A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global products from food waste market. Presenting exclusive insights into the market from 2019 to 2029, the report projects that the market will witness significant growth during the forecast period. The growth of the market is predominantly driven by the usage of food waste in a wide variety of applications after being repurposed and reassessed. The enormous amount of food waste in developed countries is acting as a resource that can be repurposed and resold. As the quantity of food waste continues to increase year-on-year, players who are committed to producing products from food waste market are finding substantial revenue opportunities
Burgeoning Adoption in F&B Processing Applications Shapes Market Growth
Products procured from food waste such as oil and flour, are finding remarkable applications in the processing of food & beverages (F&B) sector, owing to the high need for natural ingredients. Moreover, numerous players in the F&B sector are seeking alternative, cost-effective resources to gain a competitive edge, and food waste is the go-to option. Food waste also reduces the cost of production and is easily available, thus further propelling the revenue of the market. Moreover, the outbreak of COVID-19 has reshaped the growth strategies of players, who are now focusing on cost-cutting, and are anticipated to use products produced from food waste to achieve the same. COVID-19 is likely to bestow lucrative revenue opportunities and catalyze market growth.
Applications in Small & Medium-scale Enterprises Driven by Cost-effectiveness of Products from Food Waste
Small and medium-scale manufacturers are the major contributors to the market revenue of products from food waste. Small-scale organizations, where the processing capacities are minimal, highly utilize products from food waste. Furthermore, the adoption in small-scale organizations is boosted by poor logistics services. During the forecast period, Asia Pacific is expected to register tremendous growth and will dominate the regional landscape of products from the food waste market. The growth of the region is primarily driven by the flourishing agriculture industry in the region, which yields high amounts of food waste, thereby serving as a resource to the players looking for deriving products from the food waste. Moreover, other end-use segments that utilize products such as biofuel and bio-insulators will continue to contribute to market growth.