by The South Korea garbage disposals market has witnessed significant growth over the past few years owing to the growth in the waste management sector and increasing focus on proper waste disposal systems. Garbage disposals help shred food waste into small particles so that it can easily pass through drainage pipes. These grinders safely and efficiently dispose of food scraps and save time, money and effort spent on scraping and bagging food waste. Residents in South Korea are increasingly adopting garbage disposals as they help reduce foul odor in kitchens and the number of trips to garbage bins outside.
The Global South Korea Garbage Disposals Market is estimated to be valued at US$ 28.5 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024-2031. The increasing hygiene concerns and changing waste management regulations are major factors driving the demand for garbage disposals in South Korea. With growing urbanization and changing lifestyles, proper waste disposal has become an important concern for citizens as well as the government.
Key Takeaways
Key players operating in the South Korea garbage disposals market are Ecube Labs, Cambi ASA, Tana Oy, Veolia, Suez Group, Amandus Kahl GmbH & Co. KG, Granutech Saturn Systems, Presona, Delitek AS, and Wooju Enviotech Inc. The key players are focusing on developing advanced and energy-efficient garbage disposal systems to strengthen their market position.
The demand for garbage disposals is expected to significantly rise over the forecast period owing to changing consumer lifestyles and increasing focus on proper waste management practices. With increasing disposable incomes, South Korean households are increasingly investing in smart home appliances including garbage disposals.
The global market players are expanding their presence in South Korea to gain from the high growth opportunities. Favorable government regulations regarding smart city development and implementation of advanced waste treatment technologies are encouraging market players to enter the South Korean market.
Market Key Trends
Induction motor technology in garbage disposals is gaining popularity in South Korea. Compared to traditional AC motors, induction motors are highly efficient and produce less noise. Some of the key players have launched garbage disposal systems equipped with brushless DC motors or universal motors which consume 30% lesser energy. The increasing adoption of energy-efficient motors is expected to be one of the key trends in the South Korea garbage disposals market over the forecast period.
Porter’s Analysis
Threat of new entrants: High initial investment requirements and economies of scale pose significant barriers for new players. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative options from local manufacturers. Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are well established raw material suppliers. Threat of new substitutes: Low threat of substitution as garbage disposal systems are highly suited and cost effective for commercial use.
Competitive rivalry: Intense competition among existing players to gain market share through product innovation and technological advancements.
Geographical Regions
South Korea accounts for majority of the market in terms of value owing to high waste generation and stringent government regulations regarding waste management. The country generated over 40,000 tons of food waste per day in 2019, necessitating efficient disposal solutions.
China is poised to witness highest growth during the forecast period attributed to rising urbanization, increasing consumer affluence and strong government support for sustainable waste management practices. Initiatives such as ban on food wastage in commercial establishments and push for circular economy are contributing factors.
What Are The Key Data Covered In This South Korea Garbage Disposals Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the South Korea Garbage Disposals ‘s growth between 2024 and 2031.
:- Accurate calculation of the size of the South Korea Garbage Disposals and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- South Korea Garbage Disposals Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of South Korea Garbage Disposals vendors
FAQ’s
Q.1 What are the main factors influencing the South Korea Garbage Disposals ?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top South Korea Garbage Disposals companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the South Korea Garbage Disposals ’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
