The food waste management market is poised for significant growth, projected to reach a valuation of US$ 121.8 billion by 2033, with a steady CAGR of 5.7% from 2023 to 2033. Key factors driving this expansion include the increasing burden of uneaten food on the environment, a surge in the adoption of food waste management by end-use industries, and rising consumer awareness spurred by government regulations.
Demand of the Market:
Globally, approximately 1.3 billion tons of food are wasted annually, representing nearly one-third of human food consumption. This staggering figure underscores the critical need for effective food waste management solutions. The demand is further fueled by the growth of large businesses, importing exotic food items, and the environmental and social issues associated with food wastage.
Growing Factors:
Short-term projections (2022 to 2025) indicate a rising demand for food waste management due to the popularity of various cuisines and exotic food items. In the medium term (2025 to 2028), increased global trade may lead to more stringent regulations and heightened food waste concerns. Long-term prospects (2028 to 2033) highlight the role of research and development, government initiatives, and modernization in driving market expansion.
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What Measure does 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.
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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.
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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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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