Smart Food Bin Market Size

Smart Food Bin Market size was over USD 203.17 million in 2023 and is poised to exceed USD 1.14 billion by 2036, witnessing over 14.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of smart food bin is evaluated at USD 226.25 million.

The global smart food bin market is predicted to grow at a healthy rate across the globe, owing to the fact that there is an awareness among individuals and businesses across various regions of the world about the significance of food loss and waste that imposes costs on regions economically as well as affect the environment. The individuals from all parts of the world are being educated to make them understand the importance of preventing wastage of food that is edible for consumption. The use of smart food bins would greatly benefit the individuals who deal with food on a regular basis, who can leverage this opportunity to optimize the quantity of food prepared. By this, they would be able to ensure that waste going to the landfill can be greatly minimized. This can help in reduction of greenhouse gas emissions considerably. According to Food & Agriculture Organization of the United Nations in a Concept Note released in the year 2017 in Rome, Italy, it had reported that every year at least 4.4 gigatonnes of greenhouse gas emissions were being released annually on account of food loss and waste.