The turnover in waste collection in South Korea has shown a steady upward trend over the years, starting from 1.2245 trillion South Korean Wons in 2013 and reaching 2.2835 trillion in 2023. The year-on-year growth rates have fluctuated, with significant increases in some years, such as 2017's 18.63%, while others, like 2019, saw minimal growth at 0.48%. From 2019 onwards, the year-on-year growth rates have generally declined, culminating in a 2.98% increase in 2023. The most recent 5-year CAGR stands at 2.67%.
Looking forward to 2024 and beyond, projections suggest a continued increase in turnover, hitting 2.5943 trillion in 2028. However, the growth is expected to slow, with a forecasted 5-year CAGR of 2.01%, reflecting a more mature market. The cumulative growth rate over this forecast period is estimated at 10.48%.
Future trends to watch for:
- Increased regulatory pressures and environmental policies, which may drive further growth in the waste management sector.
- Technological innovations in waste collection and recycling, potentially leading to more efficient and profitable operations.
- Potential market consolidation as companies seek economies of scale and improved profitability.
- Rising public awareness and demand for sustainable waste management solutions, influencing market dynamics.
