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:
A garbage disposal is a device that shreds food waste so that it can pass through plumbing pipes. It is installed under the kitchen sink and helps dispose food waste directly into the drainage system. These disposals allow easy disposal of food waste. They are commonly used in commercial and residential kitchens to facilitate waste management. They help reduce odor and mess caused by food scraps piling up in garbage cans.
Market Dynamics:
The market is expected to witness significant growth owing to growing consumer preference for smart and advanced kitchen appliances. Smart garbage disposals are integrated with voice assistants and can be controlled remotely using smartphones. This convenience factor is driving their adoption. Additionally, busier lifestyles and small living spaces are prompting people to opt for appliances that simplify tasks like food waste disposal. Garbage disposals help save time and effort spent in separating and dumping food waste. Further, rising disposable incomes coupled with easy financing options are supporting upgrades to newer gadgets and appliances across regions. However, their high installation and maintenance costs compared to traditional methods can limit market potential to some extent over the forecast period.
SWOT Analysis
Strength: Emerson Electric Co., Fortune Brands Home & Security Inc., and Whirlpool Corporation are the market leaders and have strong brand recognition. Their wide distribution networks help reach a large customer base. Garbage disposals provide effective and hygienic food waste management. They help reduce waste volume, lowering collection and disposal costs.
Weakness: Garbage disposals require regular maintenance and repairs. Clogged or improperly functioning disposals can damage plumbing systems. The installation process involves reworking household plumbing layout and is time taking. High installation and maintenance costs can deter certain consumer segments.
Opportunity: Growing urbanization and rising incomes in developing nations are driving consumer spending on kitchen appliances. Product launches catering affordable price points allow new customer segments access. Technological advancements enable quieter operation, durability and remote operation through smart home devices.
Threats: Stringent regulations around wastewater discharge standards necessitate advanced design. Failure to comply increases compliance costs. Alternative food waste management solutions like home composting gain traction due rising environmental concerns. Economic slowdowns lower discretionary spending affecting market demand.
Key Takeaways
The global Garbage Disposals Market is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing urbanization and rising middle class population with higher disposable incomes.
Regional analysis
North America dominated the global market in 2023 with market size of US$ 1200 Mn due to high product penetration and increasing home renovation and retrofitting activities. Asia Pacific is expected to witness fastest growth owing to rising household incomes in major countries like China and India. Rapid infrastructure development and construction of new residential complexes will propel regional market.
Key players
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. The prominent companies are focusing on new product development and launches to cater to rising consumer demand.
