Wet Waste Management Market Size Forecast to Reach $150 Billion by 2026
Wet Waste Management Market size is forecast to reach $150 billion by 2026, after growing at a CAGR of 5.7% during 2021-2026. Increasing awareness of wet waste management, increasing use of environmentally friendly products and increasing environmental sustainability, improved economic conditions and lifestyle, along with the growing waste management industry, are some of the factors driving wet waste management market. In addition, the introduction of new technologies for wet waste management, such as waste and energy solutions, is further increasing the overall growth of the wet waste management market.
Due to COVID-19, during lockdown, compared to industrial and commercial centers, waste generation increased mainly from residential areas, as factories were partially or fully shut down, therefore less industrial and commercial waste was generated. However, the reopening of manufacturing facilities and the launch of coronavirus disease vaccines are expected to lead to the re-opening of waste management companies and the waste recycling industry at full capacity.
Wet Waste Management Market Segment Analysis – By Source
The municipal waste held the largest share in the wet waste management market in 2020. The global increase in urbanization with a humongous population growth is generating a wide range of municipal waste production. According to the World Bank, about 1.3 billion tons of municipal waste was generated by the urban population in 2012, which is projected to rise to 2.2 billion tons by 2025. Increased industrialization has led to the growth of the chemical, oil & gas, automotive, and medical industries in emerging economies such as India, China, and Taiwan, which generate enormous amounts of waste and causes pollution. These factors are expected to significantly contribute toward growth of the global market.
Wet Waste Management Market Segment Analysis – By Waste Type
The Food scrap segment held the largest market share in the wet waste management market in 2020. Food wastage is considered to be one of the world’s biggest problems, with large quantities of food being wasted around the globe in the commercial and residential sectors. According to reports released by the Food and Agriculture Organization (FAO) of the United Nations, more than one third of the food produced annually, i.e. about 1.6 billion tonnes, is either wasted or lost. According to FAO, food waste contributed for 4.4 gigatons (Gt) of carbon dioxide (CO2) emissions per year, accounting for more than 8 per cent of global anthropogenic GHG emissions. Therefore, owning to these factors food scrap is the major segment as a waste type in the global wet waste management market.
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Wet Waste Management Market Segment Analysis – By Service
Disposal & Landfill held the largest share in the wet waste management market in 2020 and is growing at a CAGR of 5.5% during the forecast period. Wet waste generated, mainly due to inadequate waste management systems, is untreated and dumped into landfills. Private players are getting huge boost, especially in the municipal authorities, due to limited planning and lower spending than desired by the respective governments. However, various countries are now closely monitoring the condition of the market and extending support to industry participants, easing investment requirements while offering monetary incentives. Thus, supporting the wet waste management market growth.
Wet Waste Management Market Segment Analysis – By Geography
Asia Pacific held the largest share in the wet waste management market in 2020, up to 30%, owning to industrialization in developing economies such as Japan, India, South Korea, China, and Taiwan, which are leading to the growth of chemical, oil & gas, health, medical, food, and automotive industries, and are therefore emerging as a major source of hazardous wet waste generation. Furthermore, the Swatch Bharat Initiative, the Indian government’s flagship program for waste collection and efficient management, is expected to provide enormous growth opportunities for numerous upcoming start-ups focused on offering creative solutions.
Wet Waste Management Market Drivers
Rising awareness for wet waste management and recycling
Recycling is one of the most important aspects of waste management and helps to save energy over time. According to the Bureau of Labor Statistics, average annual expenses per customer in the U.S. for 2017 was $60,060, a rise of 4.8 percent from the amount of 2016. The creation of different community-based approaches to organic recycling to achieve a sustainable economic status would help to drive the demand for wet waste management. The University of Minnesota operates U of M recycling plant under which more than 3,800 tons of recyclable materials, more than 40% of the total municipal waste generated on campus, are processed annually. Government supportive initiatives, such as CalRecycle, to encourage various recycling practices will further push the market growth over the forecast period.
Wet Waste Management Market Challenges
Lack of participants and treatment plants
The lack of participation by industry contributors and other industries, such as health care, and food, could act as a constraining factor for the growth of the global wet waste management market. Landfill is a major waste management system that has been followed globally. However, the shortage of treatment plants and landfill sites is another factor that is expected to emerge as a challenge to the global market for wet waste management during the forecast period.
Wet Waste Management Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Wet Waste Management Market. Major players in the Wet Waste Management market includes Waste Management Inc. (U.S.), Republic Services Inc. (U.S.), Veolia Environment S.A. (France), SUEZ Environment Co. SA (France), and Clean Harbors Inc. (U.S.) among others.
Key Takeaways
Asia Pacific dominated the global wet waste management market owing stringent government regulations coupled with high waste generation from medical and industrial sectors in the region.
Government efforts to spread awareness of waste management through various services, advertising, and social networking platforms are a significant factor that is becoming increasingly important and is expected to increase the overall demand for wet waste management over the forecast period.
Over the forecast era, the North American market is also rising at a substantial pace, due to the increasing emphasis on environmental sustainability, high economic status, lifestyle, and the thriving waste management industry. The development of global wet waste from industrial, healthcare and commercial sectors also promotes the expansion of the region’s market.
In addition, rising biodegradable fuel usage, coupled with the implementation of new wet waste management technologies such as waste for energy solutions, are some of the other factors that will support market growth over the forecast period.
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