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Global Organic Food Market Expected to Reach $294 Billion in 2023 as Consumer Demand Jumps

PR Newswire - Tue Jan 24, 2023

 PALM BEACH, Fla., Jan. 24, 2023 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The organic food market consists of sales of organic food and beverages and related services. The production of organic food involves practices that promote ecological balance and aim to conserve biodiversity. These food products do not use any food additives or industrial solvents. Increasing health concerns due to growing number of chemical poisoning cases globally is acting as a driver in the organic food market. Consumers are becoming more health-conscious owing to the harmful effects caused by the presence of chemical pesticides in food products. The toxicity of chemical pesticides in food products can cause cancer, hormone disruption, and birth defects. According to a UN report, around 200,000 people die every year due to the toxic effects of pesticides on food products. This is causing consumers to shift their focus towards organic food products. The organic food market is regulated by authorities such as the US Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA) to ensure a high quality standard of food products is maintained. A recent report from The Business Research Company projected that the global organic food market grew from $259.06 billion in 2022 to $294.54 billion in 2023 at a compound annual growth rate (CAGR) of 13.7%.  Active Companies in the markets today include AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI), Bunge Limited (NYSE: BG), The Scotts Miracle-Gro Company (NYSE: SMG), Corteva, Inc. (NYSE: CTVA), Nutrien Ltd (NYSE: NTR).

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