Suppliers can also request for things they require on the portal and are sent alerts when these items are posted by others with surplus stocks.
Tesco believes that the initiative can save production costs and reduce wastage of goods.
'A Valuable Commodity'
Sarah Bradbury, quality director at Tesco, said, "Excess stock or waste for one supplier could be a valuable commodity to another.
"By linking different farmers, producers and manufacturers together, our suppliers can find new ways to trim their bills, reduce waste, and keep delivering great value for our customers."
One of the first listings at Tesco Exchange was made by the food manufacturer, G’s Group, which supplies pickled beetroot to the retailer.
The manufacturing process leaves tonnes of beetroot peelings that could be used by a livestock farm as cattle feed.
'Sustainable And Resilient Supply Chains'
Dr Julian Parfitt, technical director at Anthesis, the sustainability activator and developer of Tesco Exchange, commented, "Tesco Exchange is a great example of an initiative that the food industry needs to embrace and support in order to directly address commitments on food waste, the circular economy, and move towards more sustainable and resilient supply chains."
Tesco Exchange is the latest in an ongoing programme spearheaded by Tesco to help its suppliers tackle waste.
The retailer is working directly with 107 of its global suppliers, and its efforts have collectively reduced food loss and waste by 78,000 tonnes.
The company aims to halve food waste across its operations by 2025 and reach net zero across its entire value chain by 2050.