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Global Smart Food Bin Market to Expand on the Back of Necessity to comply with The Commitment made to United Nations to reduce Food Waste and growing Awareness among the Global Population on Food Losses and Waste Across the Globe by 2028

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Research Nester has released its report titled “Smart Food Bin Market: Global Demand Analysis & Opportunity Outlook 2020-2028that delivers detailed overview of the global smart food bin market in terms of market segmentation by food type, food, food waste, application and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

The global smart food bin market comprises of four segments which are segmented by food type, food, food waste and application. The market is predicted to register a significant CAGR over the forecast period (2020-2028). The food outlets and restaurants forming part of application segment is anticipated to hold the highest market share, owing to growing number of restaurants and food outlets being established all over the world.

The growth of the market is driven by several factors such as the growing compulsion by nations from all over the world to comply with the Sustainable Development Goals laid out by the United Nations for all nations to reduce food waste by 2030. Apart from this factor, other factors such as higher awareness levels present among the global population to protect all forms of food from being wasted, including the various benefits provided by smart food bins that involves performing various tasks such as taking pictures of the food that has been discarded, that also includes subsequent uploading of data related to the same onto a computer which would provide a detailed analysis on food items that have been wasted once the food has been discarded and thrown into the smart bins. This helps the businesses to plan their food preparation accordingly by understanding what food is left out for consumption by consumers and save on costs of preparing food for consumption. These factors are predicted to boost the demand for smart food bins among the global population and is anticipated to drive the growth of the market over the forecast period.

The global smart food bin market is segmented into five major regions comprising of North America, Latin America, Europe, Asia Pacific and Middle East & Africa. The market in North America and Europe is anticipated to record the highest market share, owing to factors such as the presence of several leading market players operating in these regions, apart from various steps initiated by the governments in these regions to strategically deal with the menace of food waste that can also cause harm to the environment. Apart from that, the awareness on the importance of lowering food waste initiated by governments in these regions are anticipated to boost the growth of the market in these regions over the forecast period.

However, the growth of the global smart food bin market suffers from some limitations such as low awareness levels prevailing among the global population, especially in the developing and underdeveloped regions of the world. Moreover, the steps to prevent food waste on a massive scale has not yet been initiated in many parts of the world that continues to remain as a major worrying factor globally. All these factors are anticipated to operate as major restraints to the growth of the market over the forecast period. 

This report also provides the existing competitive scenario of some of the key players of the global smart food bin market which includes company profiling of key companies such as Kitro SA, Winnow Solutions Limited, Leanpath, Inc., Enevo, Inc and Wybone Limited. The outlining 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 global smart food bin market that is expected to 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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