DUBLIN, Dec. 1, 2023 /PRNewswire/ -- The "Waste Disposable Units Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The waste disposable units market size has grown strongly in recent years. It will grow from $11.86 billion in 2023 to $12.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The expansion in the historical period can be ascribed to evolving lifestyles, marketing and promotional efforts, environmental consciousness, expanding urbanization, and the growth of disposable incomes.
The waste disposable units market size is expected to see steady growth in the next few years. It will grow to $13.76 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. The anticipated growth in the forecast period can be linked to sustainability and environmentally-friendly practices, integration with smart home systems, concerns related to health and hygiene, the rising adoption of waste-to-energy technologies, and a focus on customization and aesthetics. Key trends in the forecast period encompass quieter operation, more compact and space-efficient units, waste disposers with multiple grind stages, batch feed mechanisms, as well as anti-jam and self-cleaning features.
The escalation in waste production is accelerating, primarily driven by population expansion and the surge in manufacturing activities within numerous emerging economies. Factors such as population growth, rapid urbanization, and heightened consumption due to increased disposable income levels are set to bolster the demand for garbage disposal units. The World Bank projects that, by 2025, the daily waste generation per individual is anticipated to reach 1.42 kg. Furthermore, the International Solid Waste Association predicts a substantial global increase, estimating that municipal solid waste volumes will nearly double, increasing by a factor of 2.37 by the year 2050.
The waste disposable units market is expected to experience growth driven by an increased emphasis on water sustainability. Water sustainability involves the responsible and efficient management of water resources to meet present needs while ensuring an adequate supply of clean water for future generations. Modern waste disposal units are designed with water conservation in mind, helping to reduce water consumption and minimize landfill waste, thereby contributing to water sustainability efforts. For example, in March 2021, the Director of National Intelligence (DNI) reported that global water usage is projected to rise by 20 to 50 percent above current levels by 2050, with the industrial and domestic sectors showing the most significant growth. Similarly, according to the United Nations Environment Programme (UNEP) in February 2021, the demand for water is anticipated to increase by nearly one-third by 2050. As a result, the growing emphasis on water sustainability is a key driver for the waste disposable units market.
Many governments and industries had limited focus on environmental issues, particularly in developing countries, where greater emphasis was placed on infrastructure development and industrialization. This lack of environmental focus had a negative impact on the market for garbage disposal units. For example, the Kyoto Protocol, designed to reduce global greenhouse gas emissions, did not achieve significant emissions reductions, primarily because many countries either did not agree to or failed to meet the targets outlined in the agreement.
Major companies in the waste disposal unit market are actively pursuing strategic partnerships to gain a competitive advantage. These collaborations aim to jointly develop, promote, or distribute waste disposal units, associated technologies, or services. They serve various purposes, including broadening their market presence, leveraging each partner's expertise, and enhancing their product and service offerings. For example, in October 2021, Apollo Kitchen Equipments (AKE), an Indian-based commercial kitchen equipment manufacturer, entered into a partnership with ECOFAST Italia Srl, an Italian manufacturer of food waste collection equipment, to offer food waste disposal and dehydration solutions. Their Dehydra system is an innovative technology for managing food waste, allowing for efficient segregation of food waste and facilitating recycling of other kitchen waste. The waste processed by Dehydra can also be utilized to generate biogas, electricity, and organic compost. Food Waste Disposers (FWD) help reduce the volume and odor of food waste disposed of in trash bins, resulting in cleaner, more hygienic, and environmentally responsible kitchens.
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