Recent core routers are required to process packets not only at high throughput but also with low power consumption due to the increase in the network traffic amount. Packet processing cache (PPC) is one of the effective approaches to meet the requirements. PPC enables to process a packet without accessing to a ternary content addressable memory (TCAM) by storing the TCAM lookup results of a flow in a cache. Because the cache miss rate of PPC directly impacts on the packet processing throughput and the power consumption of core routers, it is important for PPC to reduce the number of cache misses. In this study, we focus on characteristics of flows and propose an effective cache replacement policy for PPC. The proposed policy, named Hit Dominance Cache (HDC), divides the cache into two areas and assigns flows to the appropriate area to evict mice flows rapidly and to retain elephant flows preferentially. Simulation results with 15 real network traces show that HDC can reduce the number of cache misses in PPC by up to 29.1% and 12.5% on average when compared to 4-way LRU, conventionally used in PPC. Furthermore, the hardware implementation using Verilog-HDL shows that the hardware costs of HDC is comparable to those of 4-way LRU though HDC performs as if the cache was composed of 8-way set associativity. Finally, we show that HDC can achieve 503 Gbps with 88.8% energy of conventional PPC (20.5% energy of TCAM only architecture).