The Wet waste management market is projected to reach USD 128.40 Billion by 2020, at a CAGR of 5.09% during the forecast period from 2015. Waste processing is projected to be the fastest-growing wet waste management service, at a CAGR of -5.89% during the period under review. Factors such as growing population, with growing waste generation and management services, make wet waste management an attractive market of the global packaging industry.
The growing demand for wet waste management in developing countries such as Japan, India, the U.K., and Brazil is due to the strict waste and environmental regulations and heavy waste generation. Key factors such as growth in the parent waste management market, increasing concern towards reducing pollution and increasing sustainability and safety, and development in the technology for waste management are contributing to the growth of the wet waste management market.
The market for wet waste management in the Asia-Pacific region is projected to grow at the highest CAGR from 2015 to 2020, in terms of volume and value, having accounted for market sizes of 210.6 MT and USD 31.67 Billion, respectively, in 2014. The rising awareness for wet waste management of the region with upcoming new technologies such as waste-to-energy solutions, the growing usage of eco-friendly material and increasing environment sustainability, improved economic conditions, and lifestyle, along with growing waste management industry are some of the reasons to trigger the higher demand for wet waste management market.
Europe is projected to be the second-largest region considering wet waste management in the world. The market for wet waste management is driven by the rapid growing industrial waste generation and the need to manage it in the region, growing at a CAGR of more than 4.93% from 2015 to 2020.
This market is driven by the growth in the parent waste management industry, along with rising awareness for wet waste management and upcoming new technologies such as waste-to-energy solutions. The rising population generates rapid waste, hence the need of waste management services, along with growing environmental concerns for landfills and waste disposal, increases. Stringent government regulations for waste management and disposal also facilitate the implementation of wet waste management services.