III. Industry Analysis
3.1 Industry Profile
Food waste is a global issue that keeps getting worse. Around one-third of the food produced for human consumption is either wasted or lost globally, according to Earth.org. There are 1.3 billion tonnes of it, which is sufficient to feed 3 billion people. And yet, 1 in 9 people suffer from malnutrition or hunger. Despite the alarming figures, there is not enough awareness about food waste.
Food waste is a critical issue that needs to be addressed right away, which is why the market for food waste management has seen significant growth in recent years. Governments have launched a variety of projects in collaboration with engineering companies, which fund the study and development of equipment for managing food waste. Since it aids in the fight against climate change, the food waste management business has seen a noteworthy increase in support from environmental conservationists worldwide.
As food loss and waste reduction is described as a ‘triple win’ situation, this target is extremely relevant for both low-middle and high-income countries, where reducing food loss and waste along the supply chain can have immediate and significant impacts environmentally, socially, and financially for their populations.
3.2 Market Size
The global food waste management market is expected to grow from $36.04 billion in 2020 to $55.79 billion by 2028, growing at a CAGR of 5.8% during the forecast period 2021-2028. Over the past few years, the global market for food waste management has experienced tremendous expansion, mostly due to growing global concerns about food waste. The amount of food wasted has increased as a result of rising production and consumption rates brought on by an expanding global population. The market has also expanded as a result of consumers' shifting tastes and preferences, as well as their propensity for new and exotic foods, tropical fruits, imported goods, etc. The development of new supply chains brought about by international trade in food ingredients and completed goods has increased the amount of food waste produced, which has fueled the expansion of the food waste management market.
