Research background: The unproductive use of natural resources such as land and water, resulting from food loss and waste, constrains the pursuit of such tasks as overcoming hunger and poverty, ensuring adequate nutrition, increasing income and economic growth. Purpose of the article: According to the results of empirical research to identify the level of economic damage and lost revenue as a result of the food loss and waste, as well as to identify potential benefits for the agricultural land use in reducing those losses. Methods: The analysis was conducted in terms of regions and product types. The methodology proposed by FAO is used to calculate the food loss and waste for each type of product in Ukraine. Findings & Value added: Firstly, it has been empirically proven that food loss and waste result in significant economic damage and lost revenue. Secondly, the reduction of food loss and waste has positive environmental and social consequences.