South Korea Water Purifiers Market to Register a CAGR of 5.62% During the Forecast Period
The South Korea water
purifiers market is witnessing high demand owing to rising awareness among
consumers towards water borne diseases along with affordable prices range.
According to
TechSci Research report, “South Korea Water
Purifiers Market –By Region, Competition Forecast &
Opportunities, 2018-2028F,” the South
Korea water purifiers market is forecast to grow at an impressive CAGR of
around 5.62% in the forecast period due to increased health concerns and
consumer awareness towards safe drinking water, and industrialization, as well
as government initiatives and campaigns. Furthermore, the growing number of
water-borne diseases, particularly in South Korea, is further driving the
market in the forecast period.
Korea has been
designated by the United Nations as a water-stressed country in the world, and
public distrust of tap water runs deep, and the business of bottled water that
people can safely drink is booming, and water purifiers are becoming essential.
As the functions of water purifiers have become more diversified, such as
increasing the mineral content beyond just filtering water with a filter or
producing weakly alkaline water through electrolysis, the number of people
buying water purifiers is increasing.
Browse over 32 market data Figures spread through 107
Pages and an in-depth TOC on "South
Korea Water Purifiers Market.”
Industrial
activities release various pollutants into the environment, including heavy
metals, chemicals, and other contaminants that find their way into water
sources. Industrial pollution has raised awareness among consumers about the
potential contamination of water sources. South Korean citizens are becoming
increasingly conscious of the need for safe and clean drinking water due to the
potential health risks associated with industrial pollutants. This heightened
concern has led to a higher demand for water purifiers as a means to address
and alleviate these worries which is driving the market of water purifiers in
South Korea during the forecast period.
There are mainly
two ways for consumers to use water purifiers: rental and purchase, and more than
60% of the current water purifier market is using the rental method of renting
a water purifier in South Korea in which consumer pays the rental fee every
month after paying an initial deposit in the form of a membership registration
fee.
The
water purifiers provide instant access to clean and purified water without the
need for plumbing modifications or complex installation. Counter-top water
purifiers in South Korea often employ advanced filtration technologies like
activated carbon filters,
ceramic filters, and reverse osmosis membranes. Furthermore, companies are
launching new products to remain competitive in the market. For instance, in
2023, Kyowon Wells launched 'Wells Water Purifier Super Cooling’ in South
Korea. The water purifier consists of LED lighting display, 4 water temperature
display functions and 3-step water output display. It also has various
features, such as a 2-stage cold water mode, which are not found in regular
water purifiers.
The South Korea water purifiers market is segmented on the basis of
type, technology, application, aftermarket v/s new product sales, distribution
channel, region and competitive landscape. On the basis of type the market is
fragmented into counter-top, under sink, floor standing, point of entry, others
(pitcher, faucet mount, etc.). Based on technology, the market is fragmented
into RO, UV, UF, others. Based on application the market is divided into
residential, commercial. Based on distribution channel the market is segmented
into retail, distributor, direct, e-commerce, others (plumber, contractor, etc.
On the basis of region, the market is divided into Northern, Southern, Central.
The major portion
of the water purifier market in South Korea is held by the counter-top water
purifier as counter-top water
purifiers are compact and can be easily placed on tabletops or kitchen
counters.
Key market
players in the South Korea Water
Purifiers market include:
·
Coway Co., Ltd.
·
LG Electronics Co.
·
Ltd., 3M Korea Co.,
Ltd.
·
SK Magic Co., Ltd.
·
ChungHo Nais Co.,
Ltd.
·
Cuckoo Electronics
Co., Ltd.
·
Kyowon Property
Wells Co., Ltd.
·
WACO Corporation
·
Amway Korea Co.,
Ltd.
·
Picogram Co., Ltd.
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“The market for
water purifiers in South Korea
is booming due to the growing consumer awareness, urbanization,
industrialization and government initiatives. Market players are adapting to
the changing needs of consumers by offering technologically advanced and
advanced products, including rental services. To maintain a competitive
advantage, companies actively seek collaboration and strategic partnerships.
Moreover, advanced cleaning technology in water purifiers is driving the market
in South Korea during the forecast period.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“South Korea Water Purifier Market, By Type (Counter-Top,
Under Sink, Floor Standing, Point of Entry, Others (Pitcher, Faucet Mount, etc.),
By Technology (RO, UV, UF, Others), By Application (Residential, Commercial), By
Aftermarket V/s New Product Sales, By Distribution Channel (Retail,
Distributor, Direct, E-Commerce, Others (Plumber, Contractor, etc.)), By Region, By Company, Forecast &
Opportunities, 2018-2028F”, has evaluated the
future growth potential of water purifier market in South Korea and provides statistics and information on
market structure, size, share and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decision. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities
present in South Korea water purifiers market
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