United States (U.S.) and Canada Smart Food Bin Market Highlights Over 2021 - 2031
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 by growing at a CAGR of 25.7% and 26.6% respectively over the forecast period, i.e., 2022 – 2031. Moreover, in the year 2021, the market in these nations generated a revenue of USD 33409.0 Thousand and USD 7086.7 Thousand respectively. The growth of the market can be attributed to growing awareness across these countries regarding the rising prevalence of food waste and its ill effects on the environment. According to the statistics by the United Nations Environment Programme (UNEP), 30% of all food in the United States which is worth USD 48.3 Billion, is thrown away each year. Moreover, the statistics also stated that the losses at the farm level were probably about 15-35%, depending on the industry. Additionally, the retail sector had a higher rate of loss of about 26% due to food waste.
Get more information on this report: Request Sample PDF
The growth of the market can also be attributed to the rising initiatives of the government of these nations that are focused on reducing food waste. For instance, the U.S. Food and Drug Administration (FDA), U.S. Environmental Protection Agency (EPA), and the U.S. Department of Agriculture (USDA) had signed a joint agency formal agreement under the ‘Winning on Reducing Food Waste Initiative’. As per this agreement, federal agencies aim to improve coordination and communication between them so as to better educate the people of the nation. Moreover, in the April 2019, as part of the ‘Winning on Reducing Food Waste Initiative’, the USPA, EPA and FDA issued its FY2019-2020 Federal Interagency Strategy that had identified six priority areas on which efforts are required to reduce food loss and waste.
On the other hand, the USDA and EPA, in the year 2016, developed the ‘U.S. Food Loss and Waste 2030 Champions’. According to this program, businesses and organizations had made a public commitment that by 2030, they would reduce food loss and waste in their own operations in the U.S. by 50%. Moreover, the USDA and EPA also created the food recovery hierarchy so as to display the most effective ways to address food waste.
Get more information on this report: Request Sample PDF
United States (U.S.) and Canada Smart Food Bin Market Regional Synopsis
Regionally, 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. The market in South U.S. is anticipated to garner the largest revenue of USD 130264.8 Thousand by the end of 2031, up from a revenue of USD 14549.6 Thousand in the year 2021. One of the major factors anticipated to drive the growth of the market in the United States is the presence of several number of establishments who are operating in the food services and drinking places subsector and therefore the rising concern for food wastes. According to the statistics by the United States Bureau of Labor Statistics (BLS), the total number of private establishments operating in the food services and drinking places subsector grew from 659562 number of establishments in the 4th quarter of 2020 to 672107 number of establishments in the 3rd quarter of 2021. On the other hand, the market in Canada is segmented by region into Atlantic Region, Central Region, Prairie Provinces, West Coast, and North Region. The market in Central Canada is anticipated to display the largest revenue of USD 42570.0 Thousand by the end of 2031, up from a revenue of USD 4397.3 Thousand in the year 2021.
Growth Drivers and Challenges Impacting the Growth of the United States (U.S.) and Canada Smart Food Bin Market
Growth Drivers
-
Growing Awareness for Food Waste
- Numerous Beneficial Functions of Smart Food Bins
Challenges
- Higher Cost of the Product
- Lack of Awareness Regarding the Availability of the Product
United States (U.S.) and Canada Smart Food Bin Market Segmentation Synopsis
The United States (U.S.) and Canada smart food bin market is segmented by food waste into cooked left-overs, stale food, blemished fruits & vegetables, and others. Out of these, the cooked-left overs segment, in the United States, is anticipated to touch the largest revenue of USD 114507.7 Thousand by the end of 2031, up from a revenue of USD 12762.1 Thousand in the year 2021. Moreover, in Canada, the segment is projected to garner the largest revenue of USD 24864.9 Thousand by the end of 2031, up from a revenue of USD 2593.7 Thousand in the year 2021.
By end-use application, the United States (U.S.) and Canada smart food bin market is segmented into hotels, restaurants, and others. In the United States, the restaurants segment is anticipated to garner the largest revenue of USD 183370.5 Thousand by the end of 2031, up from a revenue of USD 20186.3 Thousand in the year 2021. In Canada, the segment is expected to display the largest revenue of USD 49360.0 Thousand by the end of 2031, up from a revenue of USD 5068.1 Thousand in the year 2021.
Key Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the United States (U.S.) and Canada smart food bin market that are included in our report are Leanpath, Inc., Winnow Solutions Limited, Enevo Oy., Wybone Ltd., LightBlue Environmental Consulting Co., Ltd., KITRO SA, Guardforce Limited, and others.
Key Reasons to Buy Our Report
- The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
- It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
- The report includes detailed company profiles of the major players dominating the market.
- We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
- We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
