New York, Feb. 23, 2022 (GLOBE NEWSWIRE) -- According to the statistics by the Department of Statistics of the Government of Singapore, the total number of food shops and food stalls in the country grew from 13828.0 and 13686.o numbers respectively in the year 2010 to 20159.0 and 14425.0 numbers respectively in the year 2020. Additionally, the total number of hawker licenses issued to food centers in the country increased from 11996.0 numbers in the year 2008 to 13483.0 numbers in the year 2020.
Kenneth Research has recently released a report on “Singapore Food Waste Recycling Market” which focuses on the latest market dynamics, such as the growth drivers, challenges, along with the trends and the recent opportunities associated with the market growth. The report also includes the regulatory and standards landscape as well as the product portfolio analysis of the key players that are operating in the market.
The food and beverage industry in Singapore is growing significantly, backed by the increasing number of food service providers in the nation. One of the major contributors to the rising food and beverage industry in the nation is the growing tourism receipts in the F&B sector, which according to the Department of Statistics of the Government of Singapore, grew from USD 1245.4 Million in the year 2007 to USD 1856.35 Million in the year 2019. Further, the statistics also stated that in November 2021, the total value of sales of the food and beverage industry in the nation recorded USD 516.87 Million recording a growth of 10.4% month-on-month (seasonally adjusted). Additionally, the surge in inbound international travelers in the country, as Singapore is known to be a major tourist destination, is also driving the food and beverage industry. In the other statistics by the Department of Statistics of the Government of Singapore, the total number of international visitor arrivals in the nation touched 1724961.0 numbers in December 2019, up from 1055990.0 numbers in January 2011.
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Backed by the surge in the food and beverage industry in the nation, the concern for food wastes is also rising, which is raising the need amongst the governmental authorities to raise its focus on recycling of food wastes and adopt solutions that can help to lower the wastes generated from food. The recycling rate of food wastes in Singapore increased from 10% in the year 2010 to 19% in the year 2020. In terms of quantity, the food waste disposed of in the same year recorded 539 Thousand tonnes, while the food waste recycled was 126 Thousand tonnes.
The Singapore food waste recycling market generated a revenue of USD 18.9 Million in the year 2020 and is further expected to touch USD 33.0 Million by the end of 2030, by growing with a CAGR of 5.8% during the forecast period, i.e., 2021-2030. The market is segmented on the basis of food waste type into cereals, fruits & vegetables, sea food, meat, oilseeds, processed food, and others. Amongst these segments, the fruits & vegetables segment generated the largest revenue of USD 8.3 Million in the year 2020 and is further expected to touch USD 14.5 Million by the end of 2030. On the other hand, the sea food segment is projected to grow with the highest CAGR of 6.3% during the forecast period.
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The Singapore food waste recycling market is also segmented on the basis of food waste producer into food producers, food manufacturers, food service providers, households, and others. Amongst these segments, the food service providers segment generated the largest revenue of USD 9.2 Million in the year 2020 and is further expected to touch USD 16.7 Million by the end of 2030, by growing with the highest CAGR of 6.3% during the forecast period.
The Singapore food waste recycling market is further segmented by process, and by application.
Singapore Food Waste Recycling Market, Segmentation by Process
- In-Vessel Composting
- Anaerobic Digestion
- Others
Singapore Food Waste Recycling Market, Segmentation by Application
- Animal Feed
- Fertilizers
- Biofuel
- Others
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Some of the prominent industry leaders in the Singapore food waste recycling market that are included in our report are Skyland Bio-Energy Pte Ltd, 800 Super Holdings Limited, Lam Tak Pte Ltd, Westcom Bio-Tech Pte Ltd., A1 Environment Pte Ltd, UglyGood, Cambi ASA, and others.
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