Asia Pacific Secondhand Goods Industry Poised for Growth: Projected 9.7% CAGR, Anticipated Value of US$ 1,96,645.8 Million by 2034

Asia Pacific Secondhand Goods Industry
Asia Pacific Secondhand Goods Industry

In 2023, sales of secondhand goods in Asia Pacific were estimated to be valued at US$ 71,025.1 million, with a year-on-year growth of 8.9%. By 2024, demand for secondhand goods is expected to reach US$ 77,914.5 million. By 2034, Asia Pacific secondhand goods sales are projected to exhibit a 9.7% CAGR, reaching a value of US$ 1,96,645.8 million.

The secondhand goods industry is gaining popularity throughout Asia Pacific, driven by the appeal of finding affordable, high-quality items and an increasing awareness of sustainability and environmental issues among consumers. The rise of digital platforms and e-commerce has revolutionized the region’s secondhand goods sector, providing convenient channels for buying and selling used products and expanding customers’ reach and accessibility.

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Key Trends in the Secondhand Goods Industry in Asia Pacific

  • The emergence of conscious consumerism in Asia Pacific has significantly influenced consumer behaviors and preferences.
  • This shift reflects a growing awareness and concern for sustainability, ethical consumption, and reducing environmental impact.
  • As consumers become more mindful of their purchasing choices, the secondhand goods industry has experienced a substantial surge in demand and popularity across various sectors.
  • The trend toward conscious consumerism has compelled firms to adapt and incorporate sustainable practices into their operations.
  • Many retailers and brands in Asia Pacific are now integrating secondhand or refurbished products into their offerings.
  • They are embracing circular economy models and emphasizing transparency in their supply chains to meet the growing demand for sustainable options.

Factors Restraining Growth of the Secondhand Goods Industry in Asia Pacific

  • The lack of warranties or guarantees on used items can be a turnoff for risk-averse consumers.
  • The secondhand goods industry sometimes lacks standardized product information and quality control systems.
  • The expense and difficulty of delivery can be a deterrent for online platforms.

Key Players Are:

  • 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

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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

Author

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.

About Future Market Insights (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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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