South Korea’s packaging industry to grow at 1.3% CAGR through 2024, says GlobalData

Customers spend more on premium options

South Korea’s packaging industry to grow at 1.3% CAGR through 2024, says GlobalData

The packaging industry in South Korea is expected to reach 51.7 billion units in 2024, growing at a compound annual growth rate (CAGR) of 1.3% during the forecast period 2019-2024, says GlobalData, a data, and analytics company.

GlobalData’s report, ‘South Korea Packaging Industry – Trends and Opportunities’, reveals that the industry is majorly driven by growth in the rigid metal packaging, which is forecast to register the fastest value CAGR of 4.5% during 2019-2024. The category is followed by glass, which is expected to record a CAGR of 2.0% during the next five years.

Anchal Bisht, consumer analyst at GlobalData, says, “The recyclable and reusable nature of glass bottles is driving their use while rising demand for packaging foods in portable and convenient formats is fueling the use of rigid plastic in the food industry. The implementation of stringent regulations has restricted the use of plastic packaging in industries such as food and beverages, which are driving the need for innovative packaging solutions.

Furthermore, to encourage consumers to adopt the use of sustainable products, the government has mandated the use of recycling symbols on product packaging. This offers new growth opportunities in the sector.”

Rigid plastics represented the most consumed pack material in South Korean packaging and accounted for a market share of 36.7% in 2019. It was followed by flexible packaging and paper & board packaging with market share of 18.9% and 16.1%, respectively, in 2019.

Food industry characterized the most use of packaging in South Korea and accounted for 48.0% market share. It was followed by non-alcoholic beverages and alcoholic beverages with share at 26.5% and 12.1%, respectively.

Food industry was leading in terms of the usage of rigid plastics, with a share of 61.5% in 2019. It was followed by the non-alcoholic industry, which accounted for a share of 30.9% in the same year.

Bisht concludes, “Rising disposable income of South Korean consumers is enabling them to spend more on premium options, which offer an eye-catchy appeal. Brands are innovating with unique and unusual packaging formats, which not only impart a sophisticated look but also make the packaging look more interactive.”

The impact, resilience, and growth of responsible packaging in a wide region are daily chronicled by Packaging South Asia.

A multi-channel B2B publication and digital platform such as Packaging South Asia is always aware of the prospect of new beginnings and renewal. Its 16-year-old print monthly, based in New Delhi, India has demonstrated its commitment to progress and growth. The Indian and Asian packaging industries have shown resilience in the face of ongoing challenges over the past three years.

As we present our publishing plan for 2023, India’s real GDP growth for the financial year ending 31 March 2023 will reach 6.3%. Packaging industry growth has exceeded GDP growth even when allowing for inflation in the past three years.

The capacity for flexible film manufacturing in India increased by 33% over the past three years. With orders in place, we expect another 33% capacity addition from 2023 to 2025. Capacities in monocartons, corrugation, aseptic liquid packaging, and labels have grown similarly. The numbers are positive for most of the economies in the region – our platform increasingly reaches and influences these.

Even given the disruptions of supply chains, raw material prices, and the challenge of responsible and sustainable packaging, packaging in all its creative forms and purposes has significant headroom to grow in India and Asia. Our context and coverage engulf the entire packaging supply chain – from concept to shelf and further – to waste collection and recycling. We target brand owners, product managers, raw material suppliers, packaging designers and converters, and recyclers.

In an admittedly fragmented and textured terrain, this is the right time to plan your participation and marketing support communication – in our impactful and highly targeted business platform. Tell us what you need. Speak and write to our editorial and advertising teams! For advertisement , for editorial and for subscriptions

– Naresh Khanna

Subscribe Now
unnamed 1


Subscribe to our Newsletter

As 2023 begins and FY 23-24 unfolds, will you support us?

What lies in store for the packaging industry in India and South Asia this coming year? Inflation, disruption of supply chains or environmental regulation? Or the resumption of high rural demand, continued investment and industry consolidation? Whatever happens, Packaging South Asia will be there, providing clarity and independent technical and business information in India and South Asia and around the world. We are a compact Indian organization bringing a window of fair and rigorous technical and business information that the industry can access this year and beyond. Please support us with your advertising and subscriptions, to keep us going and growing.

Thank you.


Please enter your comment!
Please enter your name here