The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreNov 2017
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Food waste is an emerging issue that is expected to gain traction as the discourse becomes more intense given its negative social, economic and environmental impacts. The growing momentum in this area has strong implications for both food and non-food businesses across the world in how they conduct their operations. Furthermore, the introduction of new innovations to prevent food loss/waste and/or recycling waste should ease pressure on treatment plants and reduce the environmental impact.
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Food waste particularly pertains to food and drink companies but extends to other businesses as well. For food and drink companies it represents inefficient use of resources and can lead to loss of consumer credibility, while other businesses can take advantage of the new opportunities to help close the gap in the system.
Business engagement in food loss/waste can be broadly categorised under prevention and recycling waste. Prevention includes initiatives that prevent food loss/waste in the food supply chain and during consumption, while recycling waste is finding productive use of food waste after food has been disposed of.
In developing countries food is lost mostly during production, processing and distribution on account of inadequate infrastructure, whereas in developed countries it is during the retailing and consumption stages on account of consumer behaviour and lifestyle.
The growing momentum in food loss/waste is creating new business opportunities. Some of the key areas are smart consumer appliances such as refrigerators and innovative food packaging. Financial institutions have the opportunity to provide innovative loan packages to smallholder farmers in developing countries. Venture capitalists can invest in new initiatives designed to prevent food loss/waste and channel food waste into other productive economic activities. Recycling plants and renewable energy generators can take advantage of the new opportunities awarded by the growing concern relating to food loss/waste. Waste management companies can develop thriving consulting arms which can help clients manage waste in more productive and environmentally friendly ways. There is growing scope for collaboration – for example between recycling and waste management companies.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.