The food system plays a significant role in anthropogenic greenhouse gas (GHG) emissions, contributing to over one-third of these emissions. However, there has been limited attention given in the literature on how the food industry can effectively address the carbon issue. This review aims to bridge this research gap through providing a comprehensive overview of anthropogenic GHG emissions and exploring the role of carbon markets in mitigating climate change, with a specific emphasis on the food industry. It delves into the introduction of emission hotspots within the food industry, examines ongoing efforts in GHG emissions mitigation, and addresses the challenges associated with GHG verification and offsetting. Notably, emission hotspots are primarily found in the farm, manufacturing, and post-production stages of the food industry. The emissions from the farm stage, which are often overlooked, make a significant contribution to overall emissions. Carbon verification encounters limitations due to a lack of standardized methodologies, inaccurate data, and insufficient reporting of emissions. Currently, achieving carbon neutrality without relying on carbon offsets presents a significant challenge for the entire food industry. Comprehensive mitigation strategies and collaboration across agricultural producers and the food manufacturing industry are considered potential solutions to achieve genuine sustainability.