In a significant milestone, South Korean water purifiers achieved record-breaking exports in 2023, propelled by their exceptional quality, design, and service. With a growing global demand for clean and healthy water, Korean water purifiers are poised to accelerate their expansion into international markets.
Data from the Korea Trade-Investment Promotion Agency (KOTRA) revealed that South Korean water purifier exports surged to $874 million in 2023, more than doubling from $437 million in 2017. The growth trajectory has been consistent, with exports reaching $561 million in 2018, $702 million in 2019, $696 million in 2020, $823 million in 2021, and $872 million in 2022.
The top five export markets for Korean water purifiers include Malaysia, the United States, Japan, China, and Singapore.
In Malaysia, Korean water purifiers have dominated the imported water purifier market for several years, securing the top spot. The Malaysian market is witnessing steep growth due to escalating local water pollution, with Korean brands gaining popularity for their rental services that include free maintenance and repairs. In 2023, Korean water purifiers claimed a remarkable 50.8 percent market share in Malaysia, surpassing China’s second-place share of 23.6 percent.
Expanding their presence in Japan, Korean water purifiers achieved a market share of 37.8 percent as of November 2023, outperforming Chinese products with a market share of 24.7 percent.
Even in their largest market, the United States, Korean water purifiers are making strides. The U.S. water purifier market is projected to grow at an annual rate of 5.9 percent, reaching $9.59 billion in 2030 from $6.44 billion in 2023, according to Fortune Business Insights. U.S. imports of Korean water purifiers increased to $146.2 million in 2023 as of November, up from $101.8 million in 2020. Korean water purifiers’ market share among imports also rose from 6.7 percent in 2020 to 8.2 percent in 2023.
A notable advantage for Korean exports to the U.S. is the zero percent tariff rate, while Chinese products face a 25 percent tariff under Section 301 of the U.S. Trade Act, as per information from KOTRA’s office in Los Angeles. The success of South Korean water purifiers in diverse markets underscores their global competitiveness and positions them as key players in the flourishing water purification industry.