Market Trends of India Waste Management Industry
Increase in amount of waste generated
- Increasing population and rapid urbanization have led to a substantial rise in waste generation, necessitating efficient and sustainable waste management practices. Owing to swift urbanization, economic growth, and heightened urban consumption rates, India ranks among the world’s top 10 countries in generating municipal solid waste (MSW).
- According to a report by the Energy and Resources Institute (TERI), India generates over 62 million tons (MT) of waste annually. Merely 43 MT of the total waste generated is collected, with 12 MT being treated before disposal, leaving the remaining 31 MT discarded in waste yards.
- The Indian Central Pollution Control Board (CPCB) projects that annual waste generation in India will escalate to 165 MT by 2030. Concurrently, hazardous, plastic, e-waste, and bio-medical waste generation are anticipated to increase proportionately.
- Plastic consumption in India has markedly risen over the past five years, consequently elevating its waste output. The country produces 3.4 million tonnes of plastic waste annually, with only 30 percent of it being recycled.
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The Increase in Waste Management Startups in India
- The Swachh Bharat Initiative, the Indian government's flagship program aimed at waste collection and effective management, is anticipated to offer substantial growth prospects for emerging startups concentrating on innovative solutions. These startups primarily target electronic and biomedical waste, striving to develop inventive scientific approaches for managing generated waste and prioritizing safer disposal methods.
- One such venture, Jaipur-based waste management startup WeVOIS, secured a total funding of USD 4 million in its pre-Series A round at a valuation of USD 10 million, leveraging a combination of equity and debt. WeVOIS has notably enhanced the environment for over 2.5 million people across 18 cities in India, including Jaipur, Dehradun, Sikar, Gwalior, and Jaisalmer. The company witnessed an impressive 250% year-on-year growth in the past year and a 60% surge in customer acquisition within the last six months, maintaining a zero churn rate since its inception.
- Another initiative, launched in Chennai in August 2020, Bintix, initially serving 100 households, now caters to over 2,000 households and collects 8,500 kg of waste monthly—a figure steadily increasing. Bintix provides households with designated bags, calculated at one bag per week, with collections scheduled every Thursday. Each bag is equipped with a barcode ensuring waste traceability, allowing Bintix to engage households that haven't provided pure dry waste.
