Upcycling — reusing discarded objects and materials to create products of higher value than the originals — is growing trend that creates a lot of prospects for manufacturers of food and beverage products.
A recent Future Market Insights study found that the upcycled food waste sector was worth $46.7 billion in 2019, and its compound annual growth rate is projected at 5% over the next 10 years.
A survey by Mattson found that 39% of consumers currently wish to buy food and beverage products that incorporate upcycled ingredients, and 57% of consumers plan to buy more of those types of products next year.
The United Nations estimates that $400 billion worth of food is wasted before even being delivered to stores. And the U.S. Department of Agriculture says Americans throw out 133 billion of food annually.
A number of food and beverage ingredient makers have been finding success with upcycled ingredients, among them Toast Ale, Nutraberry, and WTRMLN WTR.