Food Waste Management Market Size Worth $54.29 Billion By 2028 | CAGR: 5.6%: Polaris Market Research

NEW YORK, Sept. 29, 2021 /PRNewswire/ -- The global food waste management market size is expected to reach USD 54.29 billion by 2028 according to a new study conducted by Polaris Market Research. The market is anticipated to register a CAGR of 5.6% From 2021 – 2028. Growing consumer interest for new types of exotic food products, rising consumer consciousness to reduce food wastage, and increasing launch of waste management awareness initiatives by governments across the globe, propel the market growth. In addition to this, the growing demand for renewable energy and development is creating lucrative opportunities for players operating in the recycling and processing food waste industry. Moreover, the introduction of newer food processing techniques and technologies is anticipated to drive a revolution in the industry.

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Key Highlights of Food Waste Management Market

• Based on waste type, the fruits & vegetable segment accounted for the largest share in the global market and is expected to increase its share during the forecast period.  Ease in the process of waste management for fresh produce is helping the segment to grow.
• In terms of process, the anaerobic digestion segment dominated the market with its higher share contribution. Such processes allow effective recovery of energy and nutrients from the waste, thus complements the segment's growth.
• By source, municipalities and households segment contributed the largest revenue share in the market. The segment's growth is attributed to a continuously growing population and major changes in food habits.
• Based on application, animal feed led the major growth for the food waste management market and accounted for a higher market share. Food waste can be used as an animal feed directly or it can be processed with the help of rendering technique and used as livestock.

Governments across the markets are involved in spreading waste management awareness programs, particularly in developed nations. Few notable campaigns include Love Food Hate Waste in the U.K, Think Eat Save by United Nations Environment Program (UNEP), and Stop Wasting Food in Denmark.

According to the study done by the FAO, around 45 percent of total fruits and vegetables are wasted all over the world and over 30 percent of cereals are wasted, owing to insufficient storage and transportation abilities. Countries, across the globe, are taking influential steps, which are expected to prosper segment market growth.

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Regional Developments

North America dominated the global food waste management market and is expected to continue the same trend during the forecast period. Increasing initiatives run by the government as well as private entities to contain food wastage is bringing substantial growth for the regional market. Huge investments for developing advanced disposable techniques and the presence of prominent players further complements the market growth. On the other side, the Asian market is anticipated to exhibit rapid growth owing to a rise in wastage during transit and increasing demand to stop food wastage.

Competitive Outlook

Leading market players including Veolia, Suez, Waste Management, Inc., Republic Services, Inc., Covanta Ltd., and Stericycle, Inc.., are investing heavily to improve their distribution network to gain a competitive edge in the market.

Prominent manufacturers are emphasizing the research and development initiatives for forming reliable waste management systems to attain the required standards. They are also adopting several key business strategies such as partnership agreements, joint ventures, strategic alliances, acquisitions, and mergers to take the lead in the food waste management market.

Target Audience

• Supply Side: Waste Management Company
• Demand Side: Animal Feed Company, Fertilizer Company
• Regulatory Side: Food and Drug Administration

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Polaris Market Research has segmented the food waste management market report on the basis of waste type, process, source, application, and region:

Food Waste Management, Waste Type Outlook (Revenue – USD Million, 2016 – 2028)

• Cereals
• Dairy products
• Fruits & Vegetables
• Meat
• Fish & Sea Food
• Processed Food
• Others

Food Waste Management, Action, Process Outlook (Revenue – USD Million, 2016 – 2028)

• Aerobic
• Anaerobic
• Combustion/Incineration
• Others

Food Waste Management, Source Outlook (Revenue – USD Million, 2016 – 2028)

• Primary Food Producers
• Food Manufacturers
• Food Distributors & Suppliers
• Food Service Providers
• Municipalities & Households

Food Waste Management, Application Outlook (Revenue – USD Million, 2016 – 2028)

• Animal Feed
• Fertilizers
• Biofuel
• Power Generation

Food Waste Management, by Regional Outlook (Revenue – USD Million, 2016 – 2028)

• North America
• U.S.
• Canada
• Europe
• France
• Germany
• UK
• Italy
• Spain
• Netherlands
• Austria
• Asia Pacific
• China
• India
• Japan
• Malaysia
• South Korea
• Indonesia
• Central & South America
• Mexico
• Brazil
• Argentina
• Middle East & Africa
• UAE
• Saudi Arabia
• Israel
• South Africa

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About Polaris Market Research

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SOURCE Polaris Market Research