For the past two decades, the rate of global food production has increased faster than the rate of global population growth. The world produces more than 1 ½ times the amount of food required to feed everyone on the planet. Even though the world’s production of food is enough to feed 10 billion people it is estimated that nearly a billion people go to sleep hungry every night.
The fact remains that fifty percent of the total food production around the world, is produced by 1.5 billion farmers on small and unsustainable plots.
This creates vulnerability in food supply in a world that struggles to fairly and efficiently distribute the food to feed its growing population.
Furthermore, The Food and Agriculture Organization (FAO) estimates that almost a third of all food produced globally, is lost or wasted every year due to inefficient transport and storage of perishable produce. Additionally, price volatility, which could be reduced through improved information transparency, leads to significant uncertainty. In extreme cases when prices unexpectedly plummet, it becomes economical for farmers to allow crops to rot in the field.