Meticulous Research® – leading global market research company published a research report titled “Organic Food Market by Type (Dairy, Grain, Bakery, Meat, Fish & Poultry) Retail Channel (Food Retail, Supermarket, Farmer Market) Packaging (Fresh, Frozen, canned, Dried) Process (Unprocessed, Processed, Ultra-Processed) – Global Forecasts to 2027.
According to this latest publication from Meticulous Research, the global organic food market is expected to grow at a CAGR of 12.2% from 2020 to 2027 to reach $272.18 billion by 2027. The growth of this market is mainly attributed to the rising demand for residue and GMO-free food products and increasing awareness concerning the environment and sustainable living. Organic farming does not use synthetic fertilizers, pesticides, and GMOs. It follows a sustainable approach, which benefits the environment and human health. Moreover, emerging Asia-Pacific and Latin American economies are expected to create lucrative opportunities for leading players and organic farmers. However, the premium price of organic products is expected to hinder the growth of this market to some extent.
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Impact of COVID-19 on the Organic Food Market
The COVID-19 pandemic has adversely hit many economies around the globe. The pandemic has affected more than 100 countries infecting more than 31,091,469 people and killing 961,352, as of 21st September 2020 (Source: European Centre for Disease Prevention and Control). As a measure to control the spread of this disease and avoid related severe consequences, governments across the globe have announced partial or complete lockdown, which has majorly impacted the availability of organic products.
Numerous organic food ingredients consumed by North Americans and Europeans are majorly produced and exported from Asia, Latin America, and Africa. Thus, the restriction on transportation has affected the availability of organic food in stores and supermarkets. Furthermore, shifts in consumer purchasing behavior due to uncertainty surrounding the pandemic is expected to have significant consequences for the industry’s near-future growth. Meanwhile, the shortfall and cash crunch have already affected fleet operators’ sales, which is expected to widen further in the coming months.
The global organic food market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on type, retail channel, packaging type, process, and geography. The study also evaluates industry competitors and analyses the market at the country level.
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Based on type, the global organic food market is segmented into fruits & vegetables, dairy, grains, beverages, condiments, bakery, snacks, and meat, fish, & poultry. In 2020, the fruits and vegetables segment is estimated to command the largest share of the organic food market. The rising demand for fresh organic products is one of the major factors driving the growth of this segment. In addition, the increasing number of organic supermarkets and growing assortment of organic products in conventional supermarkets is furthering the demand for organic fruits and vegetables.
Based on retail channel, the global organic food market is segmented into food retailers, supermarkets, online sales, farmer markets, and other channels. In 2020, the food retailers segment is estimated to command the largest share of the overall organic food market. The large share of this market is mainly attributed to the growing consumer preference and convenience of the retail market across the globe. Urban households adopt a modern lifestyle, resulting in a preference for modern retail outlets.
Based on packaging material, the global organic food market is mainly divided into fresh, frozen, canned, and dried. In 2020, the fresh segment is estimated to command the largest share of the overall organic food market. The high demand for an organic product with minimal processing is one of the major factors accelerating the growth of this segment.
Based on process, the global organic food market is segmented into unprocessed, processed, and ultra-processed. In 2020, the unprocessed segment is estimated to command the largest share of the overall organic food market. The large share of this segment is mainly attributed to rising awareness among consumers.
Geographic Review:
Geographically, in 2020, North America is estimated to command the largest share of the overall organic food market. The leading position of this region can be attributed to the high per-capita consumption for organic food products and strong purchasing power. However, the Asia-Pacific region is slated to register the fastest growth during the analysis period, primarily owing to the significantly growing demand for healthy food and rising disposable income.
Key players:
The key players operating in the global organic food market are Hain Celestial Group, Inc. (U.S.), General Mills, Inc.(U.S.), United Natural Foods Inc.(U.S.), Nature’s Path Foods Inc., (Canada), Amy’s Kitchen, Inc. (U.S.), Organic Valley (U.S.), Whole Foods Market Co-op, Inc. (U.S.), Sunopta Inc. (Canada), Eden Foods, Inc. (U.S.), Newman’s Own Foundation (U.S.), Stonyfield Farm, Inc. (U.S.), Danone S.A. (France), Nestle S.A. (Switzerland), and Clif Bar & Company (U.S.).
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Key questions answered in the report-
- What is the current value of revenue generated by the organic food market across the globe?
- At what rate the demand for global organic food is projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for organic food across the globe?
- What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
- What impact does the current COVID-19 pandemic have on the organic food market at various levels in the value chain?
- Which segments in terms of the type, retail channel, packaging, and processing method create the major traction for vendors in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global organic food market?
- Who are the major players in the global organic food market? And also, what are their specific product/service offering in organic food?
- What recent developments have taken place in the global organic food market and strategic developments create a global impact in this market?
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