A research from Netherlands based Rabobank finds that European Food & Agribusiness (F&A) industry is losing €60bn annually because of food wastage.
The report identifies the supply chain as the source of most of the food wastage, with a larger proportion of food failing to even reach consumers.
Innovation in the harvesting and handling of crops, packaging of food and fresh produce monitoring has been identified as a major driver to help companies to save up to €10bn in the report.
Rabobank also suggested that companies could invest in new machinery to harvest a greater volume, which could lead to reduced bruising or damage; and better use of packaging to protect against damage.
The international financial services provider has urged companies to look into the issue for the greater benefit.
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."
The report also encourages greater collaboration between food processors and retailers in the selection of partners for mutual benefits.
