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Market Overview
In 2022, the market for organic foods market was estimated to be worth USD 179.5 billion. The market for organic foods is expected to expand at a compound annual growth rate (CAGR) of 12.90% between 2023 and 2032, from USD 202.7 billion in 2023 to USD 535.0 billion by 2032. The primary drivers of the market’s growth are rising public awareness of the health advantages of consuming organic food and rising acceptance of non-GMO products.
The shift in consumer buying patterns is expected to boost sales of organic goods and beverages. The market is growing as a result of customers’ growing preference for non-GMO products.
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Conventional meals pose several health risks since they include artificial chemicals like pesticides and antibiotics that are used on both plants and animals. The growing demand has led to a rise in the manufacturing of organic items. In order to encourage organic farming, the Indian government’s National Horticulture Mission (NHM) also offers incentives to producers of organic food items. In India, farmers can get up to four hectares of land per beneficiary at a rate of Rs. 10,000 per hectare, while a group of farmers covering 50 hectares of land can receive up to Rs. 5.00 lakh.
Sales of organic food rose in 2020 despite the fact that it is more costly than non-organic alternatives and that the world GDP shrank by the greatest in decades. Organic packaged foods and beverages expanded at the quickest rate among all health and wellness categories. During the COVID-19 pandemic, when restaurants were shuttered and home cooking took the place of going out, consumers began to alter their drinking and eating habits starting in 2020. According to data from the United States Department of Agriculture (USDA), German consumers purchased 22% more organic products over the same time period.
The demand for organic components has grown in recent years due to consumer knowledge of the harmful effects of synthetic compounds and their desire for improved overall health.
Major players in the Organic Foods market, including
Newman’s Own, Inc.,
Whole Foods Market IP. L.P.,
Frito-Lay,
Dole Food Co., Inc.,
The Kroger Co., Inc.,
Clif Bar & Company,
Organic Valley,
Dean Foods
Organic Foods Market Segmentation
Fruits and vegetables, dairy products, meat, fish, and poultry, frozen foods, and other items are included in the market segmentation of organic foods depending on product. In 2022, the fruit and vegetable category held the highest revenue share.
Online and offline are included in the market segmentation of organic foods depending on the distribution channel. The organic foods market was controlled in 2022 by the offline sector.
The report offers market information for North America, Europe, Asia-Pacific, and the rest of the world, broken down by region. In 2022, the North American Organic Foods Market held a 45.80% market share. This is owing to the products’ unique qualities, which include being healthier than regular food, devoid of chemicals and residues, and environmentally beneficial. It is anticipated that growing public awareness of the benefits of consuming non-genetically modified or changed products would propel the North American market in the near future. In addition, the organic food market in the United States had the most market share, while the organic food market in Canada was expanding at the quickest rate on the North American continent.
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COVID-19 Analysis
The Covid-19 epidemic in 2020 increased demand for contact-free biometric services at airports because they provide identity and verification without any physical touch. Contactless biometric services provide quick and accurate identification while limiting exposure. Additionally, the pandemic has compelled airport management to implement contactless thermal checking biometric equipment to monitor passenger admission by measuring body temperature. Throughout the projected period, it is anticipated that the contactless airport biometric services industry will continue to rise. Airports all around the world are quickly implementing contactless biometric services including face recognition, voice recognition, & 3D advanced fingerprint recognition.
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