Opportunity for growth available from the food waste product market
New report shows considerable opportunities have been generated for products created from unwanted food.
The report by Future Market Insights explains that with increased disposable incomes, the value of available food and other goods has gone down considerably. This is especially common in developing regions, where environmental consciousness is much lower than developed regions.
This has generated considerable opportunities for products from the food waste market which is estimated to observe nearly 5% CAGR over 2019-2029.
Not meeting the cosmetic criteria is one of the major reasons why plenty of fruits are being discarded, and this has opened the gateway for the growth of the products from the food waste market. USDA estimates that, on average, supermarkets in the US lose nearly US$ 15 billion a year due to cosmetic flaws in fruits and vegetables. This presents ample opportunities for the products from the food waste market.
These fruits and vegetables are of excellent quality and at par with the nutritional profile of the ones that are sold in the market. Some small- and medium-sized manufacturers are initiating the processing of such products that do not meet the cosmetic criteria.
These products can easily benefit health conscious consumers due to their rich nutritional profile. Moreover, consumers tend to pay less for products that are conventional, and a higher price is paid for products that have an added-value, such as organic, vegan, and also products from food waste. Hence, through products from food waste, even manufacturers earn more profits.
Further opportunities are available from LM pectin (low-methoxyl pectin), which is preferably used in the manufacturing of low-calorie fruit jellies. The mango peel or mango waste contains a high amount of pectin (20-30% of the peel weight). If the extraction of pectin from mangoes is achieved by adding lemon juice to them, it will result in the reduction of industrial waste, and create an alternative for the production of pectin, helping in adding value to the products from food waste.
Obtaining a product from food waste such as mango peels is also in tune with some of the key market trends, such as sustainable production, due to the reduction in toxic effluents.
Some of the patented technologies used to manufacture products from food waste are expensive. Middlemen in the products from the food waste supply chain, such as farmers, food and beverage processors, and retailers, have expressed an interest in recycling and manufacturing products from food waste, but might have to face implementing patented and expensive technologies that are used to manufacture products from food waste. These will add to the cost during the manufacturing process of products from food waste, which may become a barrier to the growth of the market
Also, technology is linked with quality, which is an important force in driving the growth of the products from food waste market. Products from food waste manufacturing companies that are not accredited with quality certifications may lose their consumer base, which may hamper the growth of the products from food waste market.