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.
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.
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.
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.
Landfill and incineration techniques causing adverse effects on the environment is one of the major restraining factors for the market. Landfilling and incineration processes have been traditionally used for waste disposal. Incinerators are prioritized over landfilling as they are more convenient, requires a small area, and eliminate the problem of methane gas release from the landfill.
The calorific value of waste, which is the amount of heat released from waste combustion, is directly related to the moisture content of waste and is considered a key performance indicator of the incineration process. Landfills and incineration both contribute to the emission of GHG, which is one of the main causes of global warming. Overflown landfills may also spread epidemic diseases in their surrounding areas.
Leading companies are Veolia Environnement (France), SUEZ (France), Waste Management, Inc. (US), Republic Services, Inc. (US), Stericycle, Inc. (US), and Covanta Holding Corporation (US).