Singapore Food Waste Recycling Market to Grow with a CAGR of 5.8% During 2021-2030; Market to Grow on the Back of Supporting Initiatives of the Government to Reduce Food Wastes
Kenneth Research published a report titled “Singapore Food Waste Recycling Market: Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the Singapore food waste recycling market in terms of market segmentation by food waste type, process, application, and by food waste producer.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The Singapore food waste recycling market is anticipated to grow with a CAGR of 5.8% over the forecast period, i.e., 2021 – 2030. The market is segmented by food waste type into cereals, fruits & vegetables, sea food, meat, oilseeds, processed food, and others, out of which, the fruits & vegetables segment is expected to garner the largest revenue of USD 14.5 Million by the end of 2030. Moreover, in the year 2020, the segment generated a revenue of USD 8.3 Million.
The Singapore food waste recycling market is also segmented by process into in-vessel composting, anaerobic digestion, and others, out of which, the anaerobic digestion segment is projected to display the largest revenue of USD 16.2 Million by the end of 2030. Additionally, the segment generated a revenue of USD 9.0 Million in the year 2020.
The Singapore food waste recycling market is estimated to garner a revenue of USD 33.0 Million by the end of 2030, up from a revenue of USD 18.9 Million in the year 2020. Increasing number of supportive initiatives taken by the Government of Singapore to lower the amount of food wastes in the nation, followed by the rising awareness for the numerous benefits associated with food waste recycling, are some of the major factors anticipated to drive the growth of the market in the coming years.
Expanding Food & Beverage Sector in Singapore to Create Opportunities for Market Growth
The total value of food & beverage sales in Singapore, according to the statistics by the Department of Statistics, Singapore, recorded USD 706 Million in November 2021. Additionally, during the same period, the seasonally adjusted month-on-month sales of food & beverage recorded to be 10.4%.
Singapore is known to be one of the luxury tourist destinations around the globe. With the growing inflow of tourists in the nation, the tourist destination has witnessed growth in the food & beverage sector, backed by the availability of a wide range of local street foods. This, as a result, has also contributed majorly to the growing concern for food wastes in the nation, which is therefore, driving the need amongst the government of the nation to focus on recycling of these wastes. Such a factor is therefore anticipated to drive the growth of the market in the coming years.
However, the lack of proper transportation methods for food waste recycling is expected to operate as key restraint to the growth of Singapore food waste recycling market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Singapore food waste recycling market which includes company profiling of Skyland Bio-Energy Pte Ltd, 800 Super Holdings Limited, Lam Tak Pte Ltd, Westcom Bio-Tech Pte Ltd., A1 Environment Pte Ltd, UglyGood, Cambi ASA, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Singapore food waste recycling market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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