Organic food is devoid of additives, coloring agents, genetic manipulation, or synthetic chemicals. More than one hundred and sixty nations across the world are engaged in organic farming. A recent study by Grand View Research, Inc. observes the organic food & beverages market to grow at about 15.5 % CAGR during 2014 to 2020 (forecast period).
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The study also estimates the market to fetch around USD 212 million by the end of the said period. This may be attributed to health awareness regarding the consumption of inorganic food & beverages. Inorganic foods are loaded with antibiotics, pesticides, etc and injurious to human health. Conversely, organic food & beverages are non-toxic and environment-friendly. Therefore, their demand has risen by 10% since 2007.
However, huge price differences exist between organic and inorganic products. Moreover, organic ones have limited shelf life. Yet, the future looks bright for the organic food & beverages market. This is partly due to governmental support favoring these products.
The U.S. Department of Agriculture (USDA) has set national standards for organic farming through a regulatory program, the National Organic Program (NOP). This program includes certification of organic operations, maintenance of the list of allowed and prohibited substances, and establishment of organic import and export policies, among some others. These activities help consumers distinguish between legitimate and falsely labeled organic products.
Organic foods are split into dairy products, fruits & vegetables, frozen & processed food, meat, fish & poultry products, and others. Fruits & vegetables, with a share of more than 34%, was the leading segment in 2013. Demand for flesh will prove favorable for the segments of fish & poultry and meat.
Organic beverages comprise beer & wine, non-dairy beverages, coffee & tea, and others. Coffee & tea was the market leader in 2013. Beer & wine would grow at the fastest pace (around 25% CAGR) from 2014 to 2020.
The North American organic food & beverages market, with close to half of the total revenues, dominated in 2013. Europe followed the former and captured around 44% share that year. Asia Pacific will be the fastest-growing region in the near future. The global market is highly fragmented and very competitive.
Leading players in the organic food & beverages market include Amy’s Kitchen Inc., Hain Celestial Group, Whole Foods Market, and Starbucks. These companies focus on modern technologies and nutritious & healthier products to occupy significant market shares.
Information Source: Radiants Insights