Smart Food Bin Market Analysis

The smart food bin market is segmented by food type, food, food waste and application. The food outlets and restaurants forming part of application segment are anticipated to register the highest smart food bin market share, owing to the growth in the establishment of new restaurants and food outlets across the globe. This would mean that the restaurants and food outlets would be dealing with huge quantities of food waste, that arises from the fact that most of the consumers from all over the world have always refused to consume a portion of the food delivered to them at their table. According to Rethink Food Waste or ReFED, an organization comprising of a collaboration of more than 50 private, non-profit as well as leaders from the public sector who are committed to lowering food waste, the U.S. restaurant sector has been generating 11.4 million tons of food waste every year. About 7.3 million tons are being generated from full-service restaurants and about 4.1 million tons are being generated from limited-service restaurants. It has figured out a total cost that has exceeded USD 25 billion. It has also stated that restaurants can realize their profit potential to the tune of USD 620 million annually by adopting solutions such as Waste tracking and Analytics that can help them tackle the problem of food waste. By using these smart food bins, the restaurants would be able to optimize their orders, including being able to understand what the diners are actually enjoying by identifying the food that people do not consume and reduce the costs incurred by them on such food items. These are some vital factors that are predicted to raise the demand for smart food bins across several regions of the globe over the forecast period.     

Our in-depth analysis of the global smart food bin market includes the following segments