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(Health-NewsWire.Net, October 21, 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 food waste management market, by application, has been segmented as feed, fertilizers, biofuel, and power generation. The feed segment is estimated to account for the largest market share in 2017. Food waste mainly consists of organic waste that can be completely decontaminated by techniques such as thermal treatment and sterilization and can safely be used as feed. There are various methods for yielding feed from waste; for instance, processing of organic waste from larvae to yield feed.
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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.
Key players are Veolia Environnement (France), SUEZ (France), Waste Management, Inc. (US), Republic Services, Inc. (US), Stericycle, Inc. (US), and Covanta Holding Corporation (US).
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