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Food waste gives rise to many environmental problems. A large amount of food waste is produced by grocery retail stores. It is therefore important to apply efficient food waste treatment technologies with minimal environmental impact and investigate the optimal approach for food waste collection, transportation, and treatment. In the present study, a life cycle impact assessment (LCIA) was conducted to analyze different food waste disposal scenarios, including incineration, landfilling, composting, anaerobic digestion, and bioconversion. The impacts of the five scenarios on the environmental, economic, and social aspects were assessed. The results suggested that the landfilling scenario has the lowest net cost for the treatment of food waste, followed by the incineration scenario. The bioconversion treatment cost has the most significant positive effect on the net cost of the bioconversion scenario, and both the price and yield of compost have a significant negative effect on the net cost. The rankings of the five scenarios are the same under both weight determination methods, with the bioconversion scenario performing the best, followed by the composting scenario. The results of this study can help improve the disposal of food waste in grocery retail stores in the framework of sustainability and the circular economy.