The new report – Food Waste in Canada – $27 Billion Revisited – Dec 10, 2014 – states that the actual quantifiable figure is $31 billion: a 15% increase from VCMI’s 2010 report estimation.
Five key takeaways from the 2014 report:
- Canada’s annual quantifiable food waste cost is $31 billion.
- The true cost of food waste in Canada is $107 billion.
- This is calculated by taking United Nation’s Food and Agricultural Organization’s estimation of the value of food wasted representing only 29 percent of the true cost.
- For businesses – the total cost of waste along a value chain can exceed the combined margins of the involved companies.
- For consumers – avoidable food waste can increase the cost of food by 10 percent or more.
- Through reducing food waste, businesses can reduce operating costs by 15 to 20 percent and increase profitability by the equivalent of 5 to 11 percent.