Technavio analysts forecast the global household composters market to grow at a CAGR of close to 6% during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
Increased investment in R&D is one of the major trends being witnessed in the global household composters market 2018-2022. Vendors are making heavy investments in R&D to produce innovative composters bin by integrating novel and technologically-advanced features. The major objective of investing in product and service development is to offer innovative and highly-differentiated composters for household and commercial composter using customers. Thus, the noteworthy increase in R&D investments is estimated to drive the market during the forecast period.
According to Technavio analysts, one of the key factors contributing to the growth of the global household composters market is effective supply chain management:
Municipalities across the world, especially in developed economies, are rolling out public outreach programs to encourage people to adopt household composters. Household composters help to recycle waste and generate compost, which can be used for gardening. Also, municipalities bear the burden of collecting and processing solid waste generated from homes. This involves huge costs like labor, transportation, and others. Thus, public outreach programs undertaken to achieve effective supply chain management practices in waste recycling are estimated to drive the market during the forecast period.
EMEA held the largest share of the market in 2017, accounting for close to 66% share. It was followed by the Americas and APAC respectively. The dominance of EMEA can be attributed to the effective supply chain management and growing awareness of the importance of organic waste recycling and organic farming.