South Korea Fresh Food Packaging Market Size, Share, COVID-19 Impact, Opportunities, And Trends By Materials (Plastic, Paper And Board, Glass, Metal), And By Application (Poultry & Meat Products, Dairy Products, Produce (Vegetables And Fruits), Sea Food, Others) - Forecasts From 2022 To 2027
- Published : Aug 2022
- Report Code : KSI061613520
- Pages : 75
South Korea’s fresh food packaging market is estimated to grow at a CAGR of 4.43% to reach a market size of US$2,813.624 million in 2027 from US$2,076.912 million in 2020.
The fresh food packaging market is growing in South Korea due to increased 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 the growing wealth of the nation. Several women are working in big multinational companies, and with the increasing younger population joining 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 boosts 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.
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 hinders the market growth of fresh food packaging in the country to some extent. The ageing farm population is a major factor in increasing imports of food products in the country. Currently, South Korea’s 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 the domestic production of food products, thereby bolstering the market growth of fresh food packaging in the country.
The South Korean fresh food packaging market has been segmented based on 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.
- The South Korean government changed its national requirements for food packaging recyclability in May 2022, which means that producers of food and beverages must assess their present packaging to make sure it doesn't fall under the category of "difficult to recycle."
- The leading fresh food manufacturer in South Korea, Pulmuone, promoted environmental consciousness in November 2020 by introducing Ecolean's lightweight packaging for its products in the country's developing and quickly expanding liquid food industry. Two of Pulmuone's earliest beverage items, Cocoa Classic and Golden Apple, are already available in Ecolean packaging. Schoolchildren are the main target market for the two drinks because they are a convenient and wholesome addition to their lunches.
Due to COVID-19, the fresh food packaging market in South Korea is predicted to experience a moderate impact. It was estimated that demand for the fresh food packaging used for meat and seafood significantly declined. According to the USDA's Korea Seafood Market Update 2021, Korea produced 3.71 million metric tons of seafood in 2020, a decrease of 3.9% from 2019. However, there was an upsurge in demand for fresh food packaging in applications including fruits and vegetables. According to the South Korean Ministry of Agriculture, the export value of strawberries increased by 20% from US$53.7 million in 2020 to US$64.5 million in 2021, while the export value of grapes increased by 24.1 percent from US$31.2 million in 2020 to US$38.7 million in 2021. In addition, people started panic buying and mass stocking out of concern for lockdowns. Daily necessities and fresh food were being ordered online by more individuals, which increased the demand for fresh food packaging.
- By Material
- Paper and Board
- By Application
- Poultry and Meat Products
- Dairy Products
- Produce (Vegetables and Fruits)
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. South Korea Fresh Food Packaging Market Analysis, By Material
5.3. Paper and Board
6. South Korea Fresh Food Packaging Market Analysis, By Application
6.2. Poultry and Meat Products
6.3. Dairy Products
6.4. Produce (Vegetables and Fruits)
7. Competitive Environment and Analysis
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. Company Profiles
8.1. Amcor PLC
8.3. BALL CORPORATION
8.4. Sealed Air
8.5. Crown Holdings, Inc.
8.7. serimbng co.,ltd.
8.8. Tetra Pak
8.9. JCR Packaging
Crown Holdings, Inc.
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