(MENAFN- Market Press) According to a new market report published by BlueWeave Consulting, The Global Organic Food Market was valued at US$ 89.80Billion in 2016 and is expected to expand at a CAGR of 15.5% from 2018 to 2024, reaching US$375.98 Billion by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the global organic food market in 2016.
The rising awareness towards health and food safety among the consumers across the globe is driving the global organic food market
Organic food products are safer than the widely available ones because there is no utilization of fertilizers, pesticides, fungicides, etc. when they are grown. Moreover, there are no traces of chemicals on the cultivation land and the organic animals are also raised without pushing antibiotics or hormones into their system. Organic food products cost 15 to 35 percent more than other products as supply is not being distributed uniformly. Storage cost of these products is also high and certification for growing these products, per acre costs INR 50,000. However, the working Parents are very concerned about the health of their children and willing to spend more to ensure that they get better and safer food than conventional adulterated food.
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The key drivers for the global organic food market are increasing per capita income, growing awareness among consumers for health and food safety, emerging concerns for the environmental issues, major lifestyle changes among the younger age-group. The presence of pesticides in food products results in a number of diseases like asthma, birth defects, cancer, reproductive dysfunction, diabetes, autism, Parkinson's and Alzheimer's diseases and much more. The organic food his thus been grown without the usage of genetically modified toxic chemicals, organisms, fertilizers or pesticides. Moreover, Organic farming is mainly dependent on animal and green manure for the fertilization of crop; water-soluble mineral fertilizers are usually not approved. Compared to this, the mineral phosphorus fertilizer used in convention farming contributes to increased cadmium concentrations in agricultural soils in long run and this poses a high risk to human health because the food is the dominant route of human exposure to cadmium in non-smokers that may impair lung function and enhance the risk of lung cancer. Thus, the consumption of organic food is mainly considered to be a safer option for traditional food.
Scope of the Report
The global market for organic food is segmented on the basis of the food type, channel of product and geography. On the basis of food type, the market is segmented into dairy, Bakery products, Fruits & vegetables, Snacks food, Meats/fish & poultry, Sauce & condiment, Processed food, Packaged Food and Other food categories like Beverages. As per the channel of distribution, the market is bifurcated into Online channel, Offline channel, Supermarkets, and Departmental stores.
Geographically, the global wound closure product market is bifurcated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America is the major contributor to the global market and the growth of the market is accelerated by factors like stringent regulatory norms that ensure the availability of unadulterated food in the market. Moreover, Asia-Pacific is witnessing the fastest growth in countries like China and India given to the fact that the government agencies of these countries are providing subsidies to small farmers for organic farming.
Competitive Dynamics
Major industry players in organic food market are undergoing different strategic initiatives such as the introduction of a wide range of innovative products. For example, Riverford has introduced two different and new type of cheese, these cheeses are hand-crafted by the workers without any inorganic procedure or ingredients. Moreover, the company has also introduced raw honey which is produced from foraged bees within Spain and imported by the UK market.
The organic food market has been segmented as below:
By Type of Food
Dairy
Bakery products
Fruits & vegetables
Snacks food
Meats/fish & poultry
Sauce & condiments
Processed food
Packaged food
Others
By Type of Distribution channel
Online channel
Offline channel
Supermarket
Departmental Store
Others
In addition, the report provides analysis of the global organic food market with respect to the following geographic segments:
- North America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa
- Latin America
About BlueWeave Consulting & Research Pvt Ltd. (BWC)
BlueWeave Consulting provides a full scope of business intelligence solution for solving your toughest challenges. BWC is an emerging global expert & pioneer in the market research and provision of exclusive market INTEL. We optimize your decision making by equipping your industry with an accurate & better market research according to your industry demands through our professionally designed qualitative & quantitative research methods. Our trendy & efficient sample collection methods, integrated data solutions as well as methodologies certainly make us a better partner that you can rely on. With collective experience in the varied fields of retail, market research and reporting, we provide the business insight and business practices that would give the required impetus for your company's growth.
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