Food Waste Management Is A $2.5 Trillion Market Prospect For Business
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Food Waste Management Is A $2.5 Trillion Market Prospect For Business

As a well-known debate persists to develop around the growing environmental crisis, a new industry is budding to find a solution in one of the key culprits, which is food waste. As per the UN, food wasted across the dining table and the supply chain is one of the largest contributors to climate change globally, producing 4.4 Gigatons of carbon dioxide on a yearly basis. Represented as a country, it will be third after the U.S. and China. The connotations of that recklessness on the society and environment are evident. But, growingly the countries are analyzing why it is significant for businesses to introduce steps for tackling the issue.

According to the UN, the cost for the costs of economic, social, and environmental impact sums up to $2.5 Trillion yearly. That loss is also spawning a new wave of businesses expecting to earn from their food waste management. One such business is “The Food Bank Singapore,” which is a Singapore-based institution that gathers excess of food from suppliers and re-distributes them to charitable organizations and care homes like soup kitchens. Nichol Ng—Founder of The Food Bank Singapore—said to CNBC that it intends to battle the two-fold problem of food waste and food deficiency by motivating people and corporations to donate excess of food for redistribution amongst its network of 200,000 individuals and 310 charities.

On a similar note, recently, a study showed that every Singaporean household discards food of worth S$258 every year. Across all households, that sums up to around S$342 Million of wasted food every year. The study was conducted by the SEC (Singapore Environment Council) and analyzed household food waste. It reported that a large amount of food is wasted even before it gets to the customer, in the process of manufacturing, packaging, and storage. Around 2 million tons of food is imported in Singapore, and of which, 393,000 Tons are lost.

William Bolt
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EDITOR-IN-CHIEF At Electronics Industry Reports

William Bolt is one of the most charming personality in Electronics Industry Reports portal’s staff. He has been holding 10 years of experience in business and market analysis. At present, he is recruited as Editor-in-Chief by the portal. His ability to illustrate complicated business, economics, politics, market and finance-related concepts in a simple and understandable way is superb. He worked as a Finance Manager for 6 years in a multinational production firm. He has acquired his Master’s degree in Finance from a UK-based institute. He occasionally conducts lectures for the staff columnists to improve their writing skills.

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