Garbage Disposals Market is Estimated To Witness High Growth Owing To Increasing focus on sustainable waste management practices
Garbage Disposals Market
The Garbage Disposals Market is estimated to be valued at US$ 3061.01 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Garbage disposals are appliances installed under the kitchen sink to grind food waste into small particles that can easily pass through the sink drainpipes. They facilitate safe and hygienic disposal of food waste at homes and commercial establishments like restaurants. They also reduce the volume of waste sent to landfills thus supporting sustainable waste management practices.
Market key trends:
Garbage disposals have witnessed increased adoption owing to growing focus on sustainable waste management globally. The rising environmental concerns pertaining to overflowing landfills and the negative impacts of waste accumulation have pushed consumers to look for effective food waste disposal solutions. Garbage disposals help convert nearly 70-80% of food waste into small particles that can be flushed down the drain, significantly reducing the load on landfills. Moreover, they provide a more sanitary option for food waste disposal compared to garbage bins and help avoid foul odors, pest problems, and clogged drains. The development of compact and energy-efficient garbage disposal systems suitable for installation under small sink spaces has further boosted their sales across residential and commercial sectors.
Porter's Analysis
Threat of new entrants: High capital requirements for establishing trash compactor and disposal manufacturing plants pose barrier for new companies.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of various trash compactor and disposal brands in the market.
Bargaining power of suppliers: Established suppliers of raw materials like steel and plastic have moderate bargaining power over manufacturers.
Threat of new substitutes: Low as garbage disposals have very few close substitutes for food waste disposal solutions inside homes.
Competitive rivalry: Intense due to presence of global and regional manufacturers competing on technology, quality, and pricing.
SWOT Analysis
Strengths: Growing food waste and need for convenient solutions. Established brands with strong distribution networks.
Weaknesses: High maintenance and repair costs. Issues with odour control.
Opportunities: Expanding middle-class households in developing nations. Emerging smart technologies for commercial applications.
Threats: Rising commodity prices increasing product costs. Stringent regulations regarding food waste disposal.
Key Takeaways
The global Garbage Disposals Market is expected to witness high growth at a CAGR of 15% over the forecast period due to increasing urbanization and changing lifestyles. By 2030, the market size is projected to reach over US$ 10 Bn.
North America currently dominates the market due to large middle-class population and high acceptance of smart kitchen appliances. Europe and Central & South America are also major regional markets driven by growth in new residential construction projects.
Key players operating in the garbage disposals market are Emerson Electric Co., Fortune Brands Home & Security Inc., Whirlpool Corporation, Illinois Tool Works Inc., Joneca Corporation, Salvajor, Electrolux AB, Western Industries Plastic Products LLC., Sears Brands, LLC, and Haier Inc., Waste King, and Frigidare. Major players are focusing on product innovation and expansion in emerging nations through partnerships.
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