Research Nester published a report titled “United States (U.S.) and Canada Smart Food Bin Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the United States (U.S.) and Canada smart food bin market in terms of market segmentation by food waste, end-use application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The United States (U.S.) and Canada smart food bin market is anticipated to grow with a CAGR of 25.7% and 26.6% respectively over the forecast period, i.e., 2022 – 2031. The market is segmented by food waste into cooked left-overs, stale food, blemished fruits & vegetables, and others. In both the nations, the cooked-left overs segment is anticipated to touch the largest revenue of USD 114507.7 Thousand and USD 24864.9 Thousand respectively by the end of 2031. Additionally, in the year 2021, the segment in the market in both these regions generated a revenue of USD 12762.1 Thousand and USD 2593.7 Thousand respectively.
The United States (U.S.) and Canada smart food bin market is estimated to garner a revenue of USD 309417.0 Thousand and USD 70235.9 Thousand respectively by the end of 2031, up from a revenue of USD 33409.0 Thousand and USD 7086.7 Thousand respectively in the year 2021. One of the major factors anticipated to drive the growth of the market is the numerous benefits associated with the use of smart food bins, such as automatic segregation of food wastes based on its type, along with higher composting efficiency rates.
Geographically, the United States (U.S.) smart food bin market is segmented into South U.S., West U.S., Midwest U.S., and North East U.S., out of which, the market in South U.S. is anticipated to garner the largest revenue of USD 130264.8 Thousand by the end of 2031. Additionally, in the year 2021, the market in the region generated a revenue of USD 14549.6 Thousand. Moreover, the Canada smart food bin market is segmented into Atlantic Region, Central Region, Prairie Provinces, West Coast, and North Region, out of which, the market in Central Canada is anticipated to display the largest revenue of USD 42570.0 Thousand by the end of 2031. Additionally, in the year 2021, the market in the region generated a revenue of USD 4397.3 Thousand.
Growing Concern of Food Wastes to Drive Market Growth
In the United States, 30% of all food worth USD 48.3 Billion is thrown away each year, according to the statistics by the United Nations Environment Programme (UNEP).
Food wastes is a growing concern in the developed countries, especially in the United States and Canada. Backed by the rising awareness for the ill effects of food wastes, along with the increasing number of initiatives taken by the government of these nations to lower food wastes are some of the major factors anticipated to drive the demand for smart food bins, and in turn, contribute to the market growth.
However, the higher cost of the product, along with the lack of awareness regarding the availability of the product are expected to operate as key restraint to the growth of United States (U.S.) and Canada smart food bin market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the United States (U.S.) and Canada smart food bin market which includes company profiling of Leanpath, Inc., Winnow Solutions Limited, Enevo Oy., Wybone Ltd., LightBlue Environmental Consulting Co., Ltd., KITRO SA, Guardforce Limited, and others. The profiling 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 United States (U.S.) and Canada smart food bin market that will 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.