The Household Food Waste Composting Machine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Household Food Waste Composting Machine Global Market Report 2024, The household food waste composting machine market size has grown strongly in recent years. It will grow from $2.88 billion in 2023 to $3.1 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to growing environmental awareness, shift towards sustainable practices, government initiatives and regulations, rise in urbanization, educational campaigns and outreach..
The household food waste composting machine market size is expected to see strong growth in the next few years. It will grow to $3.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing focus on circular economy, waste management policies, consumer demand for eco-friendly solutions, integration with municipal composting programs, educational and outreach initiatives,.. Major trends in the forecast period include energy-efficient operation, incorporation of automated mixing systems, use of biodegradable bags and liners, innovation in product design..
The increasing amount of waste generated is expected to propel the growth of the household food waste composting machine market going forward. Waste refers to a product or substance that has expired or is no longer fit for its original purpose. Household food waste composting machines are utilized to reduce waste by recycling and processing food waste to generate natural fertilizers. For instance, in May 2023, according to the National Environment Agency, a Singapore-based organization for environmental services, 7.39 million tons of solid garbage were produced in 2022. Additionally, domestic waste production rose from 1.82 million tons in 2021 to 1.86 million tons in 2022. Therefore, the increasing amount of waste generated is driving the growth of the household food waste composting machine market.
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The household food waste composting machine market covered in this report is segmented –
1) By Type: Indoor, Outdoor
2) By Price: Low, Medium, High
3) By Distribution Channel: Direct, Indirect
Major companies operating in the household food waste composting machine market are developing innovative household food waste composting machines such as Lomi to gain the competitive advantages in the market. Lomi is created with contemporary designs and seamless functions that would make it easier than ever for consumers to shift the way they approach household waste and composting to drive revenues in the market. For instance, in April 2021, Pela, a Canada-based sustainable company, launched Lomi. This product is the first kitchen product in the world to convert food waste, boxes, clothing, and bioplastics into dirt in less than 24 hours. It quickens the process of breaking down food waste into fragmented biomass, which creates more surface area for microbial development and quickens the composting process. The finished item is a natural soil additive that boosts soil’s organic content while providing macronutrients and micronutrients.
The household food waste composting machine market report table of contents includes:
1. Executive Summary
- Household Food Waste Composting Machine Market Characteristics
- Household Food Waste Composting Machine Market Trends And Strategies
- Household Food Waste Composting Machine Market – Macro Economic Scenario
- Global Household Food Waste Composting Machine Market Size and Growth
. - Global Household Food Waste Composting Machine Market Competitive Benchmarking
- Global Household Food Waste Composting Machine Market Competitive Dashboard
- Key Mergers And Acquisitions In The Household Food Waste Composting Machine Market
- Household Food Waste Composting Machine Market Future Outlook and Potential Analysis
- Appendix
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