Products From Food Waste Market to Grow at CAGR of 5% through 2019 - 2029
Posted by ankush Nikam on March 26th, 2020
VALLEY COTTAGE -- With better standards of living, consumers are casually throwing away their unwanted goods and products in the garbage. These can be used to create products from food waste. 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.
Affluent countries are also known to buy more food than required and then tend to waste it. This has generated considerable opportunities for the products from food waste market. Also, some consumers are becoming aware of food loss in terms of ethics and sustainability, and are coming up with household methods to consume products from food waste.
Cosmetic Flaws in Fresh Produce Paving the Way for Retail Sector
Not meeting the cosmetic criteria (which is the faulty appearance of a fruit) is one of the major reasons why plenty of fruits are being discarded as waste, and this has opened the gateway for the growth of the products from food waste market. USDA estimates that, on an average, supermarkets in U.S. lose nearly US$ 15 Bn annually due to cosmetic flaws in fruits and vegetables. This presents ample opportunities for the products from 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, fueling the growth of the products from food waste market. These products from food waste can easily benefit the 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.
Mango Peels Rapidly Becoming Potential Source of Pectin
There is a special class of pectin - LM pectin (low-methoxyl pectin) - that is preferably used in the manufacturing of low-calorie fruit jellies, which is a valuable product from food waste. 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.
India also happens to produce tons of products from food waste. The mango, which is a source of pectin, is one of the important produces. Yet, India relies heavily on the import of pectin. Hence, it holds immense potential for the products from food waste market.
Use of Patented Technologies in Manufacturing of Products from Food Waste Prompting High Price Points
Some of the patented technologies used to manufacture products from food waste are expensive. Middlemen in the products from food waste supply chain, such as farmers, food and beverage processors, and retailers, have expressed keen interest in recycling and manufacturing products from food waste, but might have to face the heavy burden of implementing patented and expensive technologies that are used to manufacture products from food waste. These will add a huge chunk in the cost structure during the manufacturing process of products from food waste. This aspect may become a barrier to the growth of the products from food waste 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 consumers base, which may hamper the growth of the products from food waste market.
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About the Authorankush Nikam
Joined: December 21st, 2016
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