European businesses waste €60bn annually on food wastage: Report

Netherlands-based international financial services provider Rabobank, which has a special focus on food and agriculture, has released a report revealing that the European Food and Agribusiness (F&A) industry is currently losing €60bn annually due to food wastage.

The report names the supply chain as the source of most of the food wastage, with much food failing to even reach consumers.

Innovation in the harvesting and handling of crops, packaging of food and fresh produce monitoring could help companies to save up to €10bn.

Rabobank also suggested that companies could invest in new machinery to harvest a greater volume, which could lead to reduced bruising or damage.

Rabobank F&A supply chain analyst Paul Bosch said: "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."

According to the report, innovation would not only help in the reduction of waste, but would provide processors with benefits such as improved product consistency, enhanced inventory management and increased flexibility in logistics.

Rabobank also encouraged food processors and retailers to select partners who would realise the benefits of the reduction of food wastage, and who will benefit from the effects it would have on the supply chain.