Products from Food Waste Industry Analysis in Korea
Demand Forecast for Products from Food Waste in Korea, by Citrus Fruits and Apples Sources, 2023 to 2033
The Shift toward Using Food Waste for Biogas and Biofuel Production is Creating Opportunities for Manufacturers to Contribute to Korea's Renewable Energy Goals
Analytical Study of Products from Food Waste in Korea from 2023 to 2033
The demand for products from food waste in Korea is expected to experience steady CAGR of 3.3% through 2033. The industry is on the verge of substantial opportunities and is anticipated to reach a valuation of US$ 1,923.27 million in 2023.
Consumer preferences for products made from food waste, especially in the form of upcycled food products like snacks, beverages, and cosmetics, are growing. The products are often marketed as environmentally responsible. The demand for products from food waste in Korea is likely to secure US$ 2,663.05 million valuation by 2033.
Key Insights - Highlights to Understand Emerging and Fast Growing Opportunities
Organizations and government agencies are running education and awareness campaigns to inform consumers and businesses about the importance of reducing food waste, which can contribute to increased demand for food waste products.
Collaboration between the food industry, waste management companies, and technology firms is driving innovation in the food waste sector. The partnerships can create opportunities for new products and services.
Efforts to change consumer behavior, such as meal planning and food waste reduction, can indirectly contribute to the growth of the food waste product industry by reducing the supply of food waste.
Advancements in food waste processing technologies, such as biorefining and fermentation, are making it more feasible to convert food waste into valuable products.
Attributes
Details
Industry Size of Products from Food Waste in Korea in 2023
US$ 1,923.27 million
Expected Industry Size of Products from Food Waste in Korea by 2033
US$ 2,663.05 million
Forecasted CAGR from 2023 to 2033
3.3%
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Key Trends Influencing the Demand for Products from Food Waste in Korea
The government in Korea has been actively promoting sustainable practices and the reduction of food waste. Initiatives like the food waste recycling law have been implemented to encourage the recycling and upcycling of food waste, creating opportunities for the production of items made from food waste.
Companies in Korea are dedicating resources to research and development for creating a wide range of products from food waste, including biofuels, bioplastics, animal feed, and organic fertilizers.
The food and beverage industry in Korea is continuously evolving. Companies are exploring ways to minimize waste, potentially leading to collaborations with manufacturers of food waste products.
The establishment of value chains that transform food waste into various products, such as bio-based chemicals, materials, and energy, is a promising trend that can lead to diverse revenue streams.
Comparative View of Adjacent Products from Food Waste in Key Regions
The provided table offers a comparative overview of products from food waste and their respective adoption rates in three key geographical areas including Korea, Western Europe, and Japan. Even though the landscape of products from food waste in Korea exhibits lower CAGR than other two regions, it still presents opportunities for investors and venture capitalists looking to fund innovative startups and technologies in the sector.
Korea Products from Food Waste Ecosystem:
Attributes
Details
CAGR from 2023 to 2033
3.3%
Industry Size in 2023
US$ 1,923.27 million
Key Trend
Recent advancements in food processing techniques have unlocked the potential to extract valuable ingredients and materials from food waste. These include antioxidants, natural colors, and flavorings, paving the way for the creation of high-value food products
Key Challenge
The efficient collection and sorting of food waste can present technical and logistical challenges. Proper separation and transportation are essential for high-quality input materials for food waste products.
Demand for Products from Food Waste in Western Europe:
Attributes
Details
CAGR from 2023 to 2033
4.3%
Industry Size in 2023
US$ 9,050.72 million
Key Trend
The imposition of stringent regulations and targets related to food waste reduction and sustainability in many Western European countries have created a favorable environment for the development of products from food waste.
Key Challenge
Exporting food waste products to international industries often require compliance with various regulatory standards and trade barriers, posing barriers to entry.
Analysis of the Products from Food Waste Industry in Japan:
Attributes
Details
CAGR from 2023 to 2033
8.1%
Industry Size in 2023
US$ 1,448.11 million
Key Trend
Initiatives at various levels, from household food waste reduction campaigns to collaborations within the food industry, are leading to a greater supply of food waste materials for product manufacturing.
Key Challenge
Complying with a complex web of regulations and standards related to food waste management, safety, and labeling in Japan poses a substantial challenge for businesses, leading to increased compliance costs.
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Category-wise insights
Citrus Waste Finds New Life in Korea’s Cosmetic and Personal Care Products
Citrus peels and pulps are nutrient-rich and contain valuable compounds like antioxidants, vitamins, and dietary fiber. The properties make them suitable for the production of functional foods and dietary supplements, which are increasingly popular among health-conscious consumers.
Products from Food Waste in Korea based on Source
Citrus
Share in % in 2023
8.0%
By source, the citrus segment is expected to account for a share of 8.0% in 2023. The food and beverage industry in Korea is continuously looking for innovative and natural ingredients to enhance the flavor and nutritional content of products. Citrus byproducts can be used in the production of juices, jams, sauces, and other food and beverage items.
Citrus extracts and oils derived from citrus waste are often used in cosmetic and personal care products for their fragrance and potential skin benefits. The demand for natural ingredients in these products is driving the use of citrus byproducts.
Korea's Food Processing Industry Adapts to Regulatory Push for Sustainable Practices
Based on end user, the food processing segment is expected to account for a share of 19.0% in 2023. Incorporating food waste ingredients can provide a cost-effective alternative to traditional raw materials, thereby reducing production costs for food processors.
Products from Food Waste in Korea based on End User
Food Processing
Share in % in 2023
19.0%
The regulations and initiatives focused on reducing food waste encourage the food processing industry in Korea, to explore innovative ways to utilize food waste, ensuring regulatory compliance. Food waste materials can be used to create a wide range of products, including additives, flavorings, and dietary fiber, which can enhance the nutritional profile and sensory appeal of food products.
The development of food waste-derived ingredients and additives allows food processors to create innovative and differentiated products, meeting evolving consumer demands for unique food items.
Province-wise Insights
Agriculture and Fisheries to Boost the Industry in the South Gyeongsang
South Gyeongsang is known for its significant agricultural and fisheries sectors. The availability of agricultural waste and byproducts, as well as seafood related waste, can serve as valuable resources for the production of food waste derived products. Local government and regional organizations in South Gyeongsang may implement initiatives to promote food waste reduction, recycling, and the development of value added products from food waste.
Collaboration with Local Farmers in North Jeolla to Enhance the Products from Food Waste Landscape
Collaboration between food waste product manufacturers and local farmers can help reduce waste and create value added products. There may be a growing demand for products that are eco-friendly and derived from food waste, as consumers become more environmentally conscious. The province may explore waste to energy projects, including the conversion of food waste into bioenergy, which can contribute to the growth of the industry. Public awareness campaigns and educational programs promoting food waste reduction products can stimulate consumer interest in such products.
Tourism Industry in Jeju to Accelerate the Ecosystem
Jeju is a popular tourist destination, and businesses catering to tourists may be inclined to offer products made from food waste as a part of their sustainability initiatives. Local campaigns and education programs aimed at reducing food waste and promoting products can drive consumer demand for such items. The entrepreneurial ecosystem in Jeju may see small-scale startups focusing on food waste products, benefiting from local resources and a growing demand for sustainable goods. Hotels, restaurants, and resorts in Jeju may collaborate with food waste product manufacturers to incorporate such products into their offerings.
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Competitive Landscape
The competitive landscape of the products from food waste ecosystem in Korea is evolving as the industry experiences growth and innovation. The landscape encompasses a variety of players from startups and small enterprises to established corporations. The competitiveness of the industry is influenced by factors such as product offerings, industry positioning, technological innovation, and regional collaborations.
Some of the Key Players with Products from Food Waste in Korea
CJ Group
Samsung C&T
Hyundai Green Food
Lotte Group
SK Group
Hanwha Group
LG Group
Doosan Corporation
POSCO
KIFST
KEITI
KAIST
Recent Developments Observed in Products from Food Waste in Korea
In 2023, CJ Group announced plans to build a new food waste recycling plant in Gyeonggi Province. The plant is expected to be operational in 2024 and will have a capacity to recycle 500 tons of food waste per day.
In 2023, Samsung C&T announced a partnership with the Korean Institute of Food Science and Technology to develop new products from food waste. The partnership will focus on developing innovative products from food waste, such as biodegradable food packaging and biofuels.
In 2023, Hyundai Green Food announced the launch of a new line of food waste products, including compost, fertilizer, and animal feed. The company is using a variety of technologies to convert food waste into these products, including composting, anaerobic digestion, and pyrolysis.
In 2022, Lotte Group announced plans to invest US$ 76 million in the development of new products from food waste. The investment will be used to build new food waste recycling plants and to develop new technologies for converting food waste into useful products.
Scope of the Report
Attribute
Details
Estimated Industry Size in 2023
US$ 1,923.27 million
Projected Industry Size by 2033
US$ 2,663.05 million
Anticipated CAGR from 2023 to 2033
3.3% CAGR
Historical Analysis of Demand for Products from Food Waste in Korea
2018 to 2022
Demand Forecast for Products from Food Waste in Korea
2023 to 2033
Report Coverage
Industry Size, Industry Trends, Analysis of key factors influencing Products from Food Waste adoption in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Manufacturers in Korea
Key Provinces Analyzed while Studying Opportunities in Products from Food Waste in Korea
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Key Companies Profiled
CJ Group
Samsung C&T
Hyundai Green Food
Lotte Group
SK Group
Hanwha Group
LG Group
Doosan Corporation
POSCO
KIFST
KEITI
KAIST
Key Segments
By Source:
Mangoes
Apples
Grapes
Citrus Fruits
Carrots
Beetroot
Berries
Others
By End User:
Food Processing
Beverage Processing
Cosmetics & Personal Care
Dietary Supplements & Nutraceuticals
Animal Feed
Others
By Province:
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Frequently Asked Questions
What is the Industry Size of Products from Food Waste in Korea in 2023?
The products from food waste industry in Korea is valued at US$ 1,923.27 million in 2023.
At What Rate is the Products from Food Waste Ecosystem Growing in Korea?
The anticipated CAGR for the products from food waste landscape in Korea through 2033 is 3.3%.
How Big will be the Demand for the Products from Food Waste in Korea?
Demand for products from food waste in Korea is expected to reach US$ 2,663.05 million by 2033.
Which is the Preferred Source for Products from Food Waste industry in Korea?
Citrus segment is expected to dominate the demand for products from food waste in Korea.
Which End User Contributes Significantly to the Products from Food Waste Ecosystem in Korea?
Food processing segment to remain a key contributor in the products from food waste ecosystem in Korea.
Table of Content
1. Executive Summary
1.1. Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (MT) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (MT) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Source
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Source, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Source, 2023 to 2033
5.3.1. Mango
5.3.2. Apples
5.3.3. Grapes
5.3.4. Citrus Fruits
5.3.5. Carrots
5.3.6. Beetroot
5.3.7. Others (Berries, etc.)
5.4. Y-o-Y Growth Trend Analysis By Source, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Source, 2023 to 2033
6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Application, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Application, 2023 to 2033
6.3.1. Food Processing
6.3.2. Beverage Processing
6.3.3. Cosmetics & Personal Care
6.3.4. Animal Feed
6.3.5. Others (Dietary Supplements and Nutraceuticals)
6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Region, 2023 to 2033
7.3.1. South Gyeongsang
7.3.2. North Jeolla
7.3.3. South Jeolla
7.3.4. Jeju
7.3.5. Rest of Korea
7.4. Market Attractiveness Analysis By Region
8. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
8.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Source
8.2.2. By Application
8.3. Market Attractiveness Analysis
8.3.1. By Source
8.3.2. By Application
8.4. Key Takeaways
9. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
9.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Source
9.2.2. By Application
9.3. Market Attractiveness Analysis
9.3.1. By Source
9.3.2. By Application
9.4. Key Takeaways
10. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
10.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Source
10.2.2. By Application
10.3. Market Attractiveness Analysis
10.3.1. By Source
10.3.2. By Application
10.4. Key Takeaways
11. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
11.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Source
11.2.2. By Application
11.3. Market Attractiveness Analysis
11.3.1. By Source
11.3.2. By Application
11.4. Key Takeaways
12. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
12.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Source
12.2.2. By Application
12.3. Market Attractiveness Analysis
12.3.1. By Source
12.3.2. By Application
12.4. Key Takeaways
13. Market Structure Analysis
13.1. Competition Dashboard
13.2. Competition Benchmarking
13.3. Market Share Analysis of Top Players
13.3.1. By Regional
13.3.2. By Source
13.3.3. By Application
14. Competition Analysis
14.1. Competition Deep Dive
14.1.1. ReHarvest
14.1.1.1. Overview
14.1.1.2. Product Portfolio
14.1.1.3. Profitability by Market Segments
14.1.1.4. Sales Footprint
14.1.1.5. Strategy Overview
14.1.1.5.1. Marketing Strategy
14.1.2. Ecoand
14.1.2.1. Overview
14.1.2.2. Product Portfolio
14.1.2.3. Profitability by Market Segments
14.1.2.4. Sales Footprint
14.1.2.5. Strategy Overview
14.1.2.5.1. Marketing Strategy
14.1.3. CJ CheilJedang Corp.
14.1.3.1. Overview
14.1.3.2. Product Portfolio
14.1.3.3. Profitability by Market Segments
14.1.3.4. Sales Footprint
14.1.3.5. Strategy Overview
14.1.3.5.1. Marketing Strategy
14.1.4. Jrink Juicery
14.1.4.1. Overview
14.1.4.2. Product Portfolio
14.1.4.3. Profitability by Market Segments
14.1.4.4. Sales Footprint
14.1.4.5. Strategy Overview
14.1.4.5.1. Marketing Strategy
14.1.5. Misfit Foods
14.1.5.1. Overview
14.1.5.2. Product Portfolio
14.1.5.3. Profitability by Market Segments
14.1.5.4. Sales Footprint
14.1.5.5. Strategy Overview
14.1.5.5.1. Marketing Strategy
14.1.6. ReGrained, LLC
14.1.6.1. Overview
14.1.6.2. Product Portfolio
14.1.6.3. Profitability by Market Segments
14.1.6.4. Sales Footprint
14.1.6.5. Strategy Overview
14.1.6.5.1. Marketing Strategy
14.1.7. Rise Products
14.1.7.1. Overview
14.1.7.2. Product Portfolio
14.1.7.3. Profitability by Market Segments
14.1.7.4. Sales Footprint
14.1.7.5. Strategy Overview
14.1.7.5.1. Marketing Strategy
14.1.8. Rubies in the Rubble
14.1.8.1. Overview
14.1.8.2. Product Portfolio
14.1.8.3. Profitability by Market Segments
14.1.8.4. Sales Footprint
14.1.8.5. Strategy Overview
14.1.8.5.1. Marketing Strategy
14.1.9. Snact Ltd.
14.1.9.1. Overview
14.1.9.2. Product Portfolio
14.1.9.3. Profitability by Market Segments
14.1.9.4. Sales Footprint
14.1.9.5. Strategy Overview
14.1.9.5.1. Marketing Strategy
14.1.10. Toast Ale Ltd.
14.1.10.1. Overview
14.1.10.2. Product Portfolio
14.1.10.3. Profitability by Market Segments
14.1.10.4. Sales Footprint
14.1.10.5. Strategy Overview
14.1.10.5.1. Marketing Strategy
14.1.11. Aeropowder
14.1.11.1. Overview
14.1.11.2. Product Portfolio
14.1.11.3. Profitability by Market Segments
14.1.11.4. Sales Footprint
14.1.11.5. Strategy Overview
14.1.11.5.1. Marketing Strategy
14.1.12. Bio-bean Ltd.
14.1.12.1. Overview
14.1.12.2. Product Portfolio
14.1.12.3. Profitability by Market Segments
14.1.12.4. Sales Footprint
14.1.12.5. Strategy Overview
14.1.12.5.1. Marketing Strategy
14.1.13. Circular Systems S.P.C.
14.1.13.1. Overview
14.1.13.2. Product Portfolio
14.1.13.3. Profitability by Market Segments
14.1.13.4. Sales Footprint
14.1.13.5. Strategy Overview
14.1.13.5.1. Marketing Strategy
15. Assumptions & Acronyms Used16. Research Methodology
