South Korea Garbage Disposals Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (undefined)

South Korea Garbage Disposals Market is Segmented By Product Type (Continuous Feed, Batch Feed), By Application (Residential, Commercial). The report offers the value (in USD million) for the above mentioned segments.

South Korea Garbage Disposals Market Trends

Market Driver – Population Growth and Urbanization

The rapid population growth and urbanization seen in South Korea in recent decades has been a major driving factor behind the increasing demand for garbage disposals. As more people move into densely populated urban areas, the amount of household waste generated has grown exponentially.

This mass urban migration has put tremendous pressure on waste management infrastructure in Korean cities. With limited landfill space and an emphasis on environmental protection, it has become imperative to find ways to reduce the volume of garbage through effective waste segregation and disposal methods at the source. Garbage disposals provide a convenient solution for households to shred food waste into pulp that can be easily flushed down the drain, helping to decrease the load on landfills and collection bins by 30-40% according to statistics from the UN Environment Programme (2020).

With the urbanization trend in South Korea expected to continue according to Korea National Statistical Office projections, the market for garbage disposals is likely to expand steadily to handle waste volumes that will accompany rising urban concentrations in the country through 2030.

Market Driver – Growing Environmental Concerns

Growing environmental concerns among South Korean citizens and stringent government policies are major factors driving the growth of the garbage disposals market in South Korea. There is increasing awareness about the harmful effects of landfills and importance of proper waste management. Many South Koreans now prefer disposing food waste through garbage disposals installed at home rather than throwing it in regular trash. This helps reduce waste sent to landfills.

The government too has implemented several initiatives in the past few years to promote sustainable waste management practices and reduce landfill waste. For example, in 2020, the Ministry of Environment of South Korea announced its ‘Zero Waste 2030’ strategy which aims to recycle 100% of household waste by 2030 by introducing separate collections for food waste and other recyclables. As part of this strategy, the government launched awareness programs through television and social media explaining the benefits of garbage disposals and offered rebates to citizens purchasing these products. This has encouraged more home owners to install garbage disposals.

South Korea Garbage Disposals Market Key Factors

Market Challenge – High Operational Costs

High operational costs have posed a major challenge for the growth of South Korea garbage disposals market in recent years. Garbage disposal units require regular maintenance to function efficiently for long durations. Servicing and repair of these units if they break down also adds to high ownership costs. Given the small kitchen sizes that are common in South Korean households, installing wired garbage disposals requires electrical wiring modifications which further adds to installation and setup expenses. The electrical costs associated with running garbage disposals on a daily basis is also significant.

South Korea has relatively high electricity prices compared to other developed nations. According to data from the International Energy Agency (IEA), in 2021, the average electricity price for household consumers in South Korea was $0.2080 per kWh, which is significantly higher than the United States average of $0.1349 per kWh. With garbage disposals requiring continuous power supply to function, the operational running costs over the long term accumulate substantially. This deters many cost-conscious South Korean homeowners from opting for wired garbage disposal units considering the small family sizes.

Market Opportunity – Adoption of Advanced Recycling Technologies

Adoption of advanced recycling technologies can provide a great opportunity to transform South Korea's garbage disposal market. South Korea is facing immense issues of waste management due to increasing population and urbanization. As per Ministry of Environment of South Korea, the country generates up to 38,000 tons of solid waste every day, making it one of the highest waste generators per capita in the world. With limited natural resources and space for landfills, there is high pressure on the government to adopt innovative solutions to deal with waste in an environment friendly manner.

Advanced recycling technologies such as chemical recycling, waste-to-energy plants and plastics pyrolysis can help South Korea immensely to recycle trash in a sustainable way. Chemical recycling is gaining popularity as it can break down mixed plastics into their fundamental chemical building blocks and synthetic gases. This allows usable products to be made from mixed plastic waste streams that currently go to landfills. The method is highly efficient as it can recycle plastic at molecular level. South Korea has demonstrated success with chemical recycling initiatives.