Food processing industries are considered to be rapidly expanding sectors due to the increase in the need for food to prevent hunger and the need for nourishing food to support the development of a healthy country. Nowadays, around one-third of the fresh crop is squandered during the food processing chain and is dumped in landfills and the ocean. According to an FAO report, 805 million people worldwide suffer from hunger, yet in 2020, the globe threw away 126 million tons of food waste. High amounts of waste and by products are produced during the manufacturing and processing of food in developing nations, which has a detrimental effect on the environment and is very expensive. It is crucial to turn these food wastes and byproducts into value-added goods for social, environmental, and economic reasons. The 3Rs—Reduce, Reuse, and Recycle—should be adhered to in order to address the problem of food waste in the food sector. Nonetheless, there is a good chance that these biomaterials will be used to create food additives, reducing poverty and malnutrition in the underdeveloped nations where they are generated. Beneficial substances including proteins, fats, carbohydrates, micronutrients, bioactive substances, and dietary fibers can be found in abundance in many of these biomaterials. First, this overview provides brief information on the production of different types of wastes from different processing sectors. Second, the several strategies for managing food waste sustainably as well as the difficulties in implementing these strategies are covered in length here. This review, is an assortment of information pertaining to the recovery of several value-added byproducts, such as biofuel generation, dietary fibers, phytochemicals, bio-preservatives, colorants, and bioactive compounds.
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