Food waste forecast to cost businesses $540 billion in 2026
The economic cost of food waste across the global supply chain is forecast to reach $540 billion by 2026, according to new research.
The ‘Making the Invisible Visible: Unlocking the Hidden Value of Food Waste to Drive Growth and Profitability’ report, published by Avery Dennison, warns that that the cost of food waste is set to rise from $526 billion last year.
The report also found that, on average, food waste costs account for 33% of total revenues in the food retail supply chain annually, from post-farm to the point of sale.
Michael Colarossi, VP, head of enterprise sustainability, Avery Dennison, commented: “For too long, food waste has been positioned almost exclusively as a sustainability and societal issue. We must recognise it as the business opportunity it truly is.”
55% of companies surveyed also reported that they do not have a clear understanding of how much food waste happens when goods are being transported.
