Study: North America to remain largest market for food waste management
Governments in many countries are now enforcing stringent laws on excessive food waste.
The global food waste management market is poised to increase at a CAGR of 6.3% during the forecast period of 2017-2027, according to the latest report published by Future Market Insights, Valley Cottage, N.Y. Factors such as rapid rate of industrialization, emergence of new markets for food waste management and greater importance to innovation and R&D for developing efficient food waste management systems are expected to make a cumulative impact on the future prospect of the market.
Moreover, governments in many countries are now enforcing stringent laws on excessive food waste. In recent years, the participation of small and medium enterprises in the global food waste management market has escalated to a significant extent, owing to increasing demand for streamlining food waste management procedures.
Among the regions, the food waste market in North America currently holds the top position. The U.S. federal government is promoting the construction of composting facility across the country. By the end of the year, the region is projected to account for 36.1% value share of the global market. Meanwhile, both Western Europe and Asia Pacific, excluding Japan (APEJ) are expected to remain the two other lucrative markets for food waste management over 2027.
Key excerpts from the report include:
- Based on end use, the majority of the food waste produced in the world is used as animal feed. Toward the end of 2027, the animal feed end use segment is expected to account for more than 42% share of the global market in terms of revenue.
- By waste type, the amount of waste generated in food processing is significantly high. The food processing waste segment is expected to remain dominant throughout the forecast period, accounting for a revenue share of 41% by 2027.
- By service, the prevention segment is expected to remain dominant in 2017 and beyond. By end of 2027, this segment is expected to command more than 55.3% revenue share of the market.