July 25, 2022 05:52 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, July 25, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent study of the Global Household Food Waste Composting Machine Market finds that concerns regarding proper and efficient food waste management across the globe and an increasing number of hotels, resultants, and other food services are some of the factors propelling the growth of the Household Food Waste Composting Machine Market in recent years. The Global Market revenue was valued at USD 2,839.1 Million in 2021.
The Global Household Food Waste Composting Machine Market size is forecast to reach USD 4,119.3 Million by the year 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period; states Vantage Market Research, in a report, titled “Household Food Waste Composting Machine Market Size, Share & Trends Analysis Report by Product Type (0-50 Kg/Day, 50-100 Kg/Day, 101-300 Kg/Day, 301-500 Kg/Day), by Price (Low, Medium, High), by Distribution Channel (Direct, Indirect), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
Raising Awareness of the Advantages of Waste Management
People are becoming more aware of the benefits and drawbacks of hazardous solid waste handling on human health and the environment as more solid waste information becomes available. Proper waste management provides not only environmental and health benefits but also social and economic benefits. Waste management improves the aesthetics of the environment and conserves natural resources by reducing pollution in the air, water, and soil. Timely waste removal helps to limit the spread of vector-borne diseases and improves personal hygiene. It also reduces greenhouse gas emissions such as methane and carbon monoxide, which contribute to the serious problem of global warming. Recycling useful waste material aids in the conservation of raw materials and reduces the economic burden and promotes community development objectives.
Furthermore, leading organizations such as the International Solid Waste Association are raising awareness about the benefits and necessity of waste management in developing Asian and African countries through public awareness campaigns. This, in turn, is expected to drive market growth during the forecast period.
Agriculture Sector to Thrive Market Growth
The trend of converting food waste into fertilizer is becoming more popular as an eco-friendly and effective method of food waste recycling. This trend is attracting manufacturers to scale up their products for end-user convenience. Additionally, Composting devices for food waste nourish the soil and keep it moist, reducing plant illnesses and pesticide use. Furthermore, because of improved soil health, these machines reduce the use of fuel-consuming land preparation processes, further fuelling the market growth.
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Segmentation of the Global Household Food Waste Composting Machine Market:
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The COVID-19 outbreak has affected various industries worldwide and the Global Household Food Waste Composting Machine Market is no exception. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Production and manufacturing facilities globally were forced to shut down during the initial stages of the pandemic to curb the spread of the disease. Small and medium-scale companies are the backbone of the Household Food Waste Composting Machine Market witnessed a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. Vantage Market Research’s recent study of the Household Food Waste Composting Machine Market focuses on the impact of COVID-19 on the industry while estimating the present and forecast market size and rise in the trends of the market across the regions and countries globally based on the following data points:
The Report on Household Food Waste Composting Machine Market Highlights:
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on "Household Food Waste Composting Machine Market Size, Share & Trends Analysis Report by Product Type (0-50 Kg/Day, 50-100 Kg/Day, 101-300 Kg/Day, 301-500 Kg/Day), by Price (Low, Medium, High), by Distribution Channel (Direct, Indirect), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
North America Holds Largest Market Share
The North America dominates the global Household Food Waste Composting Machine Market. The majority of European countries have high incomes and are well-connected to solid waste treatment systems. As a result, European countries' average garbage collection rate is high. In addition, the large number of waste-to-energy plants in this region is propelling the industry forward. The European Union has also devised comprehensive rules to improve waste management and minimize greenhouse gas emissions over time. As a result, demand for food waste management services is increasing across North America.
List of Prominent Players in the Household Food Waste Composting Machine Market:
April 2021: Maeko, based in Kuala Lumpur, has invented a machine that produces compost in an anaerobic environment in which the temperature and airflow are closely controlled. The machine crushes the waste and agitates it to speed up the process – resulting in a bio-organic compost that’s ready to use within a day.
Key questions answered in the report:
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