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Global Food Waste Management Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 47.75Bn by 2028, Likely to Grow with the CAGR of 5.3% During the Forecast Period.
The global Food Waste Management market has shown moderate growth since the last few years. The market is anticipated to gain traction in the coming years. Some of the major factors fuelling the growth of the global market include huge investments in R&D activities, rapid industrialization, and rising adoption of organic waste for the production of fertilizers.
Rising Food Industry and Awareness Regarding Food Waste Management is driving the demand for Food Waste Management
The global food waste management market is driven by the growing foodservice industry. The rate of food wastage is relatively high from hotel chains and other quick-service restaurants. The rising consumption of processed food and the packaged meal is supporting the growth of the global market. Moreover, the government initiatives to spread awareness regarding proper storage methods for vegetables and fruits are expected to boost growth. The surging demand for renewable energy across the globe and promotional activities conducted by private and public figures is likely to put a positive impact on the growth of the global food waste management market.
The Fruits and Vegetable Segment Held Prominent Share in Global Food Waste Management Market in 2019
Based on waste type, global food waste management is dominated by the fruits and vegetable segment by holding a significant share in 2019. The dominance of the segment can be accredited to improper cultivation, processing, storage, and handling of the products. More than 30% of fruits and vegetables are wasted at the time of harvesting and production stages. Improper handling and storage of fresh vegetables and fruits lead to an increased amount of wastage and poise a positive impact on segment growth.
The meat segment is anticipated to witness lucrative growth over the forecast period. The increasing amount of edible waste production is developed countries such as Canada and the U.S. is expected to contribute in the segment growth. Moreover, the supportive government initiative to reduce the waste meat and meat products aimed at reducing the greenhouse effect is expected to widen the scope for segment growth.
Fertilizers are Expected to Witness Highest Growth During the Forecast Period
In terms of application, the fertilizer segment is estimated to grow at the highest CAGR during the forecast period. The rising awareness regarding the harmful effects of synthetic fertilizers among farmers is encouraging them to opt for organic fertilizers. The synthetic fertilizers lead to contamination of water and land which affects land fertility. The fertilizers made from food waste improves the soil conditioning and improve the water holding capacity which leads in major adoption from agriculture-based economies.
The biofuel segment is estimated to show noteworthy growth in the coming years. This is mainly due to fluctuating prices of crude oil which promotes the usage of biofuel including biodiesel, methane, ethanol, and hydrogen.
Europe is Anticipated to Hold a Key Share in Global Food Waste Management Market during the Forecast Period
By geography, the global food waste management market is dominated by Europe. The region is expected to lead the global market throughout the forecast period. The regional growth is fuelled by the huge investment to promote advanced techniques for acquiring useful products produced from food wastage such as fertilizers and biogas. Moreover, the supporting government initiative to minimize food wastage is anticipated to create new regional growth opportunities.
North America is considered as the second-largest shareholder in the global market. This is mainly due to market fluctuations, limited cold-chain infrastructure, and overproduction across the region. Moreover, the growing food industry is expected to propel regional growth.
The Asia Pacific is estimated to witness impressive growth during the period of a research study. The growth of the region can be credited to increasing import-export activities which results in food wastage during transit.
The Middle East and Africa account for a considerable share in the global market and expected to show noteworthy growth in the coming years. This is mainly due to the lack to transportation facilities and limited warehouses. However, the government is taking initiatives to properly manage these wastages. For instance, the Dubai government has launched the UAE Food Bank to achieve zero waste ratio.
Key players operating in the global food waste management market are Stericycle, Inc., Veolia Environment, Clean Harbors, Inc., Suez Environment, Republic Services, Inc., and Waste Management, Inc.
Global Food Waste Management Market by Waste Type
- Processed Food
- Fish & Sea Food
- Dairy Products
- Fruits & Vegetables
Global Food Waste Management Market by Process
- Anaerobic Digestion
- Aerobic Digestion
Global Food Waste Management Market by Source
- Municipalities & Households
- Primary Food Producers
- Food Service Providers
- Food Distributors & Suppliers
- Food Manufacturers
Global Food Waste Management Market by Application
- Power Generation
- Animal Feed
Global Food Waste Management Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America