The global food waste management market is estimated to grow at a compound annual growth rate of six per cent and is projected to reach US $42.37 billion by 2022, according to a new report.
The report estimates the market value of the industry at $31.71 billion. It pinpoints the primary factors driving the global food waste market as a need to reduce greenhouse emissions and increase the usage of organic waste for the production of animal feed and fertilisers.
A major barrier to projects, it notes, is landfill and incineration techniques causing adverse effects on the environment.
Fruit and vegetables, by waste type, is projected to grow at the highest compound annual growth rate during the forecast period, while the food service providers segment, by end user, has the highest growth. According to the report, the North American region will hold the largest market by 2022 and generates a major amount of the total world’s food waste.
Internationally, the key players in the food waste management market include:
• Veolia Environnement (France)
• SUEZ (France)
• Waste Management, Inc. (US)
• Republic Services, Inc. (US)
• Stericycle, Inc. (US)
• Covanta Holding Corporation (US)
• Advanced Disposal Services, Inc. (US)
• REMONDIS SE & Co. KG (Germany)
• Waste Connections, Inc. (Canada)
• Clean Harbors, Inc. (US)
• Biffa Group Limited (UK)
• Rumpke Consolidated Companies, Inc. (US)
• Advance Disposable Services, Inc. (US)