Global organic food market to reach $324.1 billion by 2031

The global organic food market will reach $324.1 billion by 2031, according to a recent study. The growth of this sector, at a compound annual growth rate of 10.1 per cent, is attributed to more health-conscious consumers, lifestyle changes and an increase in disposable income.

 

The study shows that organic fruit and vegetables make up the largest share of the market, accounting for 27.7%. These will also register the highest compound annual growth rate during the forecast period.

 

Another highlight of the report is the growth of organic food e-commerce, which is expected to have a compound annual growth rate of 15.3% over the forecast period. Fresh organic food is anticipated to occupy a significant share of the market.

 

The research also indicates that North America will lead the organic food market, accounting for 48.1% of the total. The market in this region is forecast to reach $79.3 billion by 2024.