I find this particular notion to be rather weird. I cannot see how it's a "waste" if something's fed to animals instead of humans!
However, in the interest of good faith discussion, I’ll offer a rebuttal to the argument you are making. The logic applies when (and this is very important) that food goes to farm animals which will be slaughtered of humans to eat.
“Waste” isn’t really the right word, more like “inefficient”, in the sense that the amount of food which takes for an animal to mature is orders of magnitude greater than what you take from it. In other words, you could feed significantly more people if they ate what you’re feeding the animal.
When you couple that with the environmental impact of raising animals as food, including deforestation and land use, which in turn affects us as well, it becomes a major issue.