Organic Fruits and Vegetables is fastest growing segment fueling the growth of Organic Farming Market

 

Organic Farming Market

The organic farming market is estimated to be valued at US$ 187.7 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Organic farming involves growing and processing of food using biological, mechanical and cultural methods that avoid synthetic inputs such as synthetic pesticides and fertilizers. Organic food products include fruits and vegetables, dairy products, poultry, meat and organic grains. Rising health consciousness among consumers regarding potential health hazards of chemically grown foods is the primary factor driving demand for organic food products in the global market.

 

Market Dynamics:

The organic farming market is driven by rising health consciousness among consumers and stringent regulations regarding usage of agrochemicals. Consumers are increasingly aware about health benefits of organic food products over conventionally grown foods. Several studies have linked consumption of chemically grown foods to various health issues like cancer, neurological disorders, gastrointestinal diseases etc. Stringent regulations enforced by governing bodies like European Union and US FDA are aimed at reducing usage of synthetic pesticides and fertilizers. This is encouraging farmers to shift to organic farming practices. However, high production costs associated with organic farming and lack of organic farming awareness in developing nations are some of the factors expected to restrain market growth over the forecast period.

 

SWOT Analysis

 

Strength: Organic farming has many health benefits compared to conventional farming methods. It avoids the use of toxic and harmful pesticides and fertilizers. Organic farming enhances soil fertility and biodiversity. Organic foods are considered more nutritious than conventionally grown foods.

 

Weakness: Organic farming requires more manual labor and resources compared to conventional farming practices. It also has lower yields compared to conventional farming. Organic certification process is long and compliance requirements are stringent.

 

Opportunity: Growing health consciousness among consumers is fueling the demand for organic foods. Rising concerns over food safety and environmental sustainability are providing growth opportunities. There is growing export potential for organic foods in developed markets.

 

Threats: Vulnerability to pests and diseases without the use of synthetic pesticides poses risks. Unpredictable weather patterns due to climate change threaten crop yields. Intense competition from local producers and imports poses pricing challenges.

 

Key Takeaways

 

The Global Organic Farming Market Share is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing health consciousness among consumers. The market size for 2023 is US$ 187.7 Bn.

 

Regional analysis: North America dominates the global organic farming market currently. Europe is the second largest market for organic farming. Asia Pacific is fast emerging as the growth engine of the global organic farming industry owing to rising middle class incomes and health awareness.

 

Key players: Key players operating in the organic farming market include Picks Organic Farm, Organic Farmers Co., The Indian Organic Farmers Producer Company Limited (IOFPCL), Bayer AG, Camson Bio Technologies Limited, and ZUWA Organic Farms Pvt. Ltd among others. These companies are focusing on expanding their production facilities and distribution networks to cater to the rising demand.

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