Last weekend I had a conversation with two people who have been butchers and worked in supermarkets and proudly spouted off that 40% number when they were talking about all the food thrown away.
I was told the number is closer to 60%. Of "fresh food".
Plus add in what consumers throw away. People wonder why I go to the supermarket every two days and why my refrigerator is sparse. I can't stand food going to waste. I would rather be a little hungry and go buy some food than not be hungry and throw away rancid food.
I agree with your last two paragraphs. I try to get as much meat from local hunters as possible and freeze it. But that's seasonal.