North America Food Waste Management Market 2023-2030

North America Food Waste Management Market 2023-2030

MARKET OUTLOOK

Triton Market Research’s report insinuates that the food waste management market in North America will register at a CAGR of 5.20% over the forecast years between 2023 and 2030. The United States and Canada are the countries evaluated in the market in this region.

The estimated amounts of food wasted per capita in North American countries are among the highest in the world. According to the estimates from the Food and Agriculture Organization (FAO), almost 168 million tons of food waste is generated in the region every year. Out of this, the US contributes to 126 million tons of the waste, and Canada, 13 million tons.

Further, food wastage causes North America to incur monetary losses of almost $278 billion every year. This indicates the increasing need for food waste management, which is expected to bolster the studied market’s growth in the years to come.

Recent research estimates show that 20% of all the food produced annually in Canada becomes avoidable food waste or loss. This food could have been used for consumption, but was landfilled, incinerated or managed as organic waste instead.

Data collected from companies in the food service industry (including restaurants, hotels, and other institutions) reveals that a significant proportion of the food prepared for sale by these establishments – 21% of dairy, eggs, & field crops; 38% of produce; and 20% of meat – becomes waste. These factors have raised concerns of Canadian authorities, which is expected to bolster the food waste management market’s growth in the coming years.

COMPETITIVE OUTLOOK

The prime contenders in the food waste management market are Suez SA, Republic Services Inc, Clean Harbors Inc, Waste Management Inc, and Waste Connections Inc.