The Global Food Waste Management Market is estimated to be valued at US$ 113.13 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the food waste management are Winnow Solution, Veolia, Shree Sai Damage Food recycler, Waste Ventures India, Suez, Saahas Zero WasteWaste Management, Inc., Republic Services, Inc., Covanta Ltd., Stericycle, Inc., Remondis SE & Co. KG, Clean Harbors, Inc., Biffa, Rumpke, Advanced Disposal Services, Inc., Cleanaway, FCC Recycling (UK) Limited, DS Smith, MobiTrash, and Keenan Recycling.
The growing demand for Food Waste Management Market Size is attributed to rising environmental concerns towards food wastage and its decay. Rapid urbanization and changing lifestyles have increased the need for centralized waste collection from bulk generators such as hotels, restaurants, and institutions.
As awareness about sustainable waste management increases globally, the food waste management market is expanding across regions. Stringent regulations regarding waste disposal and landfill diversion in countries like the US and UK are compelling commercial enterprises and municipalities to adopt food recycling solutions. Emerging economies in Asia Pacific and Latin America are expected to offer high growth opportunities for food waste management services.
Market drivers
One of the key drivers for the food waste management market is the stringent government regulations against food waste disposal in landfills. Many countries have introduced legislation to ban food wastes from landfills and encourage recycling and recovery due to associated greenhouse gas emissions from decomposition. This is driving higher adoption of managed food waste collection and recycling services.
Impact of Geopolitical Situation on Market Growth
The food waste management market is facing challenges due to the ongoing geopolitical tensions and conflicts across various regions. The ongoing Russia-Ukraine conflict has disrupted global supply chains and trade routes, making it difficult to efficiently collect and transport food wastes from various locations to processing facilities. Rising fuel costs and shortages are further compounding the transportation challenges for market players. Countries around the world are also imposing sanctions and trade barriers on certain nations amid political tensions, negatively impacting the flow of technologies, equipment and expertise required for advanced food waste management solutions. Looking ahead, market participants need to diversify their supply networks, invest in alternate transportation modes and energy-efficient technologies, and form new international partnerships to overcome regional political barriers and ensure sustainable growth over the long-run. Adopting decentralized approaches through smaller, localized collection and processing units can help create more resilience against adverse geopolitical situations.
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