Upcycled Food Products Market Projected to Reach Approximately USD 97.0 Billion by 2031

The global upcycled food products market garnered $53.7 billion in 2021, and is estimated to generate $97.0 billion by 2031, manifesting a CAGR of 6.2% from 2022 to 2031.

Surge in demand for sustainable and eco-friendly products drives the global upcycled food products market. Based on type, the food and beverages segment held the highest share in 2021. Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global upcycled food products market share.

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Due to the rising cost of raw materials, the upcycled food products industry is anticipated to experience significant expansion. The market for upcycled food products is expanding as a result of growing consumer health concerns. Furthermore, the growth of the Upcycled food products market is greatly influenced by the innovation and growth in R&D.

The upcycled food products industry is mostly driven by the rising consumer awareness regarding food waste. Upcycled food products are becoming more popular because of growing social awareness of the adverse effects of catastrophic global food waste. The Food and Agriculture Organization (FAO) estimates that each year, over 1.3 billion Tonnes of food worth US$ 2.6 trillion are wasted worldwide. Due to the fact that it is responsible for 6% of the world's greenhouse gas emissions, this food waste shows a negative impact on the environment. In order to speed up action regarding the disposal of food products, such as food upcycling, customers are increasingly insisting. This is a reflection of the social participation of these troubling environmental issues. This aspect is expected to increase the demand for upcycled food products market.

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The upcycled food products industry shows high growth potential in Europe and Asia-Pacific region. The market for upcycled food products is growing in Europe as a result of rising customer desire for more ethical and environmentally friendly food options. Additionally, there are a number of European policies and initiatives aimed at reducing food waste and promoting a circular economy, which has helped to create a supportive environment for the growth of the upcycled food products market. For example, the European Union has set a target of reducing food waste by 50% by 2030, and several countries in Europe have developed national food waste reduction strategies. In Asia Pacific, there is a sizable and expanding food sector, which has encouraged the creation of numerous upcycled food products and businesses.

However, one of the major problems hindering the expansion of the upcycled food products market trends is the lack of upcycled food. Extensive production of upcycled foods may not be possible due to lack of infrastructure and frequent demands for special equipment and processing methods. Lack of infrastructure may limit market growth. Because upcycling is still a relatively new idea, few wholesalers and food manufacturers have embraced it. This may limit the availability of upcycled foods, particularly in some regions.

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The upcycled food products market forecast is segmented on the basis of type, source, distribution channel, and region. Based on type, the market is classified into food and beverages processing, personal care products, Household products, and pet food. Further, food and beverages processing segment is classified into bakery and snacks, drinking beverages, dairy products. Based on source, the market is classified into food waste, agricultural by products, and brewery and distillery waste. Based on distribution channel, the market is classified into online and offline. Region wise, it is analyzed across North America (U.S., Canada, Mexico), Europe UK, Germany, France, Netherlands, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, New Zealand, South Korea, Philippines, and Rest of Asia-Pacific), and LAMEA (Brazil, Argentina, UK, South Africa, and Rest of LAMEA).

Some of the key players in the upcycled food products market analysis include Rebon, Abokichi, Diana's, Blue Circle Foods, Riff, US Foods, The Spare Food Co., ReGrained, Blue Stripes Urban Cacao, GoodSport Nutrition, Agricycle Global, SUPERFRAU, Lost & Found Distillery, and Leashless Lab.

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