New data released by Avery Dennison reveals that two-thirds (67%) of retailers still manage their food inventory using manual processes, highlighting how limited inventory accuracy and control are contributing to record levels of meat waste.
“Modernizing inventory management is one of the most immediate levers retailers can pull to help reduce both financial losses and the environmental impact of food waste. Consumer health trends like the boom in protein can put pressure on retailers to pivot assortments quickly, often without clear visibility of how long demand will last, resulting in over-ordering and preventable waste,” says Julie Vargas, VP and general manager of Enterprise Intelligent Labels Growth, Avery Dennison. “But by giving food items a digital footprint and supporting human decision-making with real-time item-level inventory intelligence, retailers can shift from reactive to proactive waste management. Businesses will find it easier to reclaim value that would otherwise be lost. Technology is able to turn uncertainty into actionable insight, enabling teams to anticipate demand, intervene earlier, and protect both margin and supply chain resilience.”
Key takeaways:
· One-quarter (24%) of retailers are struggling to keep up with a growing appetite for meat, fueled in part by high-protein diet trends, which is limiting progress on food waste reduction. Meanwhile, 30% said shoppers’ reluctance to purchase meat close to its expiry date is compounding the challenge.
· Economic modeling predicts that meat waste will cost retailers $94 billion globally this year, rising to $103 billion annually by 2030. Economists found meat waste to be the most costly category in the grocery supply chain, ahead of produce (fresh fruit and vegetables) and bakery items at $88 billion and $67 billion, respectively.
· Almost three in four (72%) industry leaders say managing meat-related waste is their single biggest operational challenge, with 74% saying inflation is making it harder to forecast meat demand.
· The majority (79%) see the value in investing in innovation to unlock savings.
