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Flashfood, Price Rite to Boost Fresh Sales, Cut Waste
Flashfood, an app-based marketplace that strives to eliminate retail food waste by connecting consumers with discounted food nearing its best by date, is adding more stores to its U.S. footprint through a new pilot program with Price Rite Marketplace.
August 12, 2021
Flashfood, an app-based marketplace that strives to eliminate retail food waste by connecting consumers with discounted food nearing its best by date, is adding more stores to its U.S. footprint through a new pilot program with Price Rite Marketplace. Price Rite Marketplace customers in the western New York area can now save up to 50 percent off select groceries that would otherwise go to waste.
The Flashfood app allows shoppers to browse and purchase fresh food, including produce, meat, deli and bakery products, nearing its best before date at significantly reduced prices. Shoppers can find great deals and purchase through the app, then simply pick up their items at the Flashfood zone located at their selected Price Rite store.
“We’re thrilled to work with Price Rite Marketplace as our newest partner committed to fighting food waste while helping their customers save significantly on their groceries,” said Josh Domingues, CEO of Flashfood. “Flashfood is a triple-win for our partners, the planet and people. We look forward to connecting Price Rite Marketplace shoppers with great deals while helping them make sustainable choices.”
In addition to helping customers shop more affordably with Flashfood, Price Rite Marketplace also supports local communities by donating to charitable organizations such as Feed the Children, contributing nearly 3 million pounds of food across 49 cities since 2015.
“Partnering with Flashfood is a natural next step as we continue to create environmentally-friendly neighborhoods and exceptional value for shoppers,” said Jim Dorey, president of Price Rite Marketplace. “We are proud of the concerted efforts our stores have made over the years to minimize our environmental footprint and look forward to seeing the impact of our new partnership with Flashfood.”
To date, Flashfood has partnered with grocery chains across the U.S. and Canada to divert more than 25 million pounds of food from landfills.
China Enacts Food Waste Law, Brings In Bans For Binge-Eating & Fines For Leftovers
The food waste law also introduces a fee that restaurants can charge to their patrons if they leave “excessive” amounts of uneaten food at the end of their meals. Vendors that “induce or mislead consumers into making excessive orders” can now be fined up to ¥10,000 ($1,540)
May 4, 2021
The Chinese government has passed a wide-ranging law aimed at reducing food wastage in the world’s most populous country.
Among the provisions of the food waste law are a ban on competitive eating and hefty fines of up to ¥100,000 ($15,400) for making “binge-eating” videos where vloggers “usually leave a lot of food uneaten and often vomit what they have consumed,” according to the state-owned Global Times.
The social media phenomenon of livestream eating originated in South Korea where it is called mukbang, meaning ‘eating broadcast.’ The Chinese term for the genre, chībō, means the same thing. Chībō has become wildly popular throughout China in recent years – though not without controversy.
The food waste law also introduces a fee that restaurants can charge to their patrons if they leave “excessive” amounts of uneaten food at the end of their meals. Vendors that “induce or mislead consumers into making excessive orders” can now be fined up to ¥10,000 ($1,540).
Restaurants that consistently waste “large amounts” of food face fines of up to ¥50,000 ($7,720).
The law was first proposed to China’s legislature, the Standing Committee of the National People’s Congress, late last year after Chinese president Xi Jinping described the country’s food waste problem as “shocking and distressing.”
According to the Chinese Academy of Social Sciences, restaurants in the country’s major cities waste 18 million tonnes of food a year, which the Academy estimates as being enough to feed up to 50 million people in the same timeframe.
While the Communist Party-affiliated Times claimed the “adoption of the legislation against food waste does not imply that China is facing an immediate food shortage risk, but [is] a far-sighted move for food security,” China simply can’t afford to waste this much food.
With 1.4 billion mouths to feed and issues such as a growing but ageing population, desertification of already limited cultivable land, and deteriorating relations with major food exporter countries, China is facing significant food shortage risks over the medium to long term.
The Academy predicts a domestic grain supply shortfall of 130 million tons by 2025, with China’s dwindling rural workforce cited as a key factor – meaning that the country can’t simply turn to traditional agriculture as a solution.
In recent years, investment has been pouring into China’s burgeoning agrifoodtech space, with much of it targeted at solving the country’s food security and resilience issues.
Released last month, AgFunder‘s China 2021 Agrifood Startup Investing Report found that agrifoodtech funding in the country rose 66% year-on-year in 2020 to reach $6 billion.
While most of that capital went to e-grocery companies, upstream categories raised a total of $1.4 billion, taking a 24% share of overall agrifood investment compared to 14% a year earlier. In particular, business models and technologies aimed at bringing efficiencies and smaller environmental footprints to farming – such as robotics and drones, farm management software, and biotech solutions – received substantial funding; while startups developing alternative protein sources with the objective of reducing China’s reliance on animal agriculture also saw a pop in funding.
However, solutions specifically targeting food waste reduction and valorization were notably absent from China’s top agrifoodtech funding deals last year – perhaps indicating a major area of white space for entrepreneurs and prospective investors to keep an eye on going forward.
AgriTech - A Hotspot For Investments
In recent times, AgriTech or AgTech solutions are gaining their popularity factor because individuals and entities alike, are becoming increasingly aware of the efficiency technology adds to their daily processes, which otherwise would have been tasking to follow through with. The ‘revolutionary’ factor has been highlighted in the AgTech space and hence, it has caught the eyes of investors and big corporations
AgriTech - The Sought After Technology Breakthrough
In recent times, AgriTech or AgTech solutions are gaining their popularity factor because individuals and entities alike, are becoming increasingly aware of the efficiency technology adds to their daily processes, which otherwise would have been tasking to follow through with. The ‘revolutionary’ factor has been highlighted in the AgTech space and hence, it has caught the eyes of investors and big corporations.
AgTech represents that specific niche category of technology buffs that intermingle the age-old occupation of agriculture with the new age specs and wonders of technology.
The specifics of Agronomic Processes:
The agronomic processes encompass diverse solutions in every step, ranging from the sowing of seeds to the harvesting of crops. The processes comprise of integrated resolutions to enhance efficiency within agricultural organizations, along with benefiting smallholder and marginal farmers.
AgriTech, breaking barriers and records:
The upward curve of investments and profitability within the industry does not seem like it would dip anytime soon, with a continuous maturity, breaking barriers, and records. Since 2013, funding within the AgTech sector has increased by roughly a whopping 370%. According to an AgFunder report, specifically, startup investments bucked global venture capital markets across all sectors to $4.7 billion in 2019. The 695 deals were carried out across 940 unique investors.
COVID-19 comes into play:
Similar growth cannot be expected for the remainder of 2020, due to Coronavirus governing industries across all business streams. However, there is less chance of the investments cutting to a freefall wherein they would dip way lower than initially expected. New investment projects may be put on hold, however, ongoing funding is expected to be perennial.
Localizing our viewpoint, we notice that most of these investments are still being carried out within the United States. However, investments in India continue to rise at a rapid rate, representative of a two-way flow (up-stream as well as down-stream) of funding, again highlighting the maturity of the sector.
The reasoning:
WHY? Every action has an equal and opposite reaction. Sir Isaac Newton was well aware of the specifics of investment and the network within which it functions. Our world is at a point today, where overpopulation is a severe problem in various countries, along with the overall population set to increase by 30% over the next 35 years, according to Global-Engage.com. According to a report conducted by FAO, agricultural production will have to increase by 60-70% to feed the world population by 2050. To work towards an increase in the production of food, along with keeping a tap on the factor of ‘sustainability’, it is essential and integral to adopt smart farming and smart agricultural practices, allowing processes and outcomes to become more efficient in the long run.
The Need for Emerging Trends:
The importance of utilizing ‘big data’ and ‘predictive analytics’ to counteract the issues faced by farmers daily is now more than ever. They will allow farmers to achieve and maybe even surpass their targets for the seasons, resulting in an influx of productivity. In a survey conducted with farmers, 60% mentioned that precision farming is an influential trend to look towards for a structural and foundational change in the way daily practices take place. With the risk of climate change looming overhead at all times, it is crucial to understand the essential need to channel funds towards projects that solve difficult and foreseen problems.
The Agricultural 4.0 wave:
Today, 25-30% of all food produced is wasted, which incurs a social, economic, and environmental cost of $2.5 trillion annually. An outdated supply chain with no digital integrations or climate-smart advisory results in around 20% of the crops produced in developed countries being left in the field itself. To spark a change and make a difference, socially conscious investors who look to profitability as well, view the AgTech sector as a gold mine, essentially killing two birds with one stone.
AgriTech today is an area that is ripe for innovation with limits imposed solely due to constraints in terms of available capital. When this constraint is counteracted, creativity applied to AI and food production will be ten-fold.