This report provides a forward looking analysis of the market and trade impacts of food loss and waste reduction, based on the latest projections for world and national agricultural markets provided by the Aglink-Cosimo model for the ten-year period 2014-23. The study applies FAO estimates of producer loss and consumer waste, which are reduced by 20% over ten years, on the assumption that those reductions can be achieved without cost. In global terms, greater impacts on international markets come from contractions in demand via reduced waste than from the stimulus to supply from lower losses. Savings to consumers total more than USD 2.5 trillion over ten years. Reduced crop losses in developing countries lead to higher crop supply in these countries, with reduced prices from efficiency gains benefiting both developing and developed countries.