The global wet waste management market size was valued at USD 130.558 billion in 2022. It is projected to reach USD 145.35 billion by 2031, growing at a CAGR of 4.78% during the forecast period (2023–2031).
The wet waste consists of cooking waste and includes vegetable peels, tea, fruit, etc. Dry trash includes paper, glass, plastic, cardboard, Styrofoam, rubber, metal, and food packaging materials. Wet waste is organic waste that is typically heavy due to its high moisture content and can be separated into biodegradable and non-biodegradable garbage.
These wet wastes consist primarily of flesh and bones, food scraps, agricultural waste, paper shreds, and medical waste, among others. The process of managing wet waste is composting the garbage to create biogas, manure, and other products used to produce electricity. It is also helpful in removing waste from public locations to reduce health and hygiene issues.
|Market Size||USD 145.35 billion by 2031|
|Fastest Growing Market||Europe|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
As employment opportunities in cities continue to expand, people are moving from rural and remote areas to industrialized and metropolitan areas. As a result, it is anticipated that the expansion of the global wet waste management business will be driven in the future by the increase in the population of urban areas. Compared to the volume of garbage produced worldwide, a few treatment plants are available for processing wet waste. As a result, there is a pressing demand for many treatment plants to accommodate the volume of trash.
The government promotes waste management awareness through various programs, advertisements, and social networking sites which are expected to enhance the overall wet waste management market during the forecast period. It is anticipated that the development of waste-to-energy solutions would further boost the global industrial demand by easing the process of putting the solution into action.
The market for wet wastewater management is being constrained by elements like COVID's influence and the increasing cost of the management equipment. The expansion of the market is hampered by improper discharge management. Poorly managed waste exposure can occasionally cause similar irritants, an increase in blood infections, some respiratory issues, growth issues, and various reproductive issues. The main problem is that recycling plastic is more expensive than buying new plastics and using fillers and colorants.
The market players are anticipated to benefit from lucrative growth opportunities predicted to arise due to the need to develop waste-to-energy solutions and a rise in awareness among the public and government agencies regarding these solutions. As a result of these prospects, waste management organizations have implemented methods to improve the quality of the services in the market. Veolia and nestle have started to collaborate to develop recycling initiatives to recycle waste plastic. The Shanghai Chemical Industry Park and Suez similarly arranged to collect hazardous waste from the industrial park's clients and the automotive industry.
The global wet waste management market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The Asia-Pacific region holds a substantial market share in the global wet waste management market. The industry's economic prospects have improved due to increased urbanization, the use of environmentally friendly products, and the persistence of ecological problems. Europe is the second-largest world region and is anticipated to grow at a CAGR of 5.23% during the forecast period. Several European regions contribute to and account for a substantial market share due to increased government efforts and programs that assist the management's promotion. With the assistance of municipal corporations, European nations have funded the entry of several market participants into health and hygiene facilities.
The global wet waste management market is segmented by service, source, and application.
Based on service, the market is divided into collection and transportation, disposal and landfill, processing, sorting, and storage. Processing is anticipated to dominate the global market for wet waste management and is likely to continue during the prediction period. This is primarily attributable to the growing population, which has increased the demand for managed services and rising waste generation.
Based on the source, the market is divided into industrial, municipal, commercial, healthcare, and medical, and others. The municipal waste sector will lead the global wet waste management market. The quick boost in urbanization worldwide, along with the tremendous rate of population expansion, is producing a vast quantity of municipal trash.
Based on the type of waste, the market is segmented into food scrap, meat and bones, medical waste, shredded paper, agricultural waste, and others. The food waste segment is dominant in the global wet waste management market. Each year, the amount of food wasted in homes and businesses worldwide is staggering. Food scraps are growing in significance as a waste category in the global wet waste management market.