Newark, NJ, June 03, 2021 (GLOBE NEWSWIRE) -- According to the report published by Fior Markets, the global food waste management market is expected to grow from USD 36.04 billion in 2020 and reach USD 55.79 billion by 2028 and is growing at a CAGR of 5.8% during the forecast period 2021-2028.
The global food waste management market has witnessed significant growth over the past few years, mainly due to the rising concerns about the wastage of food on a worldwide level. The growing population of the world has led to an increase in manufacturing and consumption rates, which has added to the rise in the amount of food wastage. The change in the consumers' tastes and preferences and their inclination towards new and exotic food items, tropical fruits, demand for imported products, etc., have added to the market's growth. The trade of food ingredients and finished products between different countries has led to the establishment of new supply chains, which has increased the food waste generated, thereby contributing to the growth of the food waste management market.
Food waste is the wastage generated during processing of the food, transportation, supply chain, distribution, expiry of the product, etc. Food wastage is relatively high in hotel chains and also in the supply chains. It has also been noted that food wastage is high in developing countries, and to overcome this issue, governments all over the world have formulated stringent regulations for the minimization of food wastage. The changing patterns of agricultural practices and scarcity of farming areas have raised concerns for an adequate amount of food supply, increasing the importance of food waste management practices.
The growth observed in the global food waste management market is influenced by some factors such as the increase in demand for renewable energy, increased usage of organic waste for power generation, production of fertilizers and animal feed and the need for reducing greenhouse gas emission, disposals from production plants, etc. The use of traditional waste disposal methods such as incineration and landfill has adverse effects on the environment as the gases produced through these methods adds to global warming and climate change, which is why it has become a restraining factor for the growth of the market. The current trends in the market are the usage of advanced techniques such as gasification for the treatment of waste, which has the potential to unlock new opportunities for the players in the market.
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Some of the key players operating in the food waste management market are Republic Services, Inc. (U.S.), Stericycle, Inc. (U.S.), Andritz Ag (Austria), Waste Management, Inc. (U.S.), Veolia Environnement S.A. (France), Covanta Holding Corporation (U.S.), and Waste Connections, Inc. (Canada), Recology Inc., DeIorio's Foods Inc., FCC Environment Ltd., CT Environmental Group Ltd., Clean Harbors, Inc.
Fruits & Vegetable segment dominated the market and held the largest market share of 32% in the year 2020
Based on type, the global food waste management market is segmented into fruits & vegetables, meat, fish & seafood, cereals, dairy products, and processed foods. The fruits & vegetable segment dominated the market and held the largest market share of 32% in the year 2020. This growth is largely due to the large amounts of waste generated from fruits & vegetables along with tubers and roots. The scraps and wastes obtained from fruits & vegetables are readily available and used as raw materials for composts and are used as feed for aerobic/anaerobic digestions.
Anaerobic Digestion segment dominated the market and held the largest market share of 45% in the year 2020
Based on process, the global food waste management market is segmented into aerobic digestion, anaerobic digestion, combustion/incineration, and others. The anaerobic digestion segment dominated the market and held the largest market share of 45% in the year 2020. This growth is primarily due to its extensive use in waste disposal procedures as it helps in recovering energy like biogas and nutrients. The energy generated through this anaerobic digestion is neither subjected to price fluctuations nor dependent on weather. It also functions as an effective alternative to fossil fuels.
Animal feed segment dominated the market and held the largest market share of 38% the year in 2020
Based on application, the global food waste management market is segmented into fertilizers, animal feed, biofuel, and power generation. The animal feed segment dominated the market and held the biggest market share of 38% the year in 2020. Food waste consists of organic waste, which undergoes complete decontamination through techniques such as sterilization and thermal treatment and can then be safely used as feed for animals, which is why animal feed holds the most significant market share in the application.
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Regional Segment of Food Waste Management Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global food waste management market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America dominated the market and held the largest market share of 40% in the year 2020. This growth is mainly due to the initiatives taken for the integration of solid waste management and also the integration of commercial, institutional and industrial solid waste to curb the waste in the region. Europe also holds a dominant position in the market mainly due to the involvement of E.U. member states to reduce food wastage at the source itself. The countries in Asia-Pacific are also expected to witness significant growth due to wastage of food in transit during exports to European and North American countries.
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About the report:
The global food waste management market is analyzed based on value (USD billion). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insights into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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