The food waste management market is expected to increase from around €51.92 billion ($52.91 billion) in 2022 to €80.72 billion ($83.2 billion) in 2030, according to findings by Future Market Insights.
Food waste is expected to increase year-on-year with three billion tonnes being generated every year by 2050, according to the World Bank’s report What a Waste 2.0: A Global Snapshot of Solid Waste Management to 2050.
A number of drivers have been identified as contributing to growth in the food waste market. With rising living standards in certain regions of the world, consumers have been found to generate more food waste, in turn creating more opportunities for food waste management businesses. Cosmetic criteria – the appearance of food products – has been identified as a major contributing factor as to why fresh produce is thrown away by consumers.
Food waste can contain valuable products such as LM pectin (low-methoxyl pectin), a fibre that is used when manufacturing fruit jellies that have low calories. Parties across the food waste supply chain, from farmers to retailers, have expressed interest in manufacturing products made from food waste.
Products created from food waste can be attractive to health-conscious consumers due to their nutritional value. Consumers have been found to pay more for products with an added value, be it organic, gluten-free or made from food waste.
One challenge for market expansion is the cost of patented technologies needed to manufacture such products. Improving access to these technologies will therefore be a driving force for the food waste market. Products that lack quality certification are otherwise likely to be left behind.