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 USD 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 USD 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 | USD 1,923.27 million |
| Expected Industry Size of Products from Food Waste in Korea by 2033 | USD 2,663.05 million |
| Forecasted CAGR from 2023 to 2033 | 3.3% |
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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.
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.
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 | USD 1,923.27 million |
| Projected Industry Size by 2033 | USD 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 USD 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 USD 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.
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