South Korea Biodegradable Packaging Market To Experience Rapid Growth Due To Increasing Adoption Of Biodegradable Materials



The South Korea biodegradable packaging market is anticipated to witness high growth owing to growing consumer demand for sustainable packaging solutions.

The 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.

Biodegradable packaging has been gaining popularity as it provides an eco-friendly alternative to conventional plastic packaging which is detrimental to the environment. Bioplastics used for packaging decompose without leaving behind any toxic residue thereby reducing environmental pollution. The ban on single-use plastics in South Korea has further propelled the demand for biodegradable packaging from food and beverage as well as industrial goods packaging industries. These sustainable packs can be used for applications ranging from food delivery, pharmaceuticals to consumer goods and ensure product safety as well as sustainability. The market is driven by stringent government regulations against non-biodegradable plastics and the commitment of businesses towards reducing their carbon footprint.

Key Takeaways

Key players operating in the South Korea biodegradable packaging market are Amcor, Mondi Plc, Smurfit Kappa, serimbng co.,ltd., ANKOR Bioplastics and Among Others. Amcor and Mondi Plc are the leading players and account for over 30% of the market share owing to their diverse product portfolio and global presence.

The growing e-commerce industry in South Korea has opened up opportunities for biodegradable packaging manufacturers to supply sustainable ship pouches, mailer bags and wrap films. Food delivery platforms are also widely adopting compostable takes out boxes, cutlery and plates to market their brands as environment-conscious. The country aims to recycle 100% of bioplastic waste by 2030 creating prospects for expansion in waste management infrastructure.

Major players are eyeing the South Korea market for global expansion owing to the government's push for a circular economy. Companies are investing in R&D to develop novel materials, innovative package designs and customized solutions to capture a wide customer base. Partnerships with local food brands and retailers will help boost market penetration. Focus on education and awareness campaigns can stimulate further adoption of biodegradable solutions.

Market Drivers

Growing environmental consciousness: Increasing awareness about reducing single-use plastics and commitment to sustainability goals are driving demand for greener packaging alternatives like biodegradable packs in South Korea.

Regulatory support: The government has imposed bans on select single-use plastic items and enacted policies promoting a transition to renewable and compostable materials thereby promoting the biodegradable packaging market.

Market Restraints

High costs: Biodegradable packaging solutions have higher costs of production compared to traditional plastics restricting widespread adoption.

Limited end-of-life infrastructure: Absence of sufficient composting facilities and the complexity of collecting and processing bioplastic waste act as bottlenecks to scaling up the market.

Segment Analysis

The South Korea biodegradable packaging market is dominated by paper & paperboards sub-segment. Paper & paperboards made from renewable raw materials such as wood pulp offer high sustainability quotient. They also offer sufficient strength and are ideal for packaging of various food & beverage products. Paper packaging solutions such as cartons, paperboards, boxes, etc. are extensively employed across industries such as food, healthcare, personal care & cosmetics in South Korea. Growing trend of replacing conventional plastics with Eco-Friendly paper products is the key factor driving demand for paper-based biodegradable packaging solutions.

Global Analysis

South East Asia Pacific region accounts for majority share in the South Korea biodegradable packaging market. Countries like China, Japan, Australia and South Korea are primary driving factors. ASEAN countries have been witnessing strong economic growth rate which is propelling packaged food and consumer goods industry development. This has significantly boosted demand for sustainable packaging solutions. Stringent regulatory mandates to curb pollution and promote renewable resources for packaging in South Korea, China and Japan are also favoring market growth of biodegradable packaging in the region. Governments are imposing bans on single-use plastics and encouraging adoption of paper packaging options.

Get more insights on this topic:  https://www.newsanalyticspro.com/south-korea-biodegradable-packaging-market-is-estimated-to-witness-high-growth-owing-to-increasing-demand-for-sustainable-packaging/

 

About Author:

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 - https://www.linkedin.com/in/priya-pandey-8417a8173/)

 

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

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