Food Waste Disposers Market Size Worth $5.26 Billion by 2033: The Brainy Insights
Food waste disposers market size from USD 2.83 Billion in 2023 to USD 5.26 Billion in 10 years. The rapidly growing number of hotels and restaurants in the global market will drive the Food Waste Disposers market's growth in the period forecasted.
Newark, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2.83 Billion Food Waste Disposers market will reach USD 5.26 Billion by 2033. Rising Government Initiatives Towards Food Waste Disposers Market is the main propellers that may boost the growth of the Food Waste Disposers Market. Increased government initiatives towards raising awareness for Food Waste Disposers is one of the major factors that may propel the growth of the Food Waste Disposers in the market. For this governments across the globe has dispersed a certain sum of amount to the companies thereby increasing the production supply of Food Waste Disposers in the market.
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Key Insights on Food Waste Disposers Market
Asia Pacific to account for the largest market size during the forecast period accounting for 35.43% of the total market. Whereas North America is expected to be the fastest-growing region in the period forecasted.
APAC emerged as the largest market for the global Food Waste Disposers market, accounting for 35.43% of the total market. Owing to automated Food Waste cleaning solutions in metro and semi-metro cities. Whereas, North America has exhibited the highest growth rate in the region, owing to favorable economic conditions and growing awareness of Food Waste Disposers in the Market.
Commercial segment has dominated the market with the most significant market thereby acquiring 55.32% of the market share in 2023.
The commercial segment dominates the Food Waste Disposers Market, thereby acquiring a major share of 55.32% in the market. This is mainly attributed to its increasing use in the Hotels, and restaurants. Where the quantity to dispose of the Food Waste Disposers is quite high. In comparison, the residential segment is the fastest-growing segment in the global market. Owing to increasing awareness of the same in the market.
Restarants and Hotels together dominated the market, accounted for the largest share of the market, with a market share of 32.1% in the year 2023.
Restaurants and Hotels have dominated the Food Waste Disposers Market, thereby accounting for 32.1% of the market share across the globe. This share is mainly attributed to the increasing use of the automated Food Disposers Solutions Market. Whereas, it is expected to be the fastest-growing segment in the market.
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Latest Development:
• In Sept 2023, InSinkErator introduced the Next Generation of Garbage Disposals in the market. The main objective of this introduction was to grind a variety of food waste with ease, thereby providing an environment-friendly solution for managing the food.
• In Jan 2023, Kitchen Aid company launched the Red Batch Feed Food Waste Disposer in the market. The major objective of this launch was to replace the older mold and dispose of the food waste quickly and easily.
• In April 2022, Whirlpool Corporation acquired InSinkErator. The main objective behind this acquisition was to acquire the whole of the company’s product line of Food Waste Disposer, thereby expanding the company’s product portfolio and providing service to the ultimate end-users.
Market Dynamics
Drivers: Rapidly growing number of hotels and restaurants in the global market
Rapidly growing numbers of Hotels and Restaurants is one major factor that boosts the growth of the Food Waste Disposers Market. For instance: according to Statista, the number of hotels globally, increased from 1,842 hotels in the year 2022 to 2,480 hotels in the year 2024
Restraint: Increasing prices of raw materials in Food Waste Disposers
Increasing raw material prices is one major threat that may hamper the growth of the Food Waste Disposers Market. Owing to changing government regulations, rising import and export prices of the raw materials lead to rising prices of stainless steel, machines, and the opener used for manufacturing the Food Waste Disposers. Which in turn increases the overall price of manufacturing Food Waste Disposers in the market
Opportunity: Rising Government Initiatives Towards Food Waste Disposers Market
Increased government initiatives towards raising awareness for Food Waste Disposers is one of the major factors that may propel the growth of the Food Waste Disposers in the market. For this governments across the globe have dispersed a certain sum of amount to the companies thereby increasing the production supply of Food Waste Disposers in the market.
Challenge: Rapidly growing market players in the global market
One major factor that is a big challenge for the Food Waste Disposers Market is the rapidly growing market players in the global market. Rising numbers of market players, faces a major challenge to be situated in the market is lack of available resources to be captured upon, government rules, regulations and other policies, customer favouritism in the market among others.
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Some of the major players operating in the Food Waste Disposers market are:
• Soocen Technology
• Apollo Kitchen Equipment
• WasteCare Corporation
• MEIKO Clean Solutions (India) Pvt Ltd
• Komptech Americans LLC
• Hobart Corporation
• Mavitec Group
• Delitek AS
• Unistone Electric Company
• Disperator AB
Key Segments cover in the market:
By Type:
• Domestic
• Commercial
By End-User:
• Restaurants
• Hospitals
• Food Manufacturing and Processing Facilities
• Supermarkets
• Schools
• Prisons
• Hotels
• Corporate Offices
• Others
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About the report:
The global Food Waste Disposers market is analysed based on value (USD trillion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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