Competing for food waste – Policies’ market feedbacks imply sustainability tradeoffs

•Food waste reduction and reuse lower food prices and improve consumers’ food access.•EU emission savings from food waste reductions are partly shifted abroad via trade.•Halving food waste generates larger emission savings than valorization as pig feed.•Food waste-based pig feed can incentivize protein imports to balance pig nutrition.•Food waste policies should consider unintended competition for food waste biomass.