As the market is segregated, entrepreneurs can explore many business opportunities in various categories in the waste management market. Read on...
The mounds of trash have been burying down India’s road to sustainable development. As per statistics, India has been generating more than 1.50 lakh metric tonne (MT) of solid waste every day. The government’s initiative towards making India cleaner depends upon the steps it takes forward to start treating the landfills that remained unprocessed. This is where the need of opening up investment opportunities comes into the picture.
With a massive amount of waste produced on a daily basis, there could be millions of entrepreneurs who can tap the untapped market of waste management. Let’s take a look at what prospects a waste management business holds for entrepreneurs in the field.
Segregated Market to Create Tons of Opportunities
In terms of the annual production of waste, every Indian household produces 62 million tons of garbage every year. Out of the huge dumps of garbage, 43 million are collected annually and only 11.9 million tons are treated. While the process of waste management takes place, the segregation of waste becomes absolutely important to carry out the processing. The waste management market is segregated by waste type (industrial waste, municipal solid waste, hazardous waste, e-waste, plastic waste, bio-medical waste), by disposal methods (Landfills, Incineration, Dismantling, Recycling) and by type of ownership (public, private, public-private partnership).
As the market is segregated, entrepreneurs get so many categories to explore in the waste management market. In fact, there are many sub-categories in the broad categories in which one can easily venture. For instance, Zest Vendcon is a brand that has ventured into female hygiene and menstrual hygiene management. Similarly, there are brands in different categories like e-waste management, solid management, water management etc that are creating their own niche in the waste management market. With so many options to explore in waste management, the market creates tons of opportunities for entrepreneurs.
Factors that Drive the Waste Management Market
There are various factors that create an impact on the waste management market. One of the biggest trends that give fuel to the waste management market is the growing population. India has the potential to generate approximately 90 million tons of waste per year by 2030-2032, and the growing population will be the sole reason for this growth.
India’s growing population, majorly urban population, will be the biggest factor to increase the expulsion of garbage. The urban lifestyle is a part and parcel of poor air and water quality, waste-disposal problems, insufficient water availability and much other waste management related issues. As population increases, the generation of waste also increases. And with growing population in urban areas, these issues will be multifold.
Another reason why waste management market is burgeoning is the persistent environment conservation drive all across the world. The world has realised the value of the environment and nature. Today, the world is at the verge of losing the resources of freshwater, the air quality is deteriorating, the marine life is choking because of the garbage that has been sedimented in the oceans and rivers since industrialisation and urbanisation happened. All of this is interconnected with the treatment of waste materials to a great extent.
The awareness of environmental conservation has also led the government to take various initiatives to tackle waste management. For example, one of the biggest missions led by Honorable Prime Minister Modi, Swacch Bharat Mission was launched in 2014. Similarly, ‘Namami Gange Programme’, a cleanliness drive for Ganga river, was also started by the government. With such initiatives, there are a lot of investment opportunities for entrepreneurs in the field of waste management.
Franchise Prospects in Waste Management
The concept of franchising along with the business idea of waste management gives wings to the entrepreneurial dreams of many entrepreneurs who are passionate towards waste management services. A lot of new brands providing waste management services in various categories, ranging from water treatment solutions to solid waste management, are emerging in the market and few of them are taking franchising route in India.
Talking about the typical franchise requirement of a waste management franchise, many brands offer franchise opportunities in an investment of around Rs 50,000 to Rs 10 lakhs (the investment range vary from category to category and brand to brand). The waste management business is a lucrative investment option as we see the immense growth of the waste management market in the near future.