The food waste management market is estimated to be valued at US$ 70.0 billion in 2023 and is anticipated to value at US$ 121.8 billion by 2033. The sales of food waste management are likely to register a CAGR of 5.7% during the forecast period.
Unlocking Solutions for Sustainable Futures: Food Waste Management Market Surges in Response to Growing Demand
The global food waste management market is experiencing a significant surge in demand, driven by a notable increase in food waste and the rising awareness surrounding this global challenge. The forecast period anticipates substantial growth, with consumers and government initiatives alike contributing to the adoption of food waste management practices.
Key Drivers for Food Waste Management Growth:
- Consumer Awareness: A heightened consciousness about food wastage is driving consumers to actively seek solutions, propelling the demand for food waste management services.
- Government Initiatives: Various government programs focusing on addressing food wastage are gaining traction, encouraging the widespread adoption of food waste management practices.
- End-use Industries Fueling Expansion: Industries such as animal feed, fertilizer, and renewable energy are playing a pivotal role in market growth. The production of biofuels, fertilizers, and urea for agricultural purposes presents significant opportunities.
- Environmental Concerns: The burgeoning global population, coupled with escalating environmental concerns, is amplifying the need for efficient food waste management solutions.
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Market Opportunities and Trends:
- Biofuels and Fertilizers Production: The utilization of food waste in the production of biofuels and fertilizers is creating lucrative opportunities in the market, aligning with sustainable practices.
- Local Food Vendors and Service Centers: The upsurge in kitchen waste from local food vendors, hotels, and other food service centers is fostering the adoption of food waste management solutions.
- Environmental Impact: As the world grapples with environmental challenges, the role of food waste management becomes crucial in mitigating the impact of excessive food spoilage and waste.
- Global Accessibility of Imported Food Items: The growing accessibility of imported food items and the consequent increase in untasted food contribute to the expanding market share of food waste management.
What Measure does Government take to Reduce Food Waste?
Globally, several countries are focused on reducing the wastage of food by initiating various programs. Food wastage is a significant challenge that impacts the environment, society, and economies on the global market. Therefore, it is an important topic for most countries. However, many countries are wasting a huge quantity of food. On the flip side, some countries faced hunger due to a lack of food.
By noticing every prospect, governments are running awareness campaigns and programs to prevent food wastage. The U.K. government initiatives program Love Food Hate Waste & Denmark took the program- Stop Wasting Food in recent years. The United Nations focused on increasing awareness towards the people to save food and support the Zero Hunger Challenge Program.
Key Takeaways:
- The food waste management market is expected to have a valuation of US$ 121.8 billion by 2033.
- The global market is likely to register a CAGR of 5.7% during the forecast period.
- The United States food waste management market is anticipated to register a CAGR of 5.9% through 2033.
- With a CAGR of 6.1%, the United Kingdom market is significantly estimated to uplift during the forecast period.
- China’s market is projected to register a CAGR of 7.8% over the forecast period.
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Who is winning?
The market is fragmented in nature. The prominent players provide services to the customers by adopting advanced technology. Moreover, they are focused on innovating products to collect and recycle food waste. The manufacturers are using various technologies such as automated garbage pickups, enzyme-based food management systems, and sensor-based waste management.
Recent Developments in the Food Waste Management Market:
Prominent vendors are making innovative technologies to reduce food waste. They are adopting several methods to enhance the quality and extend the shelf-life of food during the forecast period. For example, top manufacturing companies adopt clean-label packaging to provide excellent food safety by reducing food wastage.
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Food Waste Management Market by Category
By Service:
- Prevention
- Collection
- Transfer
- Recycling
- Landfill
By Waste Type:
- Food Production Waste
- Agri Produce Waste
- Poultry, Meat, and Seafood Waste
- Food Processing Waste
- Agri Produce Processing Waste
- Poultry, Meat, and Seafood Processing Waste
- Dairy Food Processing Waste
- Other Food Processing Waste
- Distribution & Supply Chain Waste
- Retail Waste
- Consumption Waste
- Household Food Waste
- Food Services, Hospitality, & Institutional Waste
By End User:
- Animal Feed
- Fertilizer
- Renewable Energy & Biofuels
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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