The global food waste management market size is expected to reach USD 58.92 billion by 2029 according to a new study by Polaris Market Research. The report “Food Waste Management Market Share, Size, Trends, Industry Analysis Report, By Waste (Cereals, Dairy Products, Fruits & Vegetables, Meat, Fish & Sea, Processed); By Process; By Source; By Application; By Region; Segment Forecast, 2021 – 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising population, along with the change in consumers eating preferences, is expected to drive the growth of the food waste management industry. The wastage is generated at every stage of the supply chain ranging from production and processing to transportation and consumption. According to the FAO, both high- and low-income countries discard almost equal amounts of the meal, i.e., 670 and 630 Billion tons, respectively. The rising environmental concern is another major reason responsible for the industry growth. The generated consumable debris goes into the landfills that produce methane gas which is accountable for global warming and climate change.
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On the basis of application, the animal feed segment is expected to account for the largest share over the forecast period. The debris generated from meals is used to feed animals worldwide. Farmers have been practicing this over the years as it is cheaper to feed animals with leftover meals. On the basis of source, municipalities and household market segment is expected to account for the highest share in the near future. Most of the dump generated comes from the household owing to their improper management and stockpiling of consumables.
Europe is anticipated to account for the largest share over the forecast period owing to the improper dump management in the major economies of the region. Most of the debris generated in the region comes from the household sector, which is likely to accelerate the growth of the market. Factors such as overproduction, spoilage during transportation, hoarding of consumables are contributing to the demand for the industry in the region.
Market participants such as Clean Harbors, Inc., Covanta Ltd., FCC Environment, Remondis SE & Co. KG, Waste Connections, Inc., Stericycle, Inc, Suez, Advanced Disposal Services, Inc., Veolia, and Republic Services, Inc. are the key players operating in the global market.
Polaris Market Research has segmented the food waste management market on the basis of waste, process, source, application, and region:
Food Waste Management, Waste Outlook (Revenue – USD Billion, 2017 – 2029)
- Dairy Products
- Fruits & Vegetables
- Fish & Sea
Food Waste Management, Process Outlook (Revenue – USD Billion, 2017 – 2029)
Food Waste Management, Source Outlook (Revenue – USD Billion, 2017 – 2029)
- Primary Food Producers
- Food Manufacturers
- Food Distributors & Suppliers
- Food Service Providers
- Municipalities & Households
Food Waste Management, Application Outlook (Revenue – USD Billion, 2017 – 2029)
- Animal Feed
- Power Generation
Food Waste Management, Regional Outlook (Revenue – USD Billion, 2017 – 2029)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia