As per newly released data by Future Market Insights (FMI), the Asia Pacific secondhand goods industry is expected to be worth USD 77,914.5 million in 2024 and USD 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 FMI Analyst
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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
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.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the Asia Pacific secondhand goods industry, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study divulges compelling insights on the Asia Pacific secondhand goods industry based on product type (apparel/fashion, house, garden, do-it-yourself, consumer electronics, media and entertainment, consumer appliances, beauty and health, toys, leisure, sports and fitness, pet supplies), sales channel (thrift stores/resale stores, online market places, consignment shops, other channels).
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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 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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