A 50% reduction in global food waste by 2030 could save $300bn (£193bn) annually, according to WRAP.
In a report for the Global Commission on the Economy and Climate, WRAP estimated that one-third of global food production ended up as waste with a total value of more than $400bn.
It is anticipated that this figure could rise to $600bn in 15 years as a result of expanding middle classes around the world.
The report stated that the cost of implementing schemes to reduce food waste was low while the potential benefits were ‘substantial’.
WRAP suggested that the introduction of pest and mould control technologies for post-harvest crop storage could bring benefits to developing countries.
For developed countries, the report suggested reducing the pack size of consumer food items and portion sizes in restaurants.
Additionally, lowering the average temperature of refrigerators and using innovative packaging design could bring global benefits to all markets.