Food Recycler Market to Reach $48.8 Billion Globally, by 2031 at 6.4% CAGR: Allied Market Research

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Jan 23, 2023, 07:30 ET

Rising concern regarding efficient food waste management, rapid urbanization, and government initiatives like smart city, go green, etc. drive the global food recycler market growth. Based on end user, the commercial segment would maintain its dominance during the forecast period.

PORTLAND, Ore., Jan. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Food Recycler Market by Capacity (0-50 Kg/Day, 50-100 Kg/Day, 101-300 Kg/Day, 301-500 Kg/Day, 501-1000 Kg/Day, Above 1000 Kg/Day), by End User (Commercial, Households), by Distribution Channel (OEM, Distributors, Retailers, E-Commerce): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global food recycler industry generated $26.3 billion in 2021, and is estimated to reach $48.8 billion by 2031, witnessing a CAGR of 6.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

Rising concern regarding efficient food waste management, rapid urbanization, and government initiatives like smart city, go green, etc. drive the growth of the global food recycler market. However, the development of cold chain facilities and the rising trend of feeding people and animals among the population hamper the global market growth. On the other hand, technological advancements coupled with rising initiatives regarding food wastage management is expected to open new opportunities for the growth of the food recycler market during the forecast period.

Covid-19 Scenario

The Covid-19 pandemic negatively impacted the food recycler market, owing to labor shortages, disrupted supply chains, and unavailability of raw materials due to regulations requiring statewide lockdown and social distancing restrictions.
As the hospitality industry was completely shut down, owing to government guidelines for lockdown, the food recycler market witnessed a sharp decline in demand.
However, the market has recovered with the progressive removal of these obstacles and the restart of production activities post the pandemic.

The 0-50 Kg/day segment to dominate in terms of revenue during the forecast period

Based on capacity, the 0-50 Kg/day segment was the largest market in 2021, contributing to one-third of the global food recycler market, and is expected to maintain its leadership status during the forecast period. This is owing to a surge in adoption of machines with small capacity at restaurants, food chains, and hotels. Rapid urbanization and increasing awareness regarding food waste management are also boosting the growth of the segment. The 301-500 Kg/day segment is projected to witness the fastest CAGR of 6.9% from 2022 to 2031, owing to a surge in the number of food processing centers and composting sites. The rising demand for organic fertilizer is also expected to boost the demand for the segment.

The commercial segment to maintain a prominent growth during the forecast period

Based on end user, the commercial segment held the largest market share of nearly 90% of the global food recycler market in 2021 and is expected to maintain its dominance during the forecast period. This is owing to a huge food wastage coupled with rising initiatives regarding food wastage management in the commercial sector. The households segment is projected to witness the fastest CAGR of 7.0% from 2022 to 2031, owing to rapid rate of urbanization coupled with rising awareness regarding waste management among the population.

The OEM segment to maintain a prominent revenue growth during the forecast period

Based on distribution channel, the OEM segment held the largest market share of one-third of the global food recycler market in 2021 and is expected to maintain its dominance during the forecast period, due to the huge demand for food recyclers in the food service and food processing industries. The e-commerce segment, however, is projected to witness the fastest CAGR of 7.3% from 2022 to 2031, owing to easy availability of products and the benefits of online channels such as information about the attributes of the products, and time-saving features. Consumers prefer to buy products online since it is convenient and the channels offer a large selection of brands that are not available in retail.

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North America to maintain its dominance by 2031

Based on region, North America was the largest market in 2021, capturing nearly one-third of the global food recycler market, and is expected to lead in terms of revenue in 2031. This is due to rising awareness among people regarding food waste management and government initiatives toward food waste management in the region. However, the market in Asia-Pacific would manifest the fastest CAGR of 7.2% during the forecast period, owing to an increase in the number of manufacturers of food recyclers, the huge population, and rapid urbanization in the region.

Leading Market Players

Ridan Composting Limited
WEIMAR Enterprise Sdn Bhd
Ecovim
MEIKO Maschinenbau GmbH & Co. KG
CP Group
Hungry Giant Recycling
Oklin International Ltd.
Hanmi Flexible Co., Ltd.
Mentari Alam Eko (M) Sdn Bhd
Kompakt,
SmartCara
Kollvik Recycling S.L.
Ninestars
Simplehuman
Joseph Joseph Ltd.
FoodCycler
Neterwala Group
Bhor Engineering Pvt., Ltd.
Emerson Electric Co.
Renovare Environmental, Inc.

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://bit.ly/3H1b36B

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