The New Cost of Food Spoilage
How technology is changing waste
In 2015, the UK Waste & Resources Action Programme (WRAP) released a report which highlighted the monetary benefits of reducing food waste. According to the report, by reducing food waste from 20 to 50 percent, the food industry could save between $120 billion to $300 billion. Furthermore, the Chicago Council on Global Affairs recently revealed in a report that one third of the world’s food is wasted each year, and the US and Europe are responsible for approximately 60 percent of all food waste.
On average, 21 percent of all waste arises from spoilage, and