New York, United States, Dec. 11, 2023 (GLOBE NEWSWIRE) — The Global Wet Waste Management Market Size to Grow from USD 132.6 Billion in 2022 to USD 180.4 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period.
Lockdowns and limitations caused people to spend more time at home, which led to an increase in the production of wet household trash such food scraps and kitchen garbage. As a result, there was a greater requirement for home waste collection services. On the other hand, during lockdowns, business operations at establishments, restaurants, hotels, and institutions were limited or shut down, which decreased the creation of commercial wet waste. Businesses involved in waste management who significantly relied on contracts for the collection of commercial waste were impacted by this. The epidemic disrupted networks that supplied materials and waste management equipment, making it challenging for enterprises to obtain the supplies they required to operate.The processing segment accounted for the largest market share over the forecast period 2023 to 2032. One common method for managing organic waste is composting. Composting facilities transform wet waste into nutrient-rich compost, which is then used as a soil conditioner and fertiliser in landscaping and agriculture. Growing consumer demand for organic and sustainable farming practises has resulted in the expansion of composting facilities. The processing segment’s resource recovery phase highlights the extraction of nutrients, energy, and valuable components from wet waste. This approach follows the principles of the circular economy, which views waste as a resource that may be utilised. Growing awareness of environmental issues and sustainability has encouraged public and corporate investments in wet waste processing.The municipal waste segment accounted for the largest market share over the forecast period 2023 to 2032. Rising population and urbanisation rates result in increased production of municipal waste, particularly moist waste. Effective waste management services are becoming more and more important as cities expand and urban populations rise. Municipalities use waste diversion strategies to promote the separation of organic waste from other waste streams. Facilities for anaerobic digestion and composting have been built to manage this segregated organic waste. Since many towns offer curbside pickup services for organic waste, residents find it convenient to participate in wet waste diversion schemes. Increased engagement and source-based waste sorting are encouraged by this technique.This study forecasts revenue at global, regional, and country levels from 2023 to 2032.
(GlobeNewsWire)