Korean water purifier exports hit record high in 2023

[Courtesy of Coway]

Exports of South Korean water purifiers reached an all-time high in 2023 on the back of their excellent quality, design, and service, data showed Tuesday. Given the increasing demand for clean and healthy water, Korean water purifiers are expected to accelerate their expansion into the global market.

According to the Korea Trade-Investment Promotion Agency (KOTRA) on Tuesday, exports of Korean water purifiers stood at $874 million in 2023, more than doubling from $437 million in 2017. Exports were at $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 are Malaysia, the United States, Japan, China, and Singapore.

In the Malaysia, Korean water purifiers have held the top spot among imported water purifiers for many years.

In particular, the Malaysian water purifier market is experiencing steep growth due to worsening local water pollution, according to KOTRA. Korean brands are popular among local consumers as they offer rental services that include free maintenance and repairs.

The share of Korean water purifiers in Malaysia hit 50.8 percent in 2023, significantly higher than second-place China with a share of 23.6 percent.

Korean water purifiers also expanded presence in Japan in 2023 with a market share of 37.8 percent as of November, higher than the market share held by Chinese products at 24.7 percent.

Korean water purifiers are also gaining share in their largest market, the U.S.

According to Fortune Business Insights, the U.S. water purifier market is expected to grow at an annual rate of 5.9 percent to $9.59 billion in 2030 from $6.44 billion in 2023.

U.S. imports of Korean water purifiers increased to $146.2 million in 2023 as of November 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.

According to KOTRA’s office in Los Angeles, the tariff rate for Korean water purifiers exported to the U.S. is zero percent, while Chinese products face a 25 percent tariff under Section 301 of the U.S. Trade Act.