Triton Market Research’s report depicts that the Asia-Pacific food waste management market will progress at a CAGR of 6.47% in the forecast years from 2023 to 2030. Australia & New Zealand, Japan, India, ASEAN Countries, China, and Rest of Asia-Pacific are scrutinized in the market within the region.
According to the Ministry of Agriculture, Forestry, and Fisheries in Japan, over 5.7 million tons of edible food was disposed off in the country in 2019. Food-related businesses generated 3.09 million tons of food waste. Whereas, the total amount of food discarded by households was 2.61 million tons. Because of this massive food waste, Japanese policymakers and the general public have begun to take food waste seriously.
Efforts are being taken on many different levels to address food waste, notably, to accomplish Sustainable Development Goals of reducing retail & consumer food waste and decreasing food losses in the supply & production chains by 50%.
Further, on May 24, 2019, the Japanese parliament formally introduced a law aimed at reducing food waste. As a result of the above-mentioned factors, the food waste management market in the country is estimated to observe growth in the years to come.
On the other hand, food waste management is a serious environmental concern in several developing nations in the Rest of Asia-Pacific region due to improper waste disposal and a lack of specific legislation pertaining to proper disposal. However, owing to increased awareness, there is enhanced focus on this issue, which is expected to drive the market growth in the coming years.
COMPETITIVE OUTLOOK
The acclaimed companies in the food waste management market include Suez SA, GFL Environmental Inc, Waste Connections Inc, Waste Management Inc, and Clean Harbors Inc.