Secondhand Goods Demand in Asia Pacific to Surge at 9.7% CAGR through 2034 Amid Sustainability Concerns and Rising Middle-class Population | Future Market Insights, Inc.
The secondhand goods industry has been growing in popularity across Asia Pacific. This is influenced by the allure of discovering reasonably priced, high-quality goods and a rising consciousness of sustainability & environmental issues among consumers.
NEWARK, Del, Dec. 11, 2023 (GLOBE NEWSWIRE) -- As per newly released data by Future Market Insights (FMI), the Asia Pacific secondhand goods industry is expected to be worth *US$ 77,914.5 million* in 2024 and *US$ 1,96,645.8 million *in 2034. The industry is expected to surge at a *9.7% CAGR* from 2024 to 2034.The secondhand goods industry is driven by the growing awareness of environmental issues and the convenience & ease of buying and selling secondhand goods online. The rising middle-class population has considerably aided the spread, including increasing awareness of sustainability and demand for unique & vintage items. With more discretionary income, consumers are interested in sustainable and affordable purchasing options, making used items desirable.
A significant factor propelling the expansion of the secondhand goods industry is the growing focus on environmental awareness and sustainability. Purchasing used goods helps prolong the life of products and lowers the demand for new manufacturing, which promotes a more circular and sustainable economy.
To save money, consumers frequently resort to secondhand businesses. As pre-owned goods are usually less expensive than their new equivalents, they are a desirable choice for those on a tight budget. This affordability applies to several interests, including electronics and apparel.
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The second-hand goods industry has changed with the development of online marketplaces. Connecting and conducting business has become simpler for consumers and sellers due to Facebook Marketplace, eBay, Craigslist, and specialized resale applications.
Expanding mobile apps and e-commerce platforms has been crucial to developing the secondhand goods industry. With the help of websites such as Shopee, Lazada, Carousell, and eBay, it is simpler for customers to buy & sell used goods. This trend has been made more accessible by the increasing use of cell phones and the rising popularity of mobile applications for secondhand shopping.
*Key Takeaways from the Asia Pacific Secondhand Goods Industry Report:*
· The beauty and health segment by product type is projected to gain traction over the forecast period with a CAGR of *18.4%*.
· The Asia Pacific secondhand goods industry is expected to be worth *US$ 77,914.5 million* in 2024.
· The Asia Pacific secondhand goods industry is expected to reach a valuation of *US$ 1,96,645.8 million* in 2034.
· The Asia Pacific secondhand goods business is projected to surge at *9.7% *CAGR from 2024 to 2034.
· Japan is projected to surge at a CAGR of *9.0%* by 2034.
*"Countries such as Japan and South Korea have a culture of thrift shopping, and buying pre-owned goods is deeply ingrained. Rising environmental consciousness, cost-effectiveness, and a growing preference for unique items have further driven the growth of the secondhand goods industry in the Asia Pacific,"* Says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI).
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*Competitive Landscape*
The Asia Pacific secondhand goods industry, boasts a vibrant and diverse competitive landscape driven by consumer interest in cost-effective alternatives. Online marketplaces such as Carousell, Rakuten, and OLX have become vital hubs for buying and selling secondhand items, offering several categories, from fashion and electronics to home goods.
The Asia Pacific secondhand goods industry is poised for continued expansion, fuelled by evolving consumer preferences favoring sustainability, affordability, and diverse choices. As players innovate and adapt to meet changing demands, the landscape will likely witness further evolution and intensifying competition in the years ahead.
*For instance,*
· *In 2023,* SaSa was honored with the "2023 Greater Bay Area Most Outstanding Business Awards" by CORPHUB.
· *In 2022,* the e-commerce behemoth Amazon invested in Cashify, a re-commerce platform specializing in electronic devices like mobile phones and laptops.
*Scope of the Report:*
*Attribute* Details
*Estimated Industry Value (2024)* US$ 77,914.5 million
*Projected Industry Value (2034)* US$ 1,96,645.8 million
*Anticipated Growth Rate (2024 to 2034)* 9.7 %
*Forecast Period* 2024 to 2034
*Historical Data Available for* 2019 to 2023
*Industry Analysis* US$ million for Value
*Key Countries Covered* · China
· Japan
· India
· South Korea
· Indonesia
· Thailand
· Singapore
· Malaysia
· Hong Kong
· Australia and New Zealand
· Rest of Asia Pacific
*Key Segments Covered* · Product Type
· Sales Channel
*Key Companies Profiled* · Carousell
· OLX
· Tokopedia
· Reebelo
· Sangeetha Mobiles
· Cashify
· Hamleys
· BookMooch
· Qoo10
· My Toys
· Nykaa
· Flipkart
· PetSmart
· Pet Lovers Centre
· Anchanto
· Rakuten
· SaSa
· Kakaku.com
· Toy "R" Us
· Yahoo! Auctions Japan
*Report Coverage* Forecast, Company Share Analysis, Competition Intelligence, Dynamics and Challenges, and Strategic Growth Initiatives
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*Asia Pacific Secondhand Goods Industry Outlook by Category:*
*By Product Type:*
· Apparel/Fashion
· Women’s
· Men’s
· Baby/Kids
· House, Garden, Do-It-Yourself
· Consumer Electronics
· Media and Entertainment
· Consumer Appliances
· Beauty and Health
· Toys
· Leisure, Sports, and Fitness
· Pet Supplies
*By Sales Channel:*
· Thrift Stores/Resale Stores
· Online Market Places
· Consignment Shops
· Other Channels
*About the Consumer Products Division at Future Market Insights (FMI)*
Expert analysis, actionable insights, and strategic recommendations – the consumer products team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the consumer products industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
*Authored by:*
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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*About Future Market Insights, Inc. (FMI)*
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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