The amount of global food waste is swiftly mushrooming, which repeatedly highlights the critical need for implementing a sustainable food waste management strategy.
By Future Market Insights
The world is producing much more food currently than it used to a few years ago – but not even half of the produced food is being eaten. What does that mean? Almost half of it gets dumped. We are producing abundant food and wasting half of it that could potentially stamp out global hunger. According to the Food and Agriculture Organization (FAO) of the United Nations, over one-third of the globally produced food goes to waste. Millions of people are still facing food-poverty. As we dream of a more efficient and flawless food system through technology, the reality is that we are moving in an unsustainable direction. This is more of an inefficiency of the food industry, which is absolutely distressing and needs to be addressed at the earliest.
According to an extensive research conducted by Future Market Insights, unrestrained generation of excess food waste will create a series of new opportunities for major market leaders. When assessed for a ten-year period 2017-2027, the global market for food waste management is estimated to experience healthy a compound annual growth rate of 6.3%.
How is food waste socially, financially, and environmentally disastrous?
Supermarkets, restaurants, and all food-related businesses end up with an excessive amount of wasted food at the end of each business day. They tend to use fresh food products, causing most of the unsold leftovers tossed out on such a large scale that they can be sufficiently fed to millions of people who sleep hungry every night. A more surprising fact is that an even larger amount of wasted food comes from households on a regular basis. While all this represents the food wastage during consumption, an equally massive food loss results during processing and distribution of food every day. Several businesses across the world are already donating a major part of their leftover foods to poor people, non-profit organizations, and charities. However, the efforts need to reach beyond that and create a sustainable food system.
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