Food Recycler Market to reach a valuation of US$ 68.2 Bn by 2032, & Anticipated to Record a CAGR of 5.6% During 2022 to 2032 | Future Market Insights, Inc.
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NEWARK, Del:
The global food recycler market is anticipated to reach a valuation of US$ 68.2 Bn by 2032, with the market growing at a moderate CAGR of 5.6% from 2022 to 2032. Valued at US$ 37.5 Bn in 2021, the target market climbed up to US$ 39.6 Bn in 2022. This growth can be attributed to the high demand for technologies that can assist with the recycling of organic waste substances. A significant share of market revenue is generated by hotels, restaurants, and cafes producing bulk food waste.
The growing concern over escalating wastage of food has opened up avenues of growth for the food recycler market. There’s been a surge in demand for intelligent recycling technologies as the recycling of organic waste substances has emerged as a challenge in numerous economies. Hence, the market for food recycling services will witness steady growth over the next couple of years. Additionally, food recycler has become an integral part of commercial spaces as much as it’s used to produce fertilizer or manure out of food waste. Further, the popularity of kitchen gardens has strengthened market prospects for food recyclers, particularly in large cities.
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With the rising concern for the environment and growing awareness regarding the use of organic compost instead of chemical fertilizers, the demand for food recyclers is also expected to rise. Further, these recyclers are used extensively used in hotels, cafes, and restaurants where food waste can be found in bulk. This sector will offer considerable growth opportunities to the target market with the use of strategic pricing and agreements. Additionally, rapid urbanization, surging smart city projects in developing countries, and several favorable government initiatives including the go green concept will likely have a positive impact on the food recycler market during the projection period.
“Rising awareness of food recycling services along with technological advancements in food recycling and composition techniques will likely propel the global sales of the food recycler market over the forecast period,” says an FMI analyst.
Key Takeaways:
- The high costs of food recyclers are one of the major factors inhibiting the growth of the market during the assessment period.
- Greater technological progress in terms of food recycling and composting techniques propel North American and European markets to account for a major portion of the global food recycler market.
- A rise in the number of market manufacturers is driving the growth of the Asia Pacific’s food recycler market.
- Industries that produce different types of kitchen appliances have branched out to produce innovative food recyclers which will likely benefit the overall growth of the market.
Competitive Landscape
Whirlpool’s, Food Cycle Science, Wastefox, Joseph Joseph, Nine Stars Group (USA) Inc., Simplehuman, Smart Cara, Food Cycler, and Mares Group among others are some of the major players in the food recycler market profiled in the full version of the report.
Leading market participants are concentrating on product development and innovation along with launching new, efficient products. These firms also employ various organic and inorganic business strategies.
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Key Segments
By Component:
- Product
- Services
By Price Range:
- Economic
- Premium
By Distribution Channel:
- OEM
- Distributors
- Retailers
- E-commerce
By Material Type:
- Steel
- Stainless Steel
- Carbon Steel
- Plastic
- Fibre
- Others
By End Use:
- Residential
- Commercial
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
More Insights into Food Recycler Market
FMI offers an unbiased and fresh analysis of the global food recycler market, providing historical data from 2014 to 2020 and forecast statistics for 2022 to 2032. In order to gain a better understanding of the global market potential, growth, and scope, the target market is segmented on the basis of component, price range, distribution channel, material type, end-use, and region.
According to the reports, based on regional segmentation, the food recycler market in North America and Europe will demonstrate considerable growth during 2022-2032. These regions contain technologically advanced food recycling and composting techniques which are driving the growth of the target market in North America and Europe. Both of these regions will likely account for a substantial amount of the global food recycler market share. Besides, the Asia Pacific region will also exhibit notable growth in this market with countries like China and Japan adopting advanced technologies with regard to food recycling and composting. Again, increasing disposable income across Latin America will fuel moderate growth for the food recycler market in this region.
In conclusion, continuous and growing demand from hotels, cafes, restaurants and other commercial sectors as well as constant technological advancements will spur the global growth of the food recycler market.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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