Food Waste Processors Market Size Estimated at About 600 Billion KRW This Year... Expected to Grow to 1 Trillion KRW Next Year
'Dry Grinding' Products Ranked 1st with 33% Market Share in 2021
"Convenient and Eco-Friendly Dry Grinding Method Drives Popularity"
[Asia Economy Reporter Kwak Minjae] As the time spent at home increased due to COVID-19, the ‘food waste disposer’ has rapidly emerged as a new home appliance in the electronics industry. With the rise of homebodies, the amount of food waste generated at home has increased, and the convenience premium and eco-friendly trends have taken root in the home appliance industry, expanding the food waste disposer market.
According to the electronics industry on the 23rd, the food waste disposer market, which was worth 200 billion KRW last year, is expected to maintain its growth, reaching about 600 billion KRW this year and approximately 1 trillion KRW next year. The current penetration rate, estimated to be around 1%, is expected to exceed 5% in 2023, raising expectations for sales expansion.
The types of food waste disposers are also diversifying, including dry grinding, wet grinding, and microbial fermentation. Dry grinding products dry and grind the food waste, wet grinding products grind the food waste through the sink and send it to a secondary processor, and microbial fermentation products ferment the food waste by adding microorganisms.
According to the consumer behavior statistics system Danawa Research, last year the most chosen food waste disposal methods by consumers were dry grinding, dehydration, microbial fermentation, wet grinding, and drying, in that order. The dry grinding disposer, which showed steady growth and an upward trend, ranked first with a 32.8% market share among the five methods. The convenience and eco-friendliness of the dry grinding method are considered the reasons for its popularity.
With the continuous rise of dry grinding food waste disposers, specialized companies such as Smart Cara, Hurek, and Shinil Electronics are also contributing to revitalizing the food waste disposer market by launching dry grinding type products.
Smart Cara is leading the food waste disposer market, recording its highest sales of 56.6 billion KRW last year alone after launching the ‘Smart Cara 400’ new color line. A Smart Cara representative said, “Smart Cara has been researching and developing food waste disposers exclusively for 12 years, advancing the market. We will continue to strive to offer products that combine high performance and convenient features to our consumers.”
Hurek joined the dry grinding disposer trend by launching the dry grinding food waste disposer ‘Hurek Hero’ in June last year. The ‘Hurek Hero’ reduces the volume of food waste by up to 90% through a high-temperature drying grinding process, eliminating the hassle of having to dispose of food waste every time. The Hurek Hero’s own storage function prevents food waste from spoiling even when stored for a long time. Its processing capacity is 4.3L, and the processing time averages 3 to 8 hours. Hurek is focusing on selling the Hurek Hero by launching the new dry grinding product and appointing actress Jo Yeojung as its model.
Shinil Electronics also joined the ranks of dry grinding food waste disposers by launching the ‘Eco Food Waste Disposer’ last year. Shinil Electronics’ ‘Eco Food Waste Disposer’ reduces the volume of food waste by more than 89% using a high-temperature drying millstone method. It minimizes moisture and odors generated during food waste processing through the ‘Demister dehumidification method’ and filters out even the last odors cleanly with a highly adsorptive activated filter. Its processing capacity is 3L, and the processing time averages 5 to 10 hours. Following a home shopping broadcast in August last year that achieved sales of 1.2 billion KRW in 65 minutes, it recorded sales of 340 million KRW in 50 minutes during a home shopping broadcast in January this year, showing strong performance.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
