FOOD WASTE MANAGEMENT MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Food Waste Management Market Size and Trends

The food waste management market is estimated to be valued at USD 77.69 Bn in 2024 and is expected to reach USD 113.13 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.

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The food waste management market is witnessing positive growth trends. Food production has been on the rise globally to meet the growing population demands however food wastage levels continue to be unacceptably high. Growing consumer awareness about sustainable food production and waste reduction coupled with governments banning food from landfills to redirect it for animal feed or energy production are some key factors driving greater investments in food waste recycling, anaerobic digestion and other management alternatives. New start-ups are entering the space with innovative technologies like smart packaging solutions to extend the product shelf-life or mobile apps that connect restaurants and hotels directly to food banks to donate excess cooked food. Integrating food waste management within existing waste collection systems and emerging Blockchain backed platforms that offer carbon credit programs are also opening promising opportunities for increased food waste diversion away from landfills in the coming years.

Rising Food Waste

The globalization of the food supply chain has led to an increase in the amount of food that is wasted at different stages. Longer supply chains mean that food has to travel longer distances from farms to processing facilities to retailers to consumers. This increases the chances of damage and spoilage in transit. Poor infrastructure in developing countries also contributes to food getting wasted due to lack of cold storage facilities. It is estimated that over a third of the food produced for human consumption gets wasted globally, amounting to billions of dollars worth of edible food going to landfills. The industrialization of agriculture with a focus on maximization of outputs has also resulted in cosmetic standards for fruits and vegetables that leave no room for imperfect sizes and shapes. This leads to huge amounts of produce being discarded even before it reaches the consumer.

Changes in consumer behavior have also played a role in higher food waste. With higher disposable incomes, people tend to over purchase food without properly planning their consumption. Large families find it difficult to finish packaged foods before their expiry date. Ready to eat meals and pre-cut fruit and vegetables make it convenient to throw out leftovers without much consideration. The rise of the nuclear family structure means that people often cook only for immediate consumption without accounting for utilization of leftovers. Younger consumers moving to cities for jobs and education result in transient living arrangements without ability to store excess dry or prepared food. Social media influence and photo-sharing of elaborate meals prepared leads to more elaborate and wasteful cooking practices just for the purpose of posts and stories online.

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Sustainable Food Recovery

The environmental and economic costs of increasing levels of food waste have triggered a growing recognition of the need for sustainable food recovery and management practices. Initiatives focused on reducing waste at the source by better farm management, packaging solutions and innovations in logistics are being promoted. Organizations assisting food donations and redistribution to communities in need have expanded their networks significantly. New technologies allow for easier tracking of food levels across the supply chain using IoT and Blockchain to optimize production and transportation. Micrologistics delivery models are diverting surplus edible food from landfills to food recovery organizations with faster response times.

Consumer-facing brands are partnering with food apps and websites to offer discounted prices on approaching best-before products encouraging customers to purchase just what is required in a trip.