Eastern Asia: Plastic Bag Market 2024

Plastic Bag Market Size in Eastern Asia

In 2022, the East Asian plastic bag market decreased by -0.3% to $X, falling for the fourth consecutive year after three years of growth. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Plastic Bag Production in Eastern Asia

In value terms, plastic bag production declined modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by 27%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Plastic Bag Exports

Exports in Eastern Asia

In 2022, exports of plastic sacks and bags in Eastern Asia stood at X tons, surging by 2.7% on the year before. The total export volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 42% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, plastic bag exports expanded rapidly to $X in 2022. Total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +54.5% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 19% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

Exports by Country

China prevails in exports structure, recording X tons, which was near 90% of total exports in 2022. It was distantly followed by Taiwan (Chinese) (X tons), making up a 4.9% share of total exports. South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to plastic bag exports from China stood at +1.4%. At the same time, South Korea (+4.2%) and Taiwan (Chinese) (+3.1%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +4.2% from 2012-2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest plastic bag supplier in Eastern Asia, comprising 87% of total exports. The second position in the ranking was held by South Korea ($X), with a 5.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China stood at +6.2%. In the other countries, the average annual rates were as follows: South Korea (+5.3% per year) and Taiwan (Chinese) (+2.3% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, picking up by 3.8% against the previous year. Over the last decade, it increased at an average annual rate of +3.9%. The most prominent rate of growth was recorded in 2016 when the export price increased by 31%. The level of export peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.8%), while the other leaders experienced mixed trends in the export price figures.

Plastic Bag Imports

Imports in Eastern Asia

In 2022, supplies from abroad of plastic sacks and bags was finally on the rise to reach X tons after two years of decline. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when imports increased by 4.5% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, plastic bag imports expanded remarkably to $X in 2022. Overall, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 8.3% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan was the key importer of plastic sacks and bags in Eastern Asia, with the volume of imports recording X tons, which was approx. 80% of total imports in 2022. It was distantly followed by Hong Kong SAR (X tons), achieving an 11% share of total imports. The following importers - South Korea (X tons), China (X tons) and Taiwan (Chinese) (X tons) - together made up 8.6% of total imports.

Japan experienced a relatively flat trend pattern with regard to volume of imports of plastic sacks and bags. At the same time, South Korea (+9.6%) and Taiwan (Chinese) (+7.1%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +9.6% from 2012-2022. By contrast, China (-2.3%) and Hong Kong SAR (-3.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of South Korea increased by +2.4 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported plastic sacks and bags in Eastern Asia, comprising 70% of total imports. The second position in the ranking was taken by China ($X), with a 9.3% share of total imports. It was followed by Hong Kong SAR, with an 8.6% share.

From 2012 to 2022, the average annual growth rate of value in Japan was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: China (+0.9% per year) and Hong Kong SAR (-3.6% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, picking up by 4.5% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 11%. The level of import peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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