Westford, USA, Dec. 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global food waste management market share will reach a value of USD 106 Billion by 2031, with a CAGR of 5.4% during the forecast period (2024-2031). The food waste management market growth is driven by the growing population and increasing levels of production and consumption. Further, the market growth has increased due to shifts in consumer preferences and tastes. Thus, in many countries such as South Africa, United Arab Emirates, and Saudi Arabia, the COVID-19 pandemic poses a serious threat to food security and nutrition. Supply chain disruptions due to roadblocks, transit restrictions, and quarantining processes helped promote the market. Delays due to such factors, especially witnessed skyrocketing food wastage cases, particularly for perishable agricultural products such as fruits, vegetables, fish, meat, and dairy.
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Browse in-depth TOC on the "Food Waste Management Market"
Pages – 221
Tables – 126
Figures – 77
Food Waste Management Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 69.8 Billion |
| Estimated Value by 2031 | USD 106 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Waste Type, Process, Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Sustainable practices drive food waste management growth |
| Key Market Opportunities | Investment in Renewable Energy |
| Key Market Drivers | Food Security Concerns |
Circular Economy Practices Enhancing Fruit and Vegetable Management Segment Growth
As per the food waste management market outlook, in 2023, the fruits & vegetables segment led the highest position in the market. It had a revenue share of 20.3%. The large percentage is because of issues with improper handling, storage, processing, and farming of fresh products. In comparison to other categories, improper handling and storage result in spoilage, thereby increasing the percentage of waste. The demand for efficient food waste management solutions, especially for fruits and vegetables, is rising; so is the market as more and more people start realizing adverse effects of food waste in terms of both the environment and economics.
Consumer Demand for Sustainability Influencing Industrial Waste Management
One of the major developments of the industrial sector, including companies that process raw food from primary farmers, will emerge in the projection period. Food waste in this category is mainly caused by spills arising from slicing, washing, and peeling. In addition, one of the principal causes of food waste is the spills that arise when trimming during the slaughter of meat. With greater awareness about the financial and environmental consequences of such food processing operations, there is an increasing demand for developing innovative solutions to manage wastages and enhance productivity.
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Increasing Consumer Awareness Driving Food Waste Management Solutions in North America
North America dominated the food waste management industry. Food waste in the region has resulted from several reasons, including overproduction and damage of food products at handling times. Furthermore, stringent food-grading procedures and standard date-marking practices result in unnecessary losses; weak cold-chain infrastructure leads to poor preservation. Fluctuating client demand makes the problem even more complex; therefore, stakeholders need to develop innovative solutions to handle such situations and waste as much food as possible at the supply chain level.
Food Waste Management Market Insights
Drivers
- Consumer Preference for Fresh Produce
- Innovation in Waste-to-Energy Technologies
- Global Initiatives for Food Waste Reduction
Restraints
- Inadequate Recycling Facilities
- Insufficient Consumer Engagement
- Lack of Standardization
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Segments covered in Food Waste Management Market are as follows:
- Waste Type
- Cereals, Dairy products, Fruits & Vegetables, Meat, Fish & Sea, Processed, Others
- Process
- Aerobic, Anaerobic, Combustion/Incineration, Others
- Source
- Primary Food Producers, Food Manufacturers, Food Distributors & Suppliers, Food Service Providers, Municipalities & Households
- Application
- Animal Feed, Fertilizers, Biofuel, Power Generation
Key Players Operating Within the Food Waste Management Market
- Veolia
- Suez
- Waste Management, Inc.
- Republic Services, Inc.
- Covanta Ltd.
- Stericycle, Inc.
- Remondis SE & Co., KG
- Clean Harbors, Inc.
- Biffa
- Rumpke
Key Questions Covered in the Global Food Waste Management Market Report
- What are the factors driving growth of the market?
- Which key players are operating within the market?
- Which region is expected to grow during the forecast period?
- What are the key food waste management market trends?
- What will be the market size by 2031?
This report provides the following insights:
- Analysis of key drivers (consumer preference for fresh produce, innovation in waste-to-energy technologies), restraints (insufficient consumer engagement, inadequate recycling facilities) opportunities (investment in smart technologies, rising demand for sustainable food products), and challenges (logistical complexity, global disparities) influencing the growth of the food waste management market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the food waste management market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the food waste management market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Report:
Waste Recycling Services Market
Liquid Waste Management Market
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