The waste management industry is growing in India. The demand for waste management is increasing with the increase in population. India produces around 62 million tons of waste. However, only a few tons are recycled. Thus, there is a strong need for new startups in the industry. It will help the country become more environmentally friendly. Industries are increasing in India. However, most of them are not focusing on waste management which is a big concern for India’s health and environment. Let us explore more about Waste management business potential in India.
How Can Waste Management Industry Startup Grow More In 2024?
Waste Management startups are growing every day. The demand for the industry is rising with the rise in waste production. The data states that India is the 5th largest economy in the world and produces around 62 million tons of waste. According to data, 43 million tons are collected and only 12 million are disposed of. They left the rest undisposed. They throw it in the landfills.
The industry needs more startups. If we talk about the actual scope, the expected numbers are that Waste management can grow to $17.30 billion by 2029. It is currently $12.9 billion in 2024. Thus the industry is having 6.19% of the annual growth. Of 75% of the recyclable waste, only 30% is recycled. The numbers are very low and need to be increased over some time.
The industry is welcoming a lot of new startups in Waste Management. The industry has more demand than supply. Thus, startups are bringing innovative ideas to handle waste management in the country. Some companies are already working in the field of waste management. These companies are Eco Recycling, Antony Waste Handling Cell, VA Tech Wabag, and Ion Exchange. These startups focus more on making the environment a better place to live.
If we talk about Ion Exchange, it is a water treatment industry. The company deals in the production of resins. It treats wastewater. VA Tech Wabag is another waste management company. It deals in water treatment and waste management majorly. Eco Recycling is another company working from 1994. The company is the first E-waste management company in India. The company deals in recycling the fused lamps and destroying the data.
The current recycling capacity of the company is 18,000 MTPA. The company is focusing on increasing its capacity utilization. Thus, it may end up reaching 50% capacity utilization by March 2025 and 100% by March 2026. Stay tuned for more information on our website.
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