Often I have to import/export audio files to/from Audacity/Adobe-Premiere and back-and-forth.

I know that mp3 is lossy format, but when I try to choose another alternative .wav, then it takes up to 30x more space (i.e. 4-5MB mp3 file results in about 100 MB wav, while exporting from AudaCity).

Which formats can be a good alternative to mp3 (also, mp3 is good because it is playable on many devices).