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(Health-NewsWire.Net, November 23, 2020 ) The global food waste management market is estimated at USD 31.71 Billion in 2017 and is projected to reach USD 42.37 Billion by 2022, at a CAGR of 5.97% during the forecast period. The market is driven by factors such as rise in global food waste and increase in the usage of organic feed and fertilizers by farmers.
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The fruits & vegetables segment accounted for the largest market share in 2016. Fruits & vegetables have a low shelf life and require proper handling and storage. Waste from fruits & vegetables due to its high biodegradability poses environmental problems and loss of valuable biomass and an economic cost more than other food waste.
The anaerobic digestion segment, by process, in the food waste management market accounted for the largest share in 2016. It is the most widely used technique for converting food waste into compost. The reason for its wide use is that the anaerobic process produces high-quality by-products such as compost and is less likely to cause environmental pollution.
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The animal feed segment of the food waste management market, by application, accounted for the largest market share in 2016. Converting food waste into animal feed is an economic and ecological way of treating the waste. The biofuel segment is projected to grow at the highest CAGR during the forecast period. The market for biofuel has a potential to be used as an alternative source of fossil fuels for transportation and cooking gas.
Leading companies 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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