South Korea fresh food packaging market is expected to grow at a CAGR of 4.52% over the forecast period. The fresh food packaging market is growing in South Korea due to an increase in demand for seafood and meat & poultry products. South Korea is a major importer of U.S. agricultural goods. South Korea is currently having an increase in retail stores due to growing wealth in the nation. Several women are working in big multinational companies and with the increasing younger population joining the Multinational companies there is a rise in convenience stores, bulk retail outlets, and western-style family restaurants. South Korea is the third most densely populated country in the world with more than 80 percent of Koreans living in urban areas and more than 50 percent living in the direct vicinity of the capital city of Seoul. Thereby the increase in modern facilities and immunities to further boost the market for fresh food packaging. The increasing disposable income and health consciousness among citizens in South Korea are increasing the demand for fresh food packaging.
However, South Korea majorly imports from the USA under the KORUS agreement signed between the USA and South Korea. The country majorly imports beef & beef products and pork from the USA. The increasing import of food items in South Korea is hindering the market growth of fresh food packaging in the country to some extent. The aging farm population is a major factor in increasing imports of food products in the country. Currently, in South Korea, the aged population is estimated to be 41% above the age of 65 by 2060. This is an alarming factor for South Korea. As South Korea is not completely import-oriented, an efficient share of the domestic food demand is met by domestic production of food products, thereby bolstering the market growth of fresh food packaging in the country.
The South Korea Fresh Food Packaging market has been segmented based on the material and application. By material, the market has been segmented as plastic, paper and board, glass, and metal. By application, the South Korean fresh food packaging market has been classified into poultry and meat products, dairy products, produce (vegetables and fruits), seafood, and others. By material, metal holds a significant market share due to the strict government regulations over the use of plastic and an increase in the usage of eco-friendly packaging materials. By application, seafood and poultry and & meat products accounted for a significant market share in 2019.
Prominent key market players in the South Korea fresh food packaging market include Amcor PLC., Mondi, BALL CORPORATION, Sealed Air, and Crown Holdings, Inc. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in South Korea's fresh food packaging market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.