In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSJune 15th, 2020: Enovo Oy has announced that it has come into a major deal with Recycle Track Systems (RTS) for expanding RTS’s market growth in Northeast, Midwest, and West regions in the United States.
August 20th, 2019: Wybone Ltd. announced that it has partnered with Mr. Fill, the Netherlands based smart waste solution that offers a compacting functionality for busy areas.
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.
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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.
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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.
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.
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.
FREQUENTLY ASKED QUESTIONS
The growing awareness for food waste, along with the numerous beneficial functions of smart food bins, are some of the major factors anticipated to drive the growth of the market in the coming years.
The market in the United States (U.S.) and Canada are anticipated to attain a CAGR of 25.7% and 26.6% respectively over the forecast period, i.e., 2022 – 2031.
The higher cost of the product, along with the lack of awareness regarding the availability of the product are estimated to hamper the market growth.
The market in South U.S. in the United States, as well as the market in Central Canada in Canada are anticipated to garner the largest revenue of USD 130264.8 Thousand and USD 42570.0 Thousand respectively by the end of 2031
The major players in the market are Leanpath, Inc., Winnow Solutions Limited, Enevo Oy., Wybone Ltd., LightBlue Environmental Consulting Co., Ltd., KITRO SA, Guardforce Limited, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by food waste, end-use application, and by region.
The cooked-left overs segment, in the United States as well in Canada, is anticipated to touch the largest revenue of USD 114507.7 Thousand and USD 24864.9 Thousand respectively by the end of 2031 and display significant growth opportunities.
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