The organic food market is projected to reach $327 billion by 2022, driven by health awareness and organic farming advancements, despite challenges like high prices.
Organic Food and Beverages Market Report, published by Allied Market Research, projects that the global market is expected to reach $327,600 million by 2022, from $115,984 million in 2015, at a CAGR of 16.4% from 2016 to 2022. The organic beverages segment occupied a dominant share, accounting for about three-fifths of the market in 2015 and is expected to maintain this trend during the forecast period. The organic fruits and vegetables and other organic food segments collectively accounted for half of the global organic food market share in 2015, whereas the organic coffee and tea sub segments contributed nearly one-third share of the organic beverages market in 2015.
Organic foods and beverages offer ample advantages over conventional foods such as health benefits, free of harmful chemicals, and others. The global market is poised to witness significant growth during the forecast period, owing to increase in income levels, rise in awareness regarding advantages of organic products, and advancements in organic farming techniques. The demand for organic food and beverages is anticipated to increase by three-folds by 2022 as compared to that in 2015. In addition, factors such as heavy investment and supportive investment policies by government organization for organic farming provide lucrative opportunities to market players. However, high price of organic products and low shelf life hamper the market growth.
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Major market players:
Albertsons Companies, Inc.
Cargill, Inc.
Kraft Heinz Co.
Danone SA, Kellogg Co.
ConAgra Brand, Inc.
Kerry Group Plc
The J. M. Smucker Co.
Dole Food Company, Inc.
Organic Valley Cropp Cooperative.
Organically grown fruits and vegetables have high nutritive value and are free from pesticides and other chemicals. Furthermore, organic nondairy beverages are in high demand among consumers due to increase in health awareness among consumers. Therefore, this segment accounted for significant share of the global market in 2015, followed by the fruits and vegetables segment. The popularity of organic meat, fish, and poultry has increased among consumers, as these products are free from chemicals and contain less fat and cholesterol. Moreover, the organic baby food segment is expected to witness huge potential in the near future, as these products are safer than the conventional baby foods.
Though establishment of exclusive diet centers, untapped geographical regions such as India, South Africa which are offering a rising demand, limited shelf life of organic foods pose limitations in the market. However, each factor would have its definite impact on the market during the forecast period.
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Organic Food and Beverages Market Key Findings:
Presently, North America and Europe jointly contributed for more than four-fifths share of the global market. The Asia-Pacific region is anticipated to register the highest CAGR of 23% during the forecast period. The organic dairy products market has the highest potential for growth in European countries. The countries in Latin America and the Middle East are projected to exhibit significant growth in the near future.
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The article discusses the projected growth of the organic food and beverages market to $327 billion by 2022.
Increased income levels, health awareness, and advancements in organic farming techniques drive growth.
High prices and low shelf life of organic products are significant challenges.
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