A NEW REPORT from Dutch multinational bank Rabobank has revealed that the waste in the European Food and Agriculture (F&A) supply chain is as much as 60 billion euros a year.
According to the report, published earlier this month, this loss of value permeates the entire sector and must be addressed to drive better profit margins as well as reducing food waste.
“Looking at the food chain from farm to fork, most wastage occurs within and between F&A companies during agricultural production, post-harvest handling and storage, processing and distribution. For almost every type of food, producers account for more than half the loss of value,” says Rabobank F&A supply chain analyst Paul Bosch.
According to Rabobank’s report, the potential value of innovation in F&A is significant. There are three main areas where innovation can tangibly help: harvesting and handling crops, packaging food and monitoring fresh produce. Through these, companies can realise up to EUR 10 billion of savings by using new approaches to reducing food waste.