Global Organic Food and Beverages Market Will Nearly Triple by 2024, According to New Report
The global organic food and beverages market is expected to reach $323.09 billion by 2024, according to a new report. The report, which was carried out by Zion Market Research, estimated the organic market to be worth $124.76 billion in 2017.
North America is expected to dominate the market in the coming years, with the highest projected growth rate of any region. North America was responsible for approximately 40 percent of the revenue share of the organic industry in 2017, according to the report.
“The rising health consciousness among consumers and the growing popularity of organic food and organic drinks are driving the demand in North America,” reads a news release that accompanied the report. “Increasing health issues such as diabetes, obesity, and digestive disorders are also one of the factors driving the growth of the organic food and beverages market in the region.”
Europe, meanwhile, accounted for over one-third of the industry’s total revenue, thanks in part to a market shift towards a healthy lifestyle prevalent in this region. Germany is expected to lead market growth in Europe and, indeed, is already at the forefront of the European organic movement, according to Spanish newspaper El País,
“Thanks to its demographic muscle and the political support it receives, especially from the Green Party, Germany is the undisputed leader in terms of the size of the (organic) market,” writes the outlet, which notes that in 2015 alone, the German organic market grew 10 percent and accounted for nearly one third of the total organic market in Europe.
Zion Market Research’s estimates place the growth rate of the organic food market at around 14.56 percent between 2017 and 2024. This is in line with other similar recent market reports, such as one from Technavio that estimated the market would grow at a rate of approximately 14 percent between 2017 and 2021, and another from Allied Market Research, which estimated that the market would grow even faster, to reach $327.6 billion by 2022.
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