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Household Food Waste Composting Machine Market to Reach $3.98 Billion by 2028, Driven by Shift Towards Sustainability

04-21-2024 08:10 PM CET | Food & Beverage

Press release from: The Business Research Company

Household Food Waste Composting Machine Market Report

Household Food Waste Composting Machine Market Report

The household food waste composting machine market size has grown strongly in recent years. It will grow from $2.88 billion in 2023 to $3.1 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to growing environmental awareness, shift towards sustainable practices, government initiatives and regulations, rise in urbanization, educational campaigns and outreach.

The household food waste composting machine market size is expected to see strong growth in the next few years. It will grow to $3.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing focus on circular economy, waste management policies, consumer demand for eco-friendly solutions, integration with municipal composting programs, educational and outreach initiatives. Major trends in the forecast period include energy-efficient operation, incorporation of automated mixing systems, use of biodegradable bags and liners, innovation in product design.

Market Overview -
A household food waste composting machine is a device that composts the solid and liquid food waste generated by a household, producing nutrient-rich soil additives that may be used in gardens to increase soil fertility. They are employed to minimize waste by recycling and treating food waste, providing fertilizers with high nutrients, saving space, and reducing the need for chemical fertilizers.

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Rising Waste Generation Spurs Growth In The Household Food Waste Composting Machine Market
The increasing amount of waste generated is expected to propel the growth of the household food waste composting machine market going forward. Waste refers to a product or substance that has expired or is no longer fit for its original purpose. Household food waste composting machines are utilized to reduce waste by recycling and processing food waste to generate natural fertilizers. For instance, in May 2023, according to the National Environment Agency, a Singapore-based organization for environmental services, 7.39 million tons of solid garbage were produced in 2022. Additionally, domestic waste production rose from 1.82 million tons in 2021 to 1.86 million tons in 2022. Therefore, the increasing amount of waste generated is driving the growth of the household food waste composting machine market.

Competitive Landscape -
Major companies operating in the household food waste composting machine market report are Whirlpool Corporation, Emerson Electric Co., Keter Group SA, Breville Group Ltd., Vita-Mix Corporation, Full Circle Home LLC, EcoRich LLC, Green Mountain Technologies Inc., HotBin Composting, Oklin International Ltd., SCD Probiotics LLC, Tidy Planet Limited, Bokashicycle LLC, CleanRobotics Inc., Bhor Engineering Pvt. Ltd., Fornnax Technology Pvt. Ltd., KK Balers Ltd., Ridan Composting Ltd., Enviro World Corporation, NatureMill Inc., Food Cycle Science Corporation, Hungry Giant Recycling Inc., Open Mind Developments Corporation, Urban Worm Company, SureClose Ltd.

Innovative Household Food Waste Composting Machines Revolutionize Waste Management
Major companies operating in the household food waste composting machine market are developing innovative household food waste composting machines such as Lomi to gain the competitive advantages in the market. Lomi is created with contemporary designs and seamless functions that would make it easier than ever for consumers to shift the way they approach household waste and composting to drive revenues in the market. For instance, in April 2021, Pela, a Canada-based sustainable company, launched Lomi. This product is the first kitchen product in the world to convert food waste, boxes, clothing, and bioplastics into dirt in less than 24 hours. It quickens the process of breaking down food waste into fragmented biomass, which creates more surface area for microbial development and quickens the composting process. The finished item is a natural soil additive that boosts soil's organic content while providing macronutrients and micronutrients.

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https://www.thebusinessresearchcompany.com/report/household-food-waste-composting-machine-global-market-report

Key Segments -
The household food waste composting machine market covered in this report is segmented -
1) By Type: Indoor, Outdoor
2) By Price: Low, Medium, High
3) By Distribution Channel: Direct, Indirect

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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