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
| 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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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.
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.
Principal Consultant
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 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.
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.
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.
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Recent Developments Observed in Products from Food Waste in Korea
| 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 |
The products from food waste industry in Korea is valued at US$ 1,923.27 million in 2023.
The anticipated CAGR for the products from food waste landscape in Korea through 2033 is 3.3%.
Demand for products from food waste in Korea is expected to reach US$ 2,663.05 million by 2033.
Citrus segment is expected to dominate the demand for products from food waste in Korea.
Food processing segment to remain a key contributor in the products from food waste ecosystem in Korea.
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 Used 16. Research Methodology
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Products from Food Waste Industry Analysis in Korea
