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Sep 25, 2020 (Market Insight Reports) —
Food Waste Management Market Research Overview:
The Food Waste Management Market was at USD 31.29 billion in 2019 and is anticipated to reach USD 43.09 billion by the end of the assessment period. The market is estimated to experience reasonable growth to record a CAGR of 6.59% throughout the outlook period (2020-2024).
Food waste consists primarily of oils, fats, and animal by-products that are turned into salable products, including high-protein tallow, meat, and fat. These products are used in the production of biofuels, soap, animal feed, cosmetics, toothpastes, leather, lubricants, pharmaceuticals, etc. Food waste is becoming a social and economic problem with consequent implications for the environment. Additionally, unwanted food dumping at weddings, parties, restaurants, and hotels also supports the need for proper food waste management.
Browse in-depth TOC on Food Waste Management Industry @ https://www.marketdataforecast.com/market-reports/food-waste-management-market/table-of-contents
Impact of COVID 19 on Food Waste Management Market:
Covid-19 pandemic had its bad influence on almost all end-user sectors across the globe. The F&B sector witnessed a great slump with the global lockdowns and shutdown of manufacturing units. The food waste management market also had this impact but with the coming days, the industry is foreseen to see a great hike owing to the consumer awareness.
Drivers
Rapid industrialization and increased R&D activities for the development of efficient systems are expected to have a positive influence on growth. The increasing use of organic waste for the production of animal feed and fertilizers, the reduction of greenhouse gas emissions and the increase in energy requirements are the factors that are expected to drive the demand for Food Waste Management. Increasing consumption of processed foods, including ready-to-eat meals, is also likely to stimulate demand. In the United States, the fruit and vegetable segment had more than 39.4% of the revenue share in 2018. The presence of health-conscious consumers in the country is likely to drive fruit and vegetable consumption, which will result in an increase in the production of food waste. Additionally, the government’s initiative to educate people on proper fruit and vegetable storage methods to prevent rot is expected to stimulate growth. The rising demand for improved technologies, such as gasification for waste treatment, is expected to create new opportunities over the next seven years. The gasification process converts organic materials such as biomass or combinations of organic and inorganic surpluses into a combustible gas called synthesis gas. The adverse effects of incineration and dumping techniques on the environment are expected to hamper market growth. Both incineration and landfill contribute to the emission of GHG, the main cause of global warming. The incineration process involves burning the waste into ash and heat. Anaerobic digestion is a recent technology trend that is expected to drive industrial growth for the elimination of food waste, as it helps to recover energy and nutrients from products. Sorting and collecting waste is a major challenge, which is expected to drive demand from the industry during the forecast period.
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Segmentation Analysis
The food waste management market is segmented by type of waste, application and process. Based on the type of waste, the market is classified into fruits and vegetables, grains, fish and seafood, processed foods, dairy products, coffee and tea grounds, meat and oil seeds, and legumes. In 2017, fruits and vegetables had the highest share in value. Fruit and vegetable waste is generated primarily due to adversity in retailers’ quality standards, followed by overproduction which in turn is expected to support demand from this segment during the forecast period.
In terms of application, the global food management waste market is further segmented into feed, biofuel, fertilizer and power generation. In 2017, animal feed had the largest market share by value. Food waste is mainly recycled to produce feed. Due to the high prices of traditional animal feed, manufacturers are turning to recycled feed waste because producing feed for animals from food waste is the economical and environmentally friendly method of managing food waste.
In terms of process, the global market is divided into Aerobic Digestion, Incineration or Combustion, Anaerobic Digestion and others. Of these, anaerobic digestion is the most widely used process because this process results in less pollution of the environment.
Regional Analysis
Europe led in 2018, representing more than 32.5% of the revenue share in the food waste management market. North America is expected to reach $ 13.84 billion in 2025, due to overproduction, lack of cold chain infrastructure, market fluctuations, and fluctuating customer demand. The United States is expected to represent an important share in the regional market due to the boom in the food industry in the country. Asia-Pacific is expected to experience significant growth due to increased exports of various products from Asian countries to countries in North America and Europe, which are expected to further increase the volume of waste during transit. Most of the food waste in the region is broken down and turned into biogas, which is also used for power generation. The advanced economies of the Middle East and Africa, such as Qatar, are the main contributors to food waste globally due to the unavailability of sufficient cold rooms and warehouses and the lack of transportation. However, regional governments are focusing on the correct management of this waste.
Industry Developments
- In January 2017, Waste Connections, Inc. acquired Groot Industries, Inc., a privately held Illinois-based solid waste management company, with annual sales of $ 200 million. This acquisition has enabled Waste Connections to serve approximately 300,000 customers in Illinois with a network of two recycling facilities, six transfer stations and six collection operations.
- In January 2016, Waste Management Inc. of Florida acquired Southern Waste Systems LLC, a waste management company dedicated to the collection, recycling and treatment of residential, municipal, industrial and commercial waste. in Davie, Florida. The commercial assets acquired include the collection, transfer, recycling and treatment of industrial, commercial and residential solid waste.
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