Newark, June 28, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 70.0 billion food waste management market will reach USD 125.3 billion by 2032. Food waste is any form of unfinished or discarded liquid or solid food. Managing food waste involves all the actions and activities needed to move the trash from the beginning to the end. Some of the crucial phases in the management of food waste are collection, treatment, and disposal. Rapid urbanization and industrialization in developing nations, increased use of organic waste for the production of animal feed and fertilizer, increased imports of tropical fruits, premium coffee, and other products, and increased trade in food and food ingredients between nations have all contributed to the development of new supply chains.
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North America to account for the largest market size during the forecast period.
North America is expected to have the essential food waste management market share. The regional market is expanding significantly due to more government and corporate sector initiatives to reduce food waste. Significant investments in creating cutting-edge disposable technologies and the presence of well-known players further support market expansion.
The fruits & vegetables segment dominated the market with the most significant revenue of USD 28 billion.
The fruits & vegetables segment dominated the market with the most significant revenue of USD 28 billion due to the product's inappropriate handling, storage, processing, and cultivation. The demand for the food waste management market is driven by improper handling and storage of fresh produce, which results in deterioration and higher levels of waste than in other categories.
The anaerobic digestion segment dominated the market with the most significant revenue of USD 25.9 billion.
The anaerobic digestion segment dominated the market with the most significant revenue of USD 25.9 billion. An emerging technological trend called anaerobic digestion, which works to recover energy and nutrients from goods, is predicted to accelerate the industrial expansion of food waste management.
The animal feed segment dominated the market with the most significant revenue of USD 26.6 billion.
The animal feed segment dominated the market with the most significant revenue of USD 26.6 billion. The use of food waste as animal feed is referred to as the "feed" in the food waste management market. Unfit for human consumption, food waste can be turned into animal feed, which offers several advantages. First, it lessens the amount of garbage disposed of in landfills, minimizing the environmental impact of food waste.
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Market Dynamics:
Drivers: Use of Fossil Fuels
Using fossil fuels for energy generation significantly contributes to the global increase in carbon emissions, and switching to renewable energy sources could help achieve environmental sustainability. One of the most significant yet frequently ignored sources of carbon emissions is food waste. When food waste builds up in open landfills, it rots and emits methane, a more destructive GHG than CO2. Stopping food waste can reduce the amount of GHG emissions that arise from it by about 10%. Food waste management, which encompasses effective disposal, recycling, and material conversion of food waste, is another strategy for lowering GHG emissions.
Restraint: Risks to Human Life
Landfills are locations where non-hazardous home, commercial, and industrial solid waste and sludge are disposed of. Food waste landfills release GHGs like methane, which is trapped there and heated up by the lack of oxygen in garbage dumps, causing fire incidents that are risky to human life.
Opportunity: Rising Initiatives
The amount of food waste produced every day is enormous. Therefore, it is essential to effectively manage food waste to avoid adverse environmental and human health effects. A French firm called PHENIX SAS (PHENIX) offers an alternative to food waste disposal in landfills and the combustion of food waste. The business determines the optimum value chain for unsold goods, which may involve offering discounts on temporary purchases, providing animal feed, making charitable contributions, and recycling. Thousands of tonnes of watermelons left in fields to perish, because they are deemed unattractive for sale in supermarkets are being used by businesses like World Waters LLC. For instance, the US-based food and beverage company Renewal Mill received USD 2.5 million in January 2019 to fund the expansion of its business.
Challenge: Rise of Fire Incidents
Concerns about the buildup of food waste in landfills have increased due to increased fire incidents. Therefore, throughout the forecast period, the global food waste management market will see growth challenges due to the rising risk of fire incidents brought on by the accumulation of food waste in landfills.
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Some of the major players operating in the food waste management market are:
● Veolia
● Suez
● 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
Key Segments cover in the market:
By Type:
● Fruits & Vegetables
● Fish & Sea Food
● Meat
● Cereals
● Dairy Products
● Processed Foods
By Process:
● Aerobic Digestion
● Combustion/Incineration
● Anaerobic Digestion
● Others
By Application:
● Fertilizers
● Biofuel
● Animal Feed
● Power Generation
About the report:
The global food waste management market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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