The food waste management sector is poised for significant growth, with an estimated market value of USD 70.0 billion in 2023, projected to reach USD 121.8 billion by 2033, marking a robust CAGR of 5.7% over the forecast period. As food waste continues to escalate, spurred by uneaten or leftover food, the demand for effective food waste management solutions is on the rise. Increased consumer awareness regarding food wastage, coupled with government initiatives, is driving the adoption of food waste management practices. Industries such as animal feed, fertilizer, and renewable energy are driving market expansion by repurposing food waste into valuable resources.
The proliferation of biofuels and fertilizers, as well as the production of urea for agricultural purposes, presents lucrative opportunities for market growth. Moreover, the surge in kitchen waste from local food vendors, hotels, and food service centers further propels the adoption of food waste management strategies. Factors such as population growth, environmental concerns, and food spoilage due to excess quantities further contribute to the growing demand for food waste management solutions.
Additionally, the increasing availability of imported food items and surplus untasted food are bolstering the market share of food waste management. Large corporations, engaged in food processing and service industries, generate substantial quantities of food waste daily, highlighting the critical need for effective management practices.
What Measure does Government take to Reduce Food Waste?
Around the world, numerous nations are actively tackling the issue of food waste through various initiatives. Food wastage poses a significant challenge with far-reaching impacts on the environment, society, and global economies. Consequently, it has become a focal point for many countries. Despite this attention, substantial quantities of food continue to be wasted, while others face food shortages.
Governments worldwide are taking proactive measures to address this issue, launching awareness campaigns and programs aimed at reducing food wastage. For instance, the U.K. government has introduced the Love Food Hate Waste initiative, while Denmark has implemented the Stop Wasting Food program in recent years. Additionally, the United Nations has prioritized raising awareness among individuals to minimize food wastage and support initiatives like 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.
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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