Food Waste Management Market to Rise at a CAGR of 6.1% by 2023, Says MRFR
The Global Food Waste Management Market is predicted to grow colossally at an impressive CAGR over the assessment period (2018-2023). There are numerous factors that are propelling the growth of the food waste management market. Some of these factors as per the Market Research Future (MRFR) report include rapid industrialization, innovation and research & development to develop effective food waste management system, increase in global food waste, rise in the increase of organic waste for fertilizer and animal feed production, need to cut down greenhouse gas emissions, rising energy needs, burgeoning food and beverages industry, advanced system implementations such as anaerobic and aerobic digestion processes utilized to recycle food waste, initiatives taken by the government, increasingly growing food service industry, technological advancement and increasing awareness about the benefits of saving food resources. On the contrary, incineration and landfill techniques that effect the environment are factors that may impede food waste management market growth.
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Food waste management includes everything from collection, treatment, transport, disposal, monitoring to regulation. A key reason for the increasing food waste management growth is the food processing wastage. This includes dairy food processing waste, agricultural produce processing, seafood, meat and poultry processing waste and waste from other forms of food processing. The target audience here includes food products distributors, raw material suppliers, association bodies, industrial, research organizations, government, food products suppliers, food products traders, food manufacturers, industry associations and others.
By region, the food waste management market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, North America will dominate the market owing to the advanced technologies used in food waste management, wide awareness of waste management and highly penetrated food and beverage industry. China and the US are the key contributors here owing to the rapidly expanding food waste management market. Besides the accessibility of futuristic storage facilities for leftover food, initiatives funded by private and public sectors and the waste management support initiatives that is taken by SWA (Solid Waste Association) in North America are also driving the growth of the market in this region.
Leading players profiled in the Food Waste Management Market include Waste Connections, Inc. (Canada), Covanta Holding Corporation (U.S.), Stericycle, Inc. (U.S.), Republic Services, Inc. (U.S.), Veolia Environment S.A. (France), Waste Management, Inc. (U.S.), and Andritz Ag (Austria).
According to the MRFR report, the food waste management market is segmented on the basis of waste type, processes and end use.
Based on waste type, the food waste management market is segmented into consumption waste, retail waste, distribution and supply chain waste, food processing waste and food production waste.
Based on processes, it is segmented into combustion, anaerobic digestion, aerobic digestion and others. Of these, aerobic digestion will have the maximum share in the market over the assessment period.
Based on end use, it is segmented into biofuels, renewable energy, fertilizer, animal feed and others. Of these, animal feed will dominate the market over the assessment period.
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March 2019 – Winnow, a food waste specialist, has come up with a waste management system that is AI (artificial intelligence) enabled. This will not only recognize the types of food but also monitor exactly the amount of every item that is being discarded.