|03-07-2019 01:28 PM CET - Energy & Environment||
Food Waste Management Market to Touch at a CAGR of 6.1% During 2019 to 2023
Press release from: Market Research Furture
The global food waste management market is growing continually mainly due to the rapidly spreading awareness about waste management and the technological advancements that are increasingly providing solutions for waste management. Management of food waste also delivered some unique advantages such as the generation of electricity, biogas/ natural gas, and compost fertilizers while creating a healthy environment to live. These advantages have further escalated the market on the global platform.
Acknowledging the potential of the market to grow further, Market Research Future (MRFR) in its recently published study report confirms that the global food waste management market is projected accrue voluminously by 2023, registering approximately 6.1 % CAGR during the review period (2018 to 2023).
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Some of the eminent leaders of the market include Republic Services, Inc. (U.S.), Andritz Ag (Austria), Veolia Environnement S.A. (France), Waste Connections, Inc. (Canada), Waste Management, Inc. (U.S.), Stericycle, Inc. (U.S.), and Covanta Holding Corporation (U.S.).
MRFR has segmented its analysis into four key dynamics for enhanced understanding.
By Processes: Anaerobic Digestion, Aerobic Digestion, Combustion and others.
By Food Waste Types: Processing Waste, Production Waste, Distribution and Supply Chain Waste, Retail Waste and Consumption Waste (household and food services).
By End Users: Fertilizer, Renewable Energy, Animal Feed, Biofuels and others.
By Regions: North America, Europe, APAC, and the Rest-of-the-World.
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Continuing with its dominance, the food waste management market in the North American region is expected to surge attributing to the wide uptake of advanced technologies in the management of food waste, widespread awareness about the waste management, and the highly penetrated F&B industry. The U.S. and Canada backed with their rapidly growing FWM markets account for key contributors to the market growth in the region.
The European region accounts for the second-largest market for food waste management, globally. The market is expected to acquire approximately 25% of the market share during the review period (2018-2023). The Europe FWM market is surging owing to the contributions from the countries such as the UK, Germany, Italy, and France. Growing number of restaurants coupled with the surging food processing industry mainly in France & Italy is expected to support the market growth in the region.
The Asia Pacific region, on the other hand, is rapidly emerging as a lucrative market for food waste management, globally. The improving economy is doing wonders in the already flourishing sectors of F&B and food processing in the region. Besides, the ever-increasing population and rapid urbanization along with the increased investment in food waste management support the market growth in the region.
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With the help of anaerobic digesters filled with bacteria that can break down the material produce biogas containing methane which is further used to produce electricity. Besides, some amount of the biogas can also be converted into compressed natural gas to be used in vehicles as a cleaner biofuel.
Additional factors substantiating the market growth include food processing wastages, burgeoning food & beverages industry, and the implementation of advanced systems such as aerobic and anaerobic digestion processes used for recycling food waste that has proven to be significantly effective in controlling the food wasted in the supply chain.
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This release was published on openPR.
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