One of the contributors to the rising climate crisis is food waste. As reported by the United Nations, it generates 4.4 gigatonnes of carbon dioxide equivalent on an annual basis. The implications are massive. Therefore, economies are waking up to why businesses need to introduce measures tackling the issue.
Experts estimate the total cost of food waste issue is around $2.5 trillion annually. The number comes from social, economic, and environmental costs. The huge cost spawns a new wave of business to take the opportunity.
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Food Redistribution Business
Food Bank is one of the businesses operating in food redistribution. It is a Singapore-based company that collects excess food from suppliers. The company, later, re-distributes them to care homes and charitable organizations such as soup kitchens.
The company aims to tackle the two-fold food issues. They are the issue of food waste and food scarcity. The company encourages individuals and corporations to donate excess produce for redistribution. The company has been successful to build a network of 310 charities and 200,000 individuals.
However, the company’s CEO admitted that the company still faces a problem. He said the main problem they face is to educate companies to limit food waste at the source. This problem appears due to the way the market has been mapped out for many, many years. Thus, the system is not set up to respond to today’s changing food demands.
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Data Analytics Business
Good For Food is a company operates in assisting the education of people. It is a data analytics company. The company offers its smart tracker technology to hotels and large commercial kitchens. In the long run, the company aims to reduce food waste and save costs.
The company CEO and Co-Founder, Rayner Loi, states that his company sees that educating people is the most important step to solve the issue. In addition, he mentions that telling the kitchen to reuse certain items or certain ingredients in other parts of the menu will significantly help. For instance, deep-frying otherwise redundant potato peelings and using them as a garnish.
The CEO claimed that the company provides customers a 30% to 50% reduction in food waste. Moreover, that progress was only in customers with a 30% to 50% reduction in food waste. Additionally, it even provides cost savings of 3% to 8%.
