The food waste management market is valued at US$ 61.57 Bn in 2021. The market is projected to grow at a CAGR of 6% through 2027 with a projection value of US$ 82.40 Bn by 2027.
According to the latest report published by Future Market Insights (FMI), the global food waste management market is poised to increase at a CAGR of the 6.3% during the forecast period (2017-2027). Factors such as rapid rate of industrialisation, emergence of new markets for food waste management, and greater importance to innovation and R&D for developing efficient food waste management systems are expected to make a cumulative impact on the future prospect of the market. Moreover, in an effort to control food wastage, governments in many countries are now enforcing stringent laws on excessive food waste. In recent years, the participation of small and medium enterprises in the global food waste management market has escalated to a significant extent owing to increasing demand for streamlining food waste management procedures.
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The global market for food waste management witnessed a minor slowdown in the Covid-19 crisis as all the factories were closed and supply of only basic necessity goods was permitted. Since the lockdown has been lifted up to improve economic conditions, the manufacturing companies are trying hard to gain traction and attract customers globally through innovative launches and technological upliftments in 2021.
KEY TRENDS SHAPING FOOD WASTE MANAGEMENT MARKET
Soaring Demand for Renewable Energy
Rise in the demand for renewable energy and development in infrastructure creates opportunities for emerging as well as existing players in the market for recycling and processing food waste.
- In April 2017, the U.S. Energy Information Administration published a report on energy consumption by energy source in 2016. In this report, it was estimated that approximately 10% of the renewable energy consumed constitutes 46% of the biomass source, including biomass waste, biofuels, and wood.
Players in the food waste management market are focusing on technological development to provide advanced services to their customers. Technological innovations help various organizations to collect and segregate food waste at the source level and expedite the food waste recycling process. Some of the recent technological innovations include anaerobic digestion process for treatment of food waste, enzyme-based food management solutions, automated waste collections, and novel sensor based technology for waste management among others.
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Some of the leading companies profiled in the FMI’s report include Waste Management, Inc, Advanced Disposal Services, Inc., Republic Services, Inc., Waste Connections Inc., Clean Harbors, Inc., Stericycle, Inc., FCC Environment Ltd., CT Environmental Group Ltd., Veolia Environnement SA, Recology Inc, OzHarvest Ltd., Boulder Food Rescue, Boston Area Gleaners, Inc. Amp Your Good LLC, The Sustainable Restaurant Association Ltd., 412 Food Rescue, Caritas Corporation, City Harvest Ltd., ExtraFood.org and Global Feedback Ltd. By emphasising on the development of innovative technologies, many of the companies are trying to expand their operations in several parts of the world. In addition, companies are increasingly targeting the rural areas as they still lack efficient food waste management systems or solutions. At the same time, automation and systemic segregation of food waste at source including industrial, commercial, and residential are likely to play an important part in streamlining food waste management.
North America at the Forefront of the Global Food Waste Management Market
Among all the regions, the food waste market in North America currently holds the top position. The federal government in the U.S. is promoting the construction of composting facility across the country. By the 2017-end, the region is projected to account for 36.1% value share of the global market. Meanwhile, both Western Europe and Asia Pacific excluding Japan (APEJ) are expected to remain the two other lucrative markets for food waste management over 2027.
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Key Excerpts from the Report Include
- Based on end use, the majority of the food waste produced in the world is used as animal feed. Towards the end of 2027, the animal feed end use segment is expected to account for more than 42% share of the global market in terms of revenue.
- By waste type, the amount of waste that is generated while food processing is significantly high. The food processing wastes segment is expected to remain dominant throughout the forecast period, accounting for a revenue share of 41% by 2027.
- By service, the prevention segment is expected to remain dominant in 2017 and beyond. By 2027-end, this segment is expected to command for more than 55.3% revenue share of the market.
The global food waste management market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- Food Production Wastes
- Agricultural Produce Wastes
- Fruits & Vegetable Waste
- Staple Grain Waste
- Poultry, Fish and Meat Wastes
- Poultry Meat
- Fish & Other Marine Food
- Agricultural Produce Wastes
- Food Processing Wastes
- Agricultural Produce Processing Waste
- Poultry, Meat and Seafood Processing Wastes
- Dairy Food Processing Waste
- Other Food Processing Wastes
- Distribution and Supply Chain Wastes
- Retail Wastes
- Consumption Wastes
- Household Food Waste
- Food Services, Hospitality & Institutional Waste (FSHI Waste)
- Animal Feed
- Renewable Energy & Biofuels
- Others (Cosmetic, Soap, Bio-plastic, and Other Products)