South Korea Biodegradable Packaging Market Primed For Growth Due To Rising Environmental Concerns

The South Korea biodegradable packaging market has been gaining significant traction in the recent years amid growing environmental concerns regarding plastic waste. Biodegradable packaging such as paper bags, boxes, and wrapping films are made from renewable and recyclable materials like paper, vegetable-based polymers, and paperboard. These eco-friendly alternatives to single-use plastics breakdown completely when disposed without causing harm to the environment. The biodegradable packaging solutions provide brands the advantages of sustainability, safety for food products, and renewability of raw materials. They help reduce carbon footprint as well as waste management costs for businesses.

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. The major players are investing heavily in R&D to develop innovative and sustainable packaging solutions using plant-based materials.

The growing awareness among consumers and restrictions on single-use plastics by the government are fueling the demand for biodegradable packaging in South Korea. Various industries including food and beverages, pharmaceuticals, and personal care have been adopting eco-friendly alternatives to meet sustainability goals.

The market players have been expanding their operations globally to cater to the rising needs of biodegradable packaging in international markets. Many companies have entered partnerships with local players to set up production plants overseas and strengthen their supply networks.

Market Key Trends

Polyethylene Furanoate (PEF) has emerged as a promising bio-based polymer for packaging applications. PEF provides high heat resistance and barrier properties equivalent to PET but is entirely compostable. Some key players are engaged in commercializing PEF-based bottles and food containers to the Korean market. This innovation is expected to boost the adoption of biodegradable flexible packaging in the country.

Strict implementation of plastic waste management regulations coupled with aggressive bio-based packaging procurement targets of retail giants are fueling investments in bioplastics production capacity expansion. Provincial governments have also introduced favorable policies promoting a circular economy approach which is likely to drive the South Korea biodegradable packaging market.

Porter’s Analysis

Threat of new entrants: New companies in South Korea will face higher costs of complying with strict environmental regulations for entering the biodegradable packaging market.

Bargaining power of buyers: Large retailers have significant bargaining power over biodegradable packaging producers in South Korea due to the consolidated nature of the retail industry.

Bargaining power of suppliers: Producers of bioplastics have moderate bargaining power over biodegradable packaging companies as capacity expansions by bioplastic makers can influence overall supply in South Korea.

Threat of new substitutes: New substitutes for biodegradable plastics may pose a medium threat if materials like paper possess comparable properties at lower costs.

Competitive rivalry: Intense competition exists among established biodegradable packaging producers in South Korea striving to gain market share through product differentiation and cost leadership.

Geographical Regions

South Korea’s biodegradable packaging market is highly concentrated in the densely populated Seoul Capital Area region due to the strong presence of multinational FMCG companies and retailers. Rising environmental awareness among consumers has encouraged provincial cities like Busan, Daegu and Incheon to introduce plastic bag regulations, driving significant biodegradable packaging demand outside of Seoul as well.

Fastest Growing Geographical Region

The southeastern port city of Busan has emerged as the fastest growing region for South Korea’s biodegradable packaging market over the forecast period. Strict plastic bag bans and sustainable procurement policies adopted by major corporates located in the industrial zones around Busan are expected to fuel double-digit market growth, higher than the projected national CAGR of 6.5% through 2031.

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