaging demand is expected to increase at a CAGR of around 8% during the forecast period, outpacing major urban centres.
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
About Author - Priya Pandey
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement. LinkedIn Profile
