NEWARK, Del, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The food waste management market is estimated to be valued at US$ 70.0 billion in 2023 and is anticipated to be valued at US$ 121.8 billion by 2033. The sales of food waste management are likely to register a CAGR of 5.7% during the forecast period.
An increase in waste, uneaten or unfinished food, is bolstering the demand for food waste management during the forecast period. The growing awareness about food wastage among consumers and various government initiative programs are increasing the adoption of food wastage management. End-use industries such as animal feed, fertilizer, and renewable energy are driving the market expansion.
These industries make biofuels and fertilizers and produce urea for agricultural purposes, consequently increasing market opportunities. Moreover, with the rising kitchen waste, local food vendors, hotels, and other food service centers are boosting the adoption of food waste management. In addition, the growing population, environmental issues, and spoilage of food due to excess quantity are further enhancing the sales of food waste management.
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The Growing accessibility of imported food items and untasted food is rapidly enhancing the food waste management market share. Moreover, large companies generate a quantity of food daily through food processing, servicing, and others during the forecast period.
What Measure does the Government take to Reduce Food Waste?
Globally, several countries are focused on reducing the wastage of food by initiating various programs. Food wastage is a significant challenge that impacts the environment, society, and economies on the global market. Therefore, it is an important topic for most countries. However, many countries are wasting a huge quantity of food. On the flip side, some countries faced hunger due to a lack of food.
By noticing every prospect, governments are running awareness campaigns and programs to prevent food wastage. The U.K. government initiatives program Love Food Hate Waste & Denmark took the program- Stop Wasting Food in recent years. The United Nations focused on increasing awareness towards the people to save food and support the Zero Hunger Challenge Program.
Key Takeaways:
- The food waste management market is expected to have a valuation of US$ 121.8 billion by 2033.
- The global market is likely to register a CAGR of 5.7% during the forecast period.
- The United States food waste management market is anticipated to register a CAGR of 5.9% through 2033.
- With a CAGR of 6.1%, the United Kingdom market is significantly estimated to uplift during the forecast period.
- China's market is projected to register a CAGR of 7.8% over the forecast period.
“The growing significance of Food Waste Management in addressing critical environmental and economic challenges. Their comprehensive analysis underscores the industry's potential, projecting a steady 5.7% CAGR that is poised to elevate the market value to a substantial US$ 121.8 billion by 2033. This data highlights the market's vitality in fostering sustainable practices and minimizing global food wastage,” Says Nandini Roy Choudhury, Client Partner at Future Market Insights.
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Who is winning?
The market is fragmented in nature. The prominent players provide services to the customers by adopting advanced technology. Moreover, they are focused on innovating products to collect and recycle food waste. The manufacturers are using various technologies such as automated garbage pickups, enzyme-based food management systems, and sensor-based waste management.
Recent Developments in the Food Waste Management Market:
Prominent vendors are making innovative technologies to reduce food waste. They are adopting several methods to enhance the quality and extend the shelf-life of food during the forecast period. For example, top manufacturing companies adopt clean-label packaging to provide excellent food safety by reducing food wastage.
Scope of Report
| Attribute | Details | |
| Forecast Period | 2023 to 2033 | |
| Historical Data Available for | 2017 to 2022 | |
| Market Analysis | US$ billion for Value | |
| Key Countries Covered | USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa | |
| Key Segments Covered |
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| Key Companies Profiled |
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Food Waste Management Market by Category
By Service:
- Prevention
- Collection
- Transfer
- Recycling
- Landfill
By Waste Type:
- Food Production Waste
- Agri Produce Waste
- Poultry, Meat, and Seafood Waste
- Food Processing Waste
- Agri Produce Processing Waste
- Poultry, Meat, and Seafood Processing Waste
- Dairy Food Processing Waste
- Other Food Processing Waste
- Distribution & Supply Chain Waste
- Retail Waste
- Consumption Waste
- Household Food Waste
- Food Services, Hospitality, & Institutional Waste
By End User:
- Animal Feed
- Fertilizer
- Renewable Energy & Biofuels
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives. She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India. Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s Extensive Coverage in the Food & Beverage Domain:
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- The global food preservatives market is estimated to attain a market valuation of US$ 2,965.62 million in the year 2023. The market is expected to register a CAGR of 6.8% to reach US$ 5,725.70 million by 2033.
- Demand for food safety testing services is expected to surge at a 7.0% CAGR between 2023 and 2033, accumulating US$ 30,061.73 million by 2033.
- The food enzymes market is projected to register an average CAGR of 6.5% during the forecast period.
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