SkyQuest Projects USD 106 Billion Market for Food Waste Management by 2031
Market Growth Factors
SkyQuest’s recent projection for the global food waste management market has stirred discussion among industry experts. The report forecasts a market share of USD 106 Billion by 2031, marking a compound annual growth rate (CAGR) of 5.4% during the 2024-2031 period. This growth is attributed to the rise in global population, coupled with increased production and consumption levels. The changing consumer preferences and tastes have also played a significant role in driving market expansion.
Impact of COVID-19 on Food Security
Several countries, including South Africa, United Arab Emirates, and Saudi Arabia, have faced threats to food security and nutrition amid the ongoing COVID-19 pandemic. Supply chain disruptions, caused by roadblocks, transit restrictions, and quarantine measures, have led to a surge in food wastage cases. The delays in transportation have particularly affected perishable agricultural products such as fruits, vegetables, fish, meat, and dairy products.
How Will This Affect Me?
As a consumer, the projected growth in the food waste management market indicates a greater focus on sustainability and reducing waste across the supply chain. This could lead to improved practices in food production, distribution, and consumption, ultimately benefitting individuals by promoting a more efficient and responsible approach to managing food resources.
Global Impact
On a global scale, the increasing market share for food waste management highlights the growing awareness of environmental and social issues related to food waste. By addressing food waste through innovative solutions and technologies, countries can work towards achieving sustainable development goals and mitigating the impact of food wastage on the environment and society.
Conclusion
In conclusion, the projected market growth for food waste management reflects the evolving landscape of the food industry towards more sustainable and efficient practices. As the market continues to expand, stakeholders at all levels will need to collaborate to implement effective strategies for reducing food waste and promoting a more sustainable food system for the future.
