body waste vs waste product

body waste and waste product both are nouns.

Word	Noun	Adjective	Verb	Adverb
body waste	Yes	No	No	No
waste product	Yes	No	No	No

As nouns, waste product is a hypernym of body waste; that is, waste product is a word with a broader meaning than body waste:

body waste: waste matter (as urine or sweat but especially feces) discharged from the body
waste product: any materials unused and rejected as worthless or unwanted

Other hypernyms of body waste include waste, waste material, waste matter.

body waste (noun)	waste product (noun)
waste matter (as urine or sweat but especially feces) discharged from the body	any materials unused and rejected as worthless or unwanted