Global Organic Food Market to Grow 16% by 2020
Increasing purchasing power and growing awareness regarding health benefits of organic food to drive global organic food market through 2020
According to a recently published TechSci Research report, "Global Organic Food Market Forecast & Opportunities, 2020", global organic food market is projected to register a CAGR of over 16% during 2015 - 2020. Growth in the market can be attributed to growing health concerns among consumers and increasing awareness with regard to health benefits of organic food. Other factors driving organic food sales across the globe include increasing income levels, improving standard of living, and government initiatives aimed at encouraging widespread adoption of organic products.
Consumers across the globe are becoming increasingly health conscious, which has resulted in a change in their tastes and preferences. A growing number of consumers are moving towards consumption of organic food in place of conventional food, to avoid adverse health effects caused by chemical preservatives or genetically modified ingredients present in inorganic food. Moreover, the increasing popularity of organic products has significantly expanded the availability of organic food across the globe. With organic food becoming easily accessible, global organic food market is expected to witness remarkable growth over the forecast period.
"Unlike conventional food, organic food products are produced without using any kind of pesticides or fertilizers, which results in high cost of these products. Although high price of organic food is a barrier for consumers, to curb this concern, global organic food manufacturers are working towards reducing the existing price difference between organic and inorganic food. Moreover, as demand for organic food products increases, product innovations and economies of scale would result in reduced cost of production, further driving consumption of organic food market.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Learn more about the report.