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.
During the projection period, a rise in waste, such as uneaten or unfinished food, would drive up demand for food waste management. Consumers are becoming more aware of food waste, and numerous government initiatives are promoting the adoption of food waste management practices. End-use sectors, such as animal feed, fertiliser, and renewable energy, are driving market growth.
These sectors create biofuels, fertilisers, and urea for agricultural use, hence boosting market potential. Furthermore, with rising kitchen waste, local food vendors, hotels, and other food service establishments are increasing their use of food waste management. Furthermore, the expanding population, environmental concerns, and food spoiling due to excess quantity are driving up sales of food waste management products.
Growing accessibility of imported food items and untasted food is rapidly enhancing the food waste management market share. Moreover, large companies generate a quantity of food daily through food processing, servicing, and others during the forecast period.
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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.
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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