by The Global Food Waste Management Market is estimated to be valued at US$ 113.13 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Food waste management involves collection, storage, and processing of food waste from households, restaurants, grocery stores, industrial sources, and other food handling or processing facilities to produce products like organic fertilizers, animal feed, biofuel or energy through different processing methods. With increasing global food production and consumption every year, large amounts of food are being wasted which leads to environmental concerns like greenhouse gas emissions and pollution. Proper food waste management helps in reducing this waste and helps in environmental protection and resource conservation.
Key Takeaways
Key players operating in the Food Waste Management are Winnow Solution, Veolia, Shree Sai Damage Food recycler, Waste Ventures India, Suez, Saahas Zero Waste, Waste Management, Inc., Republic Services, Inc., Covanta Ltd., Stericycle, Inc., Remondis SE & Co., KG, Clean Harbors, Inc., Biffa, Rumpke, Advanced Disposal Services, Inc., Cleanaway, FCC Recycling (UK) Limited, DS Smith, MobiTrash, Keenan Recycling, and Bio Collectors. These players are focusing on expanding their presence globally through partnerships, collaborations and new service introductions.
Growing awareness about environmental protection and sustainability is driving the for Food Waste Management Market Growth solutions globally. Various government initiatives to reduce food waste through legislative actions are also propelling the market growth. According to FAO, around 14% of the world’s food produced is lost in the supply chain between farm and retail. Proper management can help reduce this wastage.
With growing global population and economic growth in emerging nations, the demand for food is increasing rapidly every year. This is increasing the overall food production worldwide. At the same time efficient and proper food waste collection and processing infrastructure is still lacking in many regions. Food waste management players are expanding their presence globally to cater to this untapped potential. The growing environmental and sustainability concerns are also helping in global market expansion.
Market key trends
Digitization in food waste management is one of the key trends gaining popularity. Various technology enabled solutions are being adopted for optimized food waste collection, sorting and tracking of waste volumes. Advanced solutions include smart bins with IoT connectivity, analytics for waste collection routes, RFID/sensor based sorting etc. This is helping improve operational efficiency for waste handlers and local authorities. Digital technologies are also enabling transparency and monitoring of waste volumes from different sources to help in better planning.
Porter’s Analysis
Threat of new entrants: New players find it difficult to enter the market due to high capital requirements and government regulations.
Bargaining power of buyers: Large players have greater bargaining power over suppliers due to their large purchase volumes.
Bargaining power of suppliers: A few large multinational organizations control the supply of key technologies and equipment used in food waste management, giving them bargaining power.
Threat of new substitutes: Alternate waste management technologies and recycling processes continue to emerge as substitutes.
Competitive rivalry: Intense competition exists among existing players to gain market share through product innovation and expansion into new markets/regions.
Geographical Regions
North America remains the most lucrative region for the food waste management market, valued at over US$ 40 Bn currently, driven by stringent regulations. Europe follows with a substantial market size owing to well-established waste management systems and growing awareness.
The Asia Pacific region is expected to witness the fastest growth during the forecast period on account of rising environmental concerns and expansion of organized players into developing nations such as India and China. Improving regulations and economic growth are helping fuel the demand for sustainable waste management practices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
