South Korea Returnable Packaging Market Research Report, 2027

With consumers' growing awareness of the environmental impact of packaging materials, there is a rise in returnable packaging solutions in South Korea. Returnable packaging is durable packaging meant for multiple uses in a closed loop system. Returnable packaging solutions are used several times in the logistics process. Consumers' busier lifestyles and demands for convenience products mean consumers prefer products with convenient and sustainable packaging, which in turn is anticipated to witness a surge in demand for returnable packaging solutions in South Korea. Also, environmentally friendly features have received increased attention from the various end-use industries, and companies have started to develop packaging materials such as containers and pallets made with sustainable and recyclable materials. South Korea depends on imports for most of its core packaging materials, and the volume of imports is expected to increase further with rising demand. The returns are rapidly increasing for the returnable packaging products. The market size of returnable packaging solutions is estimated to increase during the forecast period. According to the report title, "South Korea Returnable Packaging Market Overview, 2027," published by Actual Market research, the market is anticipated to grow with a CAGR of 7.40% during the forecast period of 2022 to 2027. Import activities are also a major part of the growth of the returnable packaging market in South Korea. South Korea depends on the imports of agricultural products from the United States. With the expansion of multinational companies in the country and with economic development, the South Korean returnable packaging market is estimated to have an immense growth rate during the forecast period. Manufacturers can also easily track their products during the supply chain process. The government has also implemented stringent regulations for the recycling and reuse of packaging materials in South Korea. Technological advancements and innovations in the returnable packaging market further give rise to the demand for efficient packaging solutions in the country. South Korea is currently seeing an increase in retail stores due to the growing wealth in the country. An increase in modern facilities, urbanization, and rapid expansion of end-use industries will lead to the growth of the returnable packaging market during the forecast period. Returnable packaging solutions are cost-effective systems for the transportation of products. According to the report, based on end-use, the market is segmented into food and beverages, automotive, consumer durables, healthcare, and other segments. The food and beverages segment is leading the market with more than 35% of the value market share in South Korea. High demand for packaged foods and seafood is leading the market for returnable packaging solutions in the food and beverage industries. The increasing production of the automotive industry in South Korea is also striving for returnable packaging products for the transportation of automotive products. The automotive segment is estimated to grow at the highest growth rate during the forecast period. According to the report, based on product type, the market is segmented into pallets, crates, intermediate bulk containers (IBCs), tanks, drums, and barrels, and other segments. The pallets segment covers the highest market share, followed by the crates segment. Based on the material type, the market is segregated into the following: plastic, wood, metal, glass, and foam. The plastic segment is leading the returnable packaging market in South Korea. Plastic pallets and containers are more durable and convenient than other materials. COVID-19 Impact: The spread of COVID-19 is an unprecedented health crisis across the globe that has impacted nearly every business. Every trade activity is impacted by the COVID-19 pandemic. The returnable packaging market in South Korea was also impacted at the time of the pandemic. The supply of raw materials for the production is reduced. Other than that, South Korea was also positioned to take advantage of test kit development for COVID-19. The global export of test kits is driving the growth of the returnable packaging market. Considered in this report • Geography: South Korea • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • South Korea Returnable Packaging market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Five Force models • Top profiled companies • Strategic recommendation Types of Material in the report: • Plastic • Metal • Wood • Others By End-Use in the report: • Food and Beverages • Automotive • Consumer Durables • Healthcare • Others Types of Product in the report: • Pallets • Crates • Intermediate Bulk Containers (IBCs) • Tanks, Drums, and Barrels • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to returnable packaging industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.