Global organic food is projected to reach $324.1 billion by 2031 according to a new market research report from Meticulous Market Research.
In the report, the market intelligence company said the growth in organic food — about 10.1% compound annual growth rate — is attributed to health-conscious consumers, changes in consumers’ lifestyle and growing disposable income.
The company said it expects organic fruits and vegetables to account for the largest share of the organic food market, at about 27.7%. Meticulous Market Research also said organic fruits and vegetables will also register the highest compound annual growth rate during its forecast period.
Other highlights include e-commerce for organic food posting a 15.3% compound annual growth rate during the forecast period. Meticulous Market Research expects fresh organic food to also take the largest share of the market.
The research also indicated North America will account for the largest share of the organic food market, 48.1%. The organic food market in North America is expected to reach $79.3 billion in 2024, according to the report.
