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Food Waste Management Market Report 2024: Size, Share, Growth, Trends, Forecast, Competitive Landscape to 2033
Food Waste Management Market Report
According to The Business Research Company's, The food waste management market size has grown strongly in recent years. It will grow from $69.62 billion in 2023 to $74.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to regulatory initiatives and compliance, rising environmental awareness, cost reduction and resource efficiency, corporate social responsibility (csr), public awareness and education campaigns..
The food waste management market size is expected to see strong growth in the next few years. It will grow to $93.52 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to circular economy initiatives, government incentives and policies, consumer demand for sustainable practices.. Major trends in the forecast period include advancements in food waste recovery technologies, focus on consumer education and behavioral change, introduction of food waste tracking apps, implementation of circular economy practices, global initiatives to address food loss and waste..
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Market Drivers and Trends:
The increasing organic municipal waste is expected to propel the growth of the food waste management market going forward. Organic municipal waste refers to municipal solid waste (MSW) comprising biodegradable organic materials derived from living organisms. Food waste management plays a crucial role in the overall management of organic municipal waste, which includes food waste, yard waste, and other biodegradable materials that can be effectively and sustainably managed through proper food waste management practices. For instance, in June 2023, according to a report published by the Department for Environment, Food, and Rural Affairs (DEFRA), a UK-based government office, organic municipal waste in the UK grew from 6.1 million metric tons in 2020 to 6.8 million metric tons in 2021. Therefore, the increasing organic municipal waste will drive the growth of the food waste management market.
Major companies operating in the food waste management market are innovating new technologies, such as the Tesco Tinder online marketplace, to increase their profitability in the market. Tesco Tinder is a brand-new online market that enables suppliers to trade extra goods, cutting down on waste and production expenses. For instance, in December 2022, Tesco plc, a UK-based retail company, launched an application called Tesco Tinder, which can assist in increasing supply chain efficiency by connecting suppliers that have excess inventory with other Tesco suppliers who need it. It can reduce the quantity of food wasted due to overproduction or ineffective supply chain management. Tesco Tinder promotes sustainable practices by minimizing waste and encouraging the repurposing extra inventory.
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Major Key Players of the Market:
Veolia Environnement S.A., Waste Management Inc., Remondis SE & Co. KG, Republic Services Inc., FCC Environment Limited, DS Smith plc, Suez S.A., Waste Connections Inc., Hearthside Phood Solutions LLC, Clean Harbors Inc., Cleanaway Waste Management Limited, Covanta Ltd., Covanta Holding Corp., Cleanaway Waste Management Ltd., Advanced Disposal Services Inc., Biffa Group Ltd., Implexians Eco Solutions Pvt. Ltd., Casella Waste Systems Inc., Rumpke Consolidated Companies Inc., FCC Recycling (UK) Limited, Lakeshore Recycling Systems LLC, Biancamano S.p.A, Enerkem Inc., Copia Pbc, Goodr Inc., Modern Waste Products Inc., Eoms Recycling Inc., Ecofast Italia S.R.L., Kitro S.A., Missouri Organic Recycling
food waste management Market 2024 Key Insights:
• The food waste management market is expected to grow to$93.52 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Rising Organic Municipal Waste Fuels Growth In The Food Waste Management Market
• New Online Marketplace Aims To Cut Food Waste Through Sustainable Trading
• North America was the largest region in the food waste management market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period.
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