Food loss is a costly waste: Australia is losing over $20 billion pa of value through food loss and waste in our inefficient food supply chain and as a result of consumer behaviour.
Food waste affects you: A recent estimate from New South Wales put the cost of food waste at $4,000 per household per annum.
Food waste is a major environmental problem: Wasted food is the world’s third largest greenhouse gas emitter.
Food fraud is a serious crime: Premium priced products are very attractive targets for substituting lower cost products and ingredients by criminals. Globally, food fraud is a growing criminal market estimated to be worth about $54B a year – with Australian products accounting for at least $1.7B.
Food fraud is a bigger black market than people smuggling ($50B pa), methamphetamines ($37B) and music piracy ($16.5B).
Food fraud eats profits: A PwC report identified that a single food fraud incident can cost 2-15% of the annual revenue of an Australian company, and serious damage to ‘Brand Australia’.
An investment in solving these problems makes economic sense: The World Resources Institute recently reported that on average food waste reduction initiatives delivered a 14x Return on Investment to the 700 companies involved in their study, 92x return for cities and a 250x return for countries.
A recent Australian report identifies that industry would receive $13 return for every dollar invested in identifying and solving food fraud. This CRC will be a collective effort of companies, universities, government agencies and community organisations to develop new tools that reduce food waste and fraud.