According to Market Research Future (MRFR), the global wet waste management market is projected to grow at a CAGR of 5% from 2017 to 2023 (forecast period). The report highlights the growth opportunities and market ramifications that emerged as a result of the COVID-19 pandemic.
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Wet waste is organic waste, which is typically heavy in weight due to dampness and can be separated based on biodegradable and non-biodegradable waste. The wet waste consists mainly of food scrap, meat & bones, agricultural waste, medical waste, shredded paper, and others. Wet waste management is a waste composting process for the production of manure, biogas, etc. In addition, composting is a process of crushing organic matter in the presence of air. Compost is the final product of composting, typically rich in easily available plant nutrients forming part of the fertile soil. In addition, the removal of waste from public areas helps minimize health and hygiene risks, decreases exposure to biohazards, and also reduces pest infestation. Wet waste management also generates waste energy, which can be used and deployed to generate electricity.
Increasing awareness of wet waste management is a crucial driver of the global market for wet waste management. In addition, the introduction of new technologies in wet waste management, such as waste to energy solutions, is further increasing the overall growth of the market for wet waste management. Growing environmental sustainability and rising use of environmentally friendly fuels are key factors driving the global market's growth for wet waste management. Increasing government initiatives to spread awareness of wet waste management among the population is also expected to raise the overall global market for wet waste management over the forecast period.
Top Market Participants
Advanced Disposal Services, Inc. (U.S.), Progressive Waste Solution Ltd. (Canada), Stericycle (U.S.), Waste Management Inc. (U.S.), Clean Harbors Inc. (U.S.), Veolia Environment S.A. (France), Covanta Energy Corporation(U.S.), SUEZ Environment Co. S.A. (France), Republic Services Inc. (U.S.), Republic Services Inc. (U.S.), are the top market participants identified in the report.
A majority of these companies are coming up with advanced technologies, to maintain their product competitiveness in the market. The market can observe a more intense competitive environment, on account of the surge in technological innovations, product and service extensions, and mergers and acquisitions (M&A).
Based on the service & equipment, the market is segmented into collection & transportation, storage, sorting, processing, and disposal & landfill. The processing is projected to dominate the global wet waste management market and is likely to continue over the forecast period, 2017-2023 due to growing population, coupled with growing waste generation and management services.
Based on the source, the market is segmented into household & municipal waste, commercial waste, industrial waste, healthcare & medical waste, and other waste. The household & municipal waste dominated the market in 2016 and is projected to be the fastest-growing source over the review period. The global increase in the urbanization with humongous population growth is creating a wide scope household & municipal waste generation.
Based on the waste type, the market is segmented into food scrap, meat & bones, agricultural waste, medical waste, shredded paper, and others. The food wastage is considered as one of the major problems across the world, a huge amount of food is wasted across the world through the residential and commercial sector. Thus, making food scrap as a prominent segment as a waste type in global wet waste management market.
The global wet waste management market is primarily fragmented into four regions, namely North America, Europe, Asia Pacific, and the Rest of the World.
Asia Pacific is anticipated to expand at the highest CAGR level and to hold the largest market share in the global wet waste management industry. Increased awareness of the region's wet waste management with emerging advanced technologies such as energy-based waste management, increased use of eco-friendly materials and increased environmental sustainability issues, and improved economic conditions of major emerging nations are the factors contributing significantly to the growth of the wet waste management market in the Asia Pacific region.
In 2016, Europe had the second largest market share. The wet waste management market is mainly driven by rising government initiatives and support schemes to encourage waste management. All major European countries have funded a number of private waste management players through their municipal city-level commission to encourage health and hygiene benefits across the population.
North American countries have been practicing wet waste management techniques for the last few decades and are predicted to experience the same stagnant growth over the projected period. The U.S. and Canada are the leading countries that are strongly focused on encouraging wet waste management at a broad level in order to obtain compost for farms and biofuels as transport fuels.
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