Food Waste Management Market to Grow with Adoption of Advanced Technologies and Increasing Waste Volume
Food waste management products such as food waste disposers, collection systems, waste characterization, and recycling are becoming increasingly important in reducing the volumes of waste sent to landfills. Food waste disposals are handy tools for managing food scraps by grinding them up and sending them down the drain to the sewer system for treatment. This provides an eco-friendly solution for treating food waste within the home.
The food waste management market is estimated to be valued at USD 77.69 Bn in 2024 and is expected to reach USD 113.13 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.
Key Takeaways
Key players operating in the Food Waste Management market are Winnow Solution, Veolia, Shree Sai Damage Food recycler, Waste Ventures India, Suez, Saahas Zero WasteWaste Management, Inc., Republic Services, Inc., Covanta Ltd., Stericycle, Inc., Remondis SE & Co., KG, Clean Harbors, Inc., Biffa, Rumpke, Advanced Disposal Services, Inc., Cleanaway, FCC Recycling (UK) Limited, DS Smith, MobiTrash , Keenan Recycling, and Bio Collectors.Winnow uses artificial intelligence and machine learning algorithms to identify food waste at the item level and provide data to reduce waste.
Key opportunities in the Food Waste Management Market Demand include initiatives from public and private organizations to reduce food loss, such as the EU Platform on Food Losses and Food Waste, launched in 2016 to monitor and develop policies for reducing food waste.
Technological advancements such as optical sorting and online monitoring solutions allow companies to efficiently segregate food scraps from other types of waste during collection. Bio digester systems and anaerobic digestion are also advancing to produce renewable energy from food waste.
Market Drivers
Stringent government regulations regarding commercial food waste disposal are expected to drive the market growth. Many countries and municipalities have banned food waste from landfills and incineration due to environmental concerns. This has increased the demand for specialized collection and recycling options. Growing consumer awareness about the environmental and economic impacts of food waste is also contributing to the adoption of sustainable food waste management practices across the globe.
Current challenges in food waste management industry:
The food waste management industry is currently facing several challenges. Proper collection and transportation of food waste generated from various sources like households, restaurants, institutions etc. poses a logistical challenge. Lack of proper infrastructure and standardized practices for sorting and processing of food waste aggravate the problem. There is also limited awareness among people about issues related to food waste and benefits of its proper management. Change of attitudes and behaviors at individual and community level is required to tackle the problem of food waste at source. Financial constraints for setting up of advanced processing facilities and lack of market linkage for end products obtained from food waste also hamper the growth of this industry.
SWOT Analysis
Strength: Food waste is a readily available resource with potential to generate value. Advanced processing technologies enable recovery of resources from food waste.
Weakness: Collection and transportation of segregated food waste requires huge investments. Public awareness and participation is still limited.
Opportunity: Growing environmental concerns are driving policies supporting circular economy. Food waste processing presents business opportunities in areas like animal feed, fertilizers etc.
Threats: Contamination of food waste during collection poses health risks. Unclear regulatory framework and pricing of end products present challenges.
Geographical regions
North America currently accounts for the largest share in terms of value in food waste management market owing to stringent regulations and higher adoption of advanced technologies. Other major regions include Europe and Asia Pacific.
The Asia Pacific region is projected to witness the fastest growth during the forecast period. Rapid urbanization and economic growth in countries like China and India are contributing to rising food waste volumes in the region. Also, growing environmental awareness and policy push for sustainability are aiding market expansion in Asia Pacific.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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