Increased Delivery Fees and Dining Prices Boost Demand for Home-Cooked Meals
Food Waste Disposers Also Gain Popularity
"Market Size Expected to Reach 1 Trillion Won This Year"
With this year's early heatwave and record-breaking monsoon season forecasted, the popularity of food waste disposers is soaring. Due to the impact of COVID-19 and the increase in delivery and dining-out costs, demand for home-cooked meals has risen, leading to projections that the food waste disposer market will reach 1 trillion KRW this year.
SK Magic re-entered this market last June by launching the 'Aeoclean' food waste disposer after a 14-year hiatus. Although they released a food waste disposer back in 2008 during their days as Dongyang Magic, they soon exited the business due to issues such as power consumption and odor. However, circumstances have changed. With more time spent at home during the COVID-19 period increasing demand for food waste disposers, SK Magic is aggressively marketing by leveraging its existing water purifier and mattress sales networks.
Aeoclean surpassed cumulative sales of 10,000 units last April. This month, sales have more than doubled compared to the same period last year. An SK Magic representative explained, "Demand surged sharply after the announcement of this year's record-breaking heatwave and monsoon season," adding, "Hiring actress Song Hye-kyo as a model also contributed to the sales performance."
Rental company MostX (formerly Modu Rental) entered the food waste disposer market in 2020 with 'EcoChe'. From May 13 to June 12, EcoChe's sales tripled compared to the previous month. A MostX representative said, "As prices and delivery fees have soared dramatically, demand for home-cooked meals has increased, making food waste disposers more popular," noting that "men in their 40s make up the largest share of buyers by gender and age." They explained that men with spouses tend to handle cleanup rather than cooking, making them a key purchasing demographic.
New product launches applying the latest technology are also in full swing. On May 30, Cuckoo Electronics introduced a food waste disposer featuring patented microbial management algorithm technology. Food waste disposers are generally divided into 'dry grinding types,' which dry and grind food, and 'microbial decomposition types,' which break down food using microbes cultivated inside the device. Cuckoo Electronics' new product uses a smart sensor attached to the device to properly regulate humidity, an essential condition for nurturing and managing microbes. According to Cuckoo Electronics, this reduces monthly electricity bills by up to 69% compared to previous models.
Market research firm Danawa Research estimated that the domestic food waste disposer market grew from 200 billion KRW in 2021 to 600 billion KRW last year and is expected to reach 1 trillion KRW this year. In Open Survey's 'Home Appliance Trends 2022,' food waste disposers were ranked first (21.6%) among kitchen appliances consumers wish to purchase in the future. Although the domestic market penetration rate for food waste disposers is still around 5-10%, the high purchase intention suggests even more pronounced growth.
As the market rapidly expands and competition intensifies, companies targeting niche markets are emerging. Cheongho Nice introduced a food waste refrigerator for the first time in March. This device maintains temperatures between -1°C and 3°C to prevent food waste from spoiling. It targets consumers who find the somewhat bulky food waste disposers burdensome.
GL Plus, a specialist in microbial decomposition-type food waste disposers, differentiates itself with the 'Eco Payback System.' Consumers who send food residues decomposed by GL Plus disposers in eco-friendly bags via courier receive 'Eco Pay.' Eco Pay is a point system that can be used to purchase agricultural products at a mall operated by GL Plus. Farms selling agricultural products there use the residues sent from households as compost to cultivate eco-friendly produce. This strategy targets consumers interested in 'ethical consumption.'
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