Food Waste Management Market Size, Share & Trends Analysis Report By Waste Type (Fruits & Vegetables), By Source, By Service Type, By Region, And Segment Forecasts, 2023 - 2030

Food Waste Management Market Size, Share & Trends Analysis Report By Waste Type (Fruits & Vegetables), By Source, By Service Type, By Region, And Segment Forecasts, 2023 - 2030

Food Waste Management Market Growth & Trends

The global food waste management market size is anticipated to reach USD 106.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.4% from 2023 to 2030. Rising concerns over food waste globally, and increasing consumer preference for exotic food items, are expected to drive the market growth during the forecast period.

The consumption of ready-to-eat and packaged foods is also predicted to increase as a result of changing lifestyles and an increase in the number of dual-earner families. Growing consumer demand for unusual food items like premium coffee, tropical fruits, and imported goods is anticipated to increase the amount of food that is wasted, which in turn is likely to drive market expansion.

The food industry is undergoing tremendous change such as plastic ban, the rise of veganism, stringent regulatory framework, the presence of e-commerce, the adoption of modern technologies, and waste reduction, and is seeing an increase in international trading of food and food ingredients, which is creating new supply chains, thereby augmenting the market demand.

Increasing per capita income is expected to boost the demand for packaged and ready-to-eat food across the globe, thereby boosting food waste generation. High disposable income of consumers and recovering confidence in the economy are projected to boost the consumption of food and beverages, which in turn, is likely to aid the market growth.

Food waste is treated in various ways such as incineration and composting, although landfilling and incineration have a negative impact on the environment. However, implementing precautions like energy recovery through municipal wastewater treatment plants and landfill gas collection during the process help in lowering the environmental impact, thereby driving the market growth.

Companies such as Veolia Environnement SA, Suez, and Covanta Ltd. are undertaking strategic acquisitions, and product launches to strengthen their product portfolio. For instance, in February 2022, Veolia Environnement SA and TotalEnergies entered into an agreement in order to improve biomethane from Veolia's wastewater treatment plants and waste-processing facilities.

Food Waste Management Market Report Highlights

• The fruits and vegetable segment dominated the market and accounted for 20.3% of the global revenue share in 2022 owing to a lack of proper handling, storage, and processing of the produce
• The disposal segment dominated the market and accounted for 25.4% of the global revenue share in 2022as the food waste treated has a lower number of pathogens and thus, restricts the spread of odor and diseases and promotes hygiene and sanitation
• The residential end-use segment dominated the market and accounted for 44.2% of the global revenue share in 2022. Rapidly growing population and changing lifestyles are expected to boost the food waste generated by households
• Europe is estimated to witness a CAGR of 5.4% over the forecast period owing to the stringent regulations on food waste management is expected to drive the market in the region over the forecast period
• The market is competitive in nature due to the presence of multinationals operating in the industry. It is characterized by the presence of a significant consumer base with the companies operating their business through dedicated distribution networks