A new report by Future Market Insights called "Food Waste Management Market" highlights ways that countries can effectively reduce food waste via waste management solutions.
Recent Trends in Processing Food Waste Drive China Market
China's food waste management market is securing a CAGR of 7.8%, with a valuation of $13.1 billion during the forecast period. The current trend in food waste management uses advanced waste treatment technologies like gasification in China. Gasification technology converts organic materials with the help of a well-developed food waste management system to produce combustible gas. Another process is anaerobic digestion, a new and moderate technological advancement that recovers minerals and energy. As a result, it has a substantially lower cost, making it more cost effective. Moreover, the aerobic digesters speed up the natural breakdown process, producing water, heat and carbon dioxide.
Increased environmental concerns over dumping procedures are expected to impel China's food waste management market. Historically, China contributed a CAGR of 7.3% between 2017 and 2022.
Government of India Taking Measures to Reduce Wastage While Exporting Food
India is securing a CAGR of 5.9% with a valuation of $4.0 billion during the forecast period. Food waste management is projected to become more popular in India due to the country's high exports of various food goods. In addition, India exports food to countries in North America and Europe, which results in the wasting of more food during transit.
India is the world's second-largest producer of fruits and vegetables after China, although it still loses almost 70% of its products due to gaps in the early phases of harvest and distribution. India intends to collaborate with the U.S. industry to borrow technologies and breakthroughs across the whole food production and consumption chain.
India and the United Arab Emirates (UAE) have announced a plan for expanded maritime cooperation and the building of logistics infrastructure. It assists India in exporting food and perishables to UAE markets at a lower cost. In addition, the government is investing in cold chain logistics and enhancing farm productivity to reduce the overall generation of food waste. Historically, India contributed a CAGR of 7.5% between 2017 and 2022.
Food Waste Management Growth in the U.S. Due to Urbanization and Industrialization
The U.S. is likely to record a CAGR of 5.9% with a valuation of $40.2 billion during the forecast period. The amount of food thrown out by Americans each year is uncountable. According to the EPA, about 63 million tons of wasted food were generated in the commercial, institutional and residential sectors. However, about 32% were managed by animal feed during the forecast period.
The U.S. food waste management market is growing owing to rapid urbanization and industrialization. Moreover, the increasing use of organic waste for animal feed and fertilizer production drives the U.S. market.
Overproduction, damage to food goods, strict food-grading criteria and market fluctuations are all factors fueling the U.S. food waste management market. However, the government is taking serious steps to obtain biofuel from food waste, as it helps to reduce fossil fuel consumption. Historically, the U.S. contributed a CAGR of 7.1% between 2017 and 2022.
High Wastage of Food in the UK Leads to the Growth of Food Waste Management
The market in the UK is likely to register a CAGR of 6.1% with a valuation of $7.0 billion during the forecast period. Food waste is a severe economic, environmental and social challenge in the UK that has gotten more attention in recent years. However, the high disposable income has led to excessive purchasing, poor food management, overproduction and a lack of concern for food waste.
In Europe, the UK plays a major part in food waste management during the forecast period. The government is working to reduce food waste and invest in efficient disposal ways to obtain biogas and fertilizers from such operations. Historically, the UK contributed a CAGR of 6.6% between 2017 and 2022.
Export Food Leads to More Food Waste in Japan
Japan is capturing a CAGR of 5.1% with a valuation of $5.8 billion during the forecast period. Japan generates a bulk of waste when people purchase more food than they can eat, resulting in a large chunk of food. In Japan, a large quantity of food is strayed before it reaches shops and households.
Almost half of all vegetables and fruits go waste in Japan when lost in the handling process and transportation. The lack of a robust legal framework for food waste management is projected to limit the market expansion. Food waste is expected to rise due to a lack of cold chain technologies and poor logistics circumstances. Historically, Japan contributed a CAGR of 5.7% between 2017 and 2022.
Recent Developments in the Food Waste Management Market
The key players are focusing on reducing food waste by about 50% through the adoption of several methods to extend the shelf-life of food. The top companies are paying strict attention to regulations on food waste. FDA supports the food industry regarding food safety, packaged foods and clean labeling. In the coming period, food manufacturers are likely to develop smart technology that may reduce the wastage of food items.
Various factors influencing the market include:
- The increasing burden of uneaten food and kitchen waste on the environment is accelerating the demand for food waste management.
- The adoption of food waste management by the end-use industries is increasing to collect, dispose and transfer food items.
- Growing consumer awareness about the wastage of food and government regulations are boosting the demand for food waste management.
- The rising population, spoilage of food and local waste are likely to increase market opportunities during the forecast period.
- The growing environmental and social issues are driving the sales of food waste management.
- Numerous imported products and exotic food items are propelling the demand for food waste management.
- Globally, the wastage of food reaches a proportion of 1.3 billion tons per year, nearly one-third of human food consumption, which is rapidly enhancing the demand for food waste management.
- Large businesses generate food wastage through food services, processing and wholesale are driving the market growth.