Companies Prioritizing Innovative Solutions Leading to Market Growth in Food Waste Management, says Market.us

Evidence is mounting that food waste is an increasing problem in the world. This can have devastating consequences for sustainability. The food service industry faces a major sustainability challenge in reducing food waste. This issue is vital to the global food service sector, but the connection between innovation practices and food waste management has received little attention from the mainstream market.

According to the latest report by Market.us, “The global food waste management market is expected to grow at a CAGR of roughly 4.8% over the next ten years and will reach USD 82.30 Bn in 2032, from USD 51.5 Bn in 2022.“

The fast-growing food waste management market offers exciting growth opportunities for competitors. A recent report by Market.us highlights some key strategies companies can adopt to benefit from the latest industry trends.

The report highlights the key trends that will shape the food waste management market in the future by giving information on the size of this fast-growing market development, drivers, trends, and which regions and segments are most important.

Anurag Sharma, a senior research analyst at Market.us, said,” Companies need to be active in the food waste management field as they are becoming more aware of food disposal’s social and economic importance. Innovation must be a priority for the food service industry. Few restaurants have low- to zero-waste policies, and a few chefs are using food scraps to create meals.”

He added,” Food waste management is now a top priority for many companies. This refers to all activities that are related to reducing, eliminating, or recycling food waste across the entire production and consumption chains.”

To reduce waste generation at source and increase awareness about waste recycling, governments in several countries have been forced to implement efficient waste management solutions at both residential and commercial levels. This is in addition to the increasing utilization of biomass waste for energy generation. It creates a positive outlook for market growth.

Market growth is further driven partly by the widespread use of technological innovations such as automated waste collection, novel sensor-based technology, and enzyme-based food management solutions. Other factors contributing to market growth include rapid industrialization and the increasing use of organic waste in producing fertilizers or animal feeds.

For Instance, FAO’s most requested product is the multi-purpose wooden crate. It can be used for transporting, handling, storage, and retail product display. This innovative design makes it possible to preserve food throughout the value chain using basic wood materials. This design has been downloaded over 13,000 times in less than two years and is widely used in Sudan and Thailand.

Food management organizations and governments have responded to industry expansion by enacting strict rules. Governments worldwide are taking initiatives to reduce food waste, such as Love Food, Hate Waste (UK), and Stop Wasting Food (Danemark). The Think Eat Save global cooperation of Messe Dusseldorf and FAO with the United Nations Environment Program is intended to increase awareness about food waste management for the UN Secretary-Zero Global’s Hunger Challenge.

The market was dominated by North America, which accounted for 32.6% of 2022 of the total revenue share. Overproduction, lack of cold-chain infrastructure, strict food-grading specifications, standard date labeling practices, and changing customer demand influence food waste management in North America.

Consumer preference and taste for exotic foods and new varieties of food are increasing. This will lead to increased trade between countries and increase the availability of food and ingredients. This will increase food waste and create new supply chains. Stricter regulations from the government and food management agencies drive market growth.