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(Health-NewsWire.Net, August 18, 2020 ) The global food waste management market size was valued at USD 30.00 billion in 2016, and is projected to grow at a CAGR of 5.97% to reach USD 42.37 billion by 2022.
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The growth of the market is attributed to increasing use of organic waste for the production of feed & fertilizers, rise in global food waste, and need for reducing greenhouse gas emission. The fruits & vegetables segment is projected to dominate the global market through the forecast period, as a large quantity of waste is generated from fruits & vegetables along with roots and tubers. These wastes/scraps are easily available raw materials for compost and as feed for anaerobic/aerobic digestions.
The North American region is projected to hold the largest market share, followed by the European region, in 2022. North America is estimated to be the fastest-growing food waste management market in the forecast period. This is mainly due to the Solid Waste Association of North America (SWANA), which supports and offers different types of services and practices, such as storage and recycling of residential waste, integrated solid waste management, institutional, commercial, and industrial solid waste in order to reduce waste in the region.
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Landfill and incineration techniques causing adverse effects on the environment is one of the major restraining factors for the market. Landfilling and incineration processes have been traditionally used for waste disposal. Incinerators are prioritized over landfilling as they are more convenient, requires a small area, and eliminate the problem of methane gas release from the landfill. The calorific value of waste, which is the amount of heat released from waste combustion, is directly related to the moisture content of waste and is considered a key performance indicator of the incineration process. Landfills and incineration both contribute to the emission of GHG, which is one of the main causes of global warming. Overflown landfills may also spread epidemic diseases in their surrounding areas.
Veolia Environnement (France) is likely to emerge as a leading market player in the food waste management market in the coming years, owing to its line of various waste management services, which are highly useful in the food industry.
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