The players in the global food waste management market are expected to witness ample opportunities owing to the excessive amount food waste generated from food processing. Food processing waste consists of waste created from poultry, agricultural processing, seafood processing waste, meat, dairy food processing, and waste from different other type of processing of food. Considering the huge growth of each of the respective sectors, the amount of waste generated from these segments would be simply too big. This provides huge lucrative opportunities for the prominent players in the global food waste management market to expand their business of food processing waste management and implement their growth strategies. Some of the key companies in the global food waste management market include names such as REMONDISE SE, Republic Services, Veolia Environment, Indaver, Shapiro Enterprises, Suez Environment, and SARIA among others. These companies are now heavily investing on the feed disposals, donations, reduction of waste, and sending waste to animal feeds. In November 2015, NEA put out an outline to stimulate the processing practices and smart storage that will aid the industry to save money by cutting down wastage at its source. Also, Veolia Environment has been showcasing two of its flagship technologies for the power sector to create more awareness about food waste management and also reaffirmed its commitment to sort out the waste and wastewater difficulties of the power sector in Southeast Asia.
Compared to the waste generated from different sources, waste created from food processing is expected to be on the higher side and is estimated to reach a valuation of over US$ 35 bn by end of the given forecast period of 2017 to 2027 with a growth CAGR of 6.8%. The volume of the waste generated from food processing is expected to reach 182 mn tons by the year 2027 with 5.1% of growth rate. The consumption waste segment is expected to reach valuation of US$ 30 bn with CAGR of 6.0% over the mentioned forecast period.
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What Drives Growth of Global Food Waste Management Market?
The growth of the global food waste management market is expected to be largely driven due to surge in the amount of unwanted waste dump which is result of processing losses, production inefficiency, consumption issue, and overall production efficacy. Uneven production of food and consumption of the same in households, restaurants, parties, and marriages are leading to significant generation of waste and thus, driving the overall growth of the global food waste management market.
Increasing energy needs is also projected to augment the development of the global market. The substances that are not recycled and are discarded will be dumped at waste-to-energy plants to produce energy. Also, growing focus on cutting down the production losses, get high rates of donation, and considerable investment are also projected to drive the development of the global food waste management market.
In addition to this, increasing demand in the end-user applications that includes renewable energy, animal feed, and other industrial applications will also help in boosting the growth of the global market. Furthermore, increasing awareness about the negative impact of waste on the environment will lead to increasing adoption of waste management leading to the growth of the market in the coming years.
Why Asia Pacific Region is touted to be Most Promising for Global Food Waste Management Market?
Geographically, the global food waste management market can be segmented into key regions such as Latin America, Eastern Europe, Western Europe, the Middle East and Africa, Asia Pacific, and North America. It is expected that North America will dominate the global market owing to increasing customer awareness and strict regulations imposed by the government. Asia Pacific is projected to be the most promising market landscape in the coming years thanks to increasing amount of feed dump in emerging economies such as Malaysia and India. Also, environmental concerns in the region will also augment the growth of the market in Asia Pacific over the course of the given forecast period.