Westford, USA, Feb. 17, 2023 (GLOBE NEWSWIRE) -- North America is a promising region for players in the food waste management market. One of the main factors contributing to this trend is the rising concern for the environment and the need for advanced waste management solutions. Various governments are taking initiatives to increase awareness about food waste issues, including harmful gas emissions. They encourage collecting, separating, and treating organic waste to combat these problems. Moreover, policymakers are setting out recommendations that align with the government's priorities for food waste prevention, aiming to reduce waste-related emissions.
The data provided by SkyQuest highlights the pressing issue of solid waste and its impact on greenhouse gas emissions. The staggering 12 billion tons of solid waste produced annually is a cause for concern, mainly when it produces 1.8 billion CO2 emissions. In addition, the risk of improperly disposing of 10% of goods produced poses a severe threat to the environment. Therefore, it is imperative to implement effective food waste management solutions to mitigate the negative impact of waste on the environment.
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- Pages - 221
- Tables - 126
- Figures - 67
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Food waste is a major global problem, with a significant amount of food wasted yearly. This waste can occur at any stage in the food supply chain, from the early stage of production to consumption, and has various environmental and economic impacts. Regarding waste management, the two most common methods for recycling food waste are composting and anaerobic digestion, which offers different benefits depending on the specific situation and goals.
Prominent Players in Food Waste Management Market
- Waste Management
- Republic Services
- Veolia
- BENEO GmbH
- Waste Connections
- SUEZ
- FrieslandCampina
- Clean Harbors
- Biffa
- The Kraft Heinz Company
- Daiseki
- Covanta Holding
- Stericycle, Inc.
- Royal Cosun
- Hitachi Zosen
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Fruits and Vegetable Segment to Capture Higher Revenue Growth owing to Implementation of Policies and Regulations in the Food Industry
Improper handling, storage, processing, and cultivation of products have led to the fruit and vegetable segment dominating the food waste management market. In 2021, this segment accounted for 21.3% of the overall revenue share. The ease of managing waste for fresh produce is one factor driving this segment's growth. As the issue of food waste continues to gain attention, various businesses and organizations are taking steps to address the problem. Innovative solutions are being adopted to manage this waste, such as better supply chain practices, reducing packaging waste, and finding alternative uses for surplus produce.
North America is currently the dominant region in the food waste management market, accounting for 35.9% of the total revenue in 2022. Several factors drive the market growth in this region, including damage to food products, overproduction, and a need for cold-chain infrastructure. In addition, rigid food-grading specifications, standardized date labeling practices, and varying customer demand contribute to food waste in the region.
Animal Feed Segment to Contribute Largest Revenue Share Thanks to Advanced Rendering Techniques Enabling Reuse of Food Waste for Livestock
The animal feed segment was a significant contributor to the food waste management market in 2021 and is projected to grow at the fastest CAGR from 2022 to 2028. This is because food waste can be directly used as animal feed or processed using a rendering technique and fed to livestock without incurring additional costs. In addition, research from SkyQuest indicates that a large percentage of food waste occurs in the supply chains of developing economies, with estimates ranging from 78% to 84% of overall waste. This highlights the importance of effective food waste management strategies that can help reduce waste and optimize resource utilization.
The food and beverage industry is a crucial contributor to the economic development of the Asia Pacific region. The market in this region is predicted to grow at a CAGR of 5.9% by 2028, which can be attributed to the rising population, increasing income, and expanding food sector. With the food sector playing a significant role in the region's economic development, there is a significant opportunity for businesses to capitalize on this growth by developing innovative waste management solutions, expanding their operations, and entering new markets.
The research report on the food waste management market comprehensively analyzes the market's competitive landscape. The report includes detailed insights into the leading companies' operations, business divisions, regional dynamics, and recent developments. This analysis will help market participants to develop a clear understanding of the market and devise effective strategies for growth and success.
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Key Developments in Food Waste Management Market
- Krungsri, a division of the Bank of Ayudhya, has partnered with Siam City Cement (SCCC) to address climate change and reduce greenhouse gases by moving towards zero food waste. The collaboration aims to promote the circular economy by installing a decomposer that will transform food waste into enriched bio-soil for plants. The partnership is a key part of a broader initiative to promote sustainability and reduce waste in Thailand, and it demonstrates the increasing awareness of businesses to address environmental challenges.
- Ericsson's IoT business has teamed up with DeltaTrak, a leading innovator in cold chain management, to enhance cold chain traceability. Through a collaboration facilitated by Deutsche Telekom, the Ericsson IoT Accelerator platform will provide real-time tracking data for perishable food and biopharmaceutical products during transit. This collaboration aims to improve the visibility of the food chain, increase the safety of perishable items, reduce waste, and promote sustainability and environmental awareness in transit operations.
- Too Good To Go, a popular food waste reduction app, has teamed up with Unilever to launch a new service in the Netherlands. The service enables customers to order a box of products from well-known brands close to their sell-by date and deliver them directly to their doorstep. This initiative aims to reduce food waste by providing consumers with more convenient access to surplus food while also reaching a wider audience who may live outside participating cities or have difficulty collecting at specific times. By facilitating the distribution of these products, Too Good To Go and Unilever hope to help reduce food waste and promote sustainable consumption practices.
- Willshee's, a waste management company in the East Midlands, has partnered with Creative Foods to tackle emissions and waste at its Burton site. The partnership aims to reduce the environmental impact of the site's operations by implementing innovative waste management strategies and promoting sustainable practices. This collaboration demonstrates the increasing trend of companies working together to address environmental challenges and promote a more sustainable future.
Key Questions Answered in Food Waste Management Market Report
- What factors are likely to influence the expected valuation and growth rate of the food waste management market?
- What are the most lucrative segments and sub-segments within the global market?
- What are key regions expected to experience high growth during the forecast period?
- How are leading players in the market utilizing strategies to gain a competitive edge and dominate the market, and what are these strategies?
- What are the current trends in the market that are likely to shape its future growth on a larger scale?
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