Albany - NY, Oct. 21, 2015 (GLOBE NEWSWIRE) -- Interest in organic food is continuing to grow uninterrupted across the world. The organic food market is flourishing abundantly in most Western nations. A broader range of organic food, innovation in sales channels, and a loyal consumer base has led to sustainable development in sales.Organic food refers to foodstuff that is produced through organic farming. In this method of farming, the application of any synthetic chemicals, coloring agents, additives, genetic manipulation, and/or radiation on the crops is strictly prohibited. Additionally, organic farmers also satisfy the criteria set by the National Organic Program (NOP) of the U.S. Dept. of Agriculture.
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Rising Awareness about Benefits of Organic Food Driving the Market
The increase in concern for overall improvement in healthcare standards and healthy lifestyles, rise in awareness about the advantages of organic food, global development in organic farming, growth in the number of retailers offering a wider range of organic products, and government rules and regulations are the key drivers of the organic food market across the globe. The bulk of the demand for organic food is concentrated in economies where customers have a high purchasing power, such as South Korea and Japan. However, a lack of information on the availability of products, underdeveloped infrastructure and supply-demand logistics, and dealing with complicated certification in emerging economies are the factors hampering the market from growing.The demand for organic food products is likely to grow with time. Government investment and participation of private limited organizations in the global market for organic food are expected to primarily propel the development in this sector.
Organically Processed and Frozen Food to Witness a Decline
The global market for organic food is categorized into fruits and vegetables, dairy, packaged food, beverages, organic and frozen food, bread and grains, et al. The market for organic food was led by the product category of organic fruits and vegetables, which accounted for a share of approximately 38.9% in the entire market in 2012. It is likely to maintain similar dominance in near future. Organically processed and frozen food was the second biggest segment in the organic food market in 2012. However, it is likely to witness a decline by 2019. Technological development provides products with an extended shelf life, which triggers the growth in organic dairy products that is estimated to expand its market share in organic food market by 2019. The global organic food market was valued at US$57.5 billion in 2010. It is expected to reach US$104.7 billion in 2015 at a 12.9% CAGR during the period of 2010 to 2015.
European Organic Food Market Dominates Global Organic Food Industry
The global organic food industry is spread across regional markets such as North America, Europe, Asia Pacific, and Rest of the World. The U.S. market, being among the largest economies in the world, presents ample opportunities for the expansion of the organic food market. Europe accounts for the biggest share in the organic food market across the globe, with a revenue of US$28 billion. The North American market is likely to grow at a 12% CAGR between 2010 and 2015. The Rest of the World category, which includes Australasia, Latin America, and others, is estimated to develop at the highest CAGR of 16.5 %.
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Some of the major participants in the organic food industry are United Natural Foods Inc., Hain Celestial Group Inc., Whole Foods Market Inc., AMCON Distributing Co., Spartan Stores Inc, Dean Foods, Amy's Kitchen, Inc., The Kroger Co., Clif Bar & Company, EVOL Foods, Dole Food Co., Inc., Frito-Lay, Organic Valley, Newman's Own, Inc., and Stonyfield Farm, Inc.The organic food market is highly fragmented, with each participant taking up a very small market share. The major players in this industry have to analyze the shifts in tastes and eating habits of their targeted consumers and also the changes in the global economic situation that results in varied consumption patterns and legislative guidelines.
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Source:Transparency Market Research