Organic Vegetable Farming Market:
The global vegetable farming market is expected to grow from $7.13 billion in 2019 and to $7.57 billion in 2020 at a compound annual growth rate (CAGR) of 6.3%. The growth is stable due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. However North America registered a strong growth even during the Covid outbreak. The market is then expected to recover and reach $9.53 billion in 2023 at CAGR of 7.96%.
The organic vegetable farming market consists of production and sales for organic vegetables and related services. Organic farming refers to the method of crop production that involves the use of biologicals materials in order to prevent the use of synthetic pesticides, genetically modified organisms, antibiotics, and fertilizers. Organic farming provides high-quality and healthy food to humans together with protecting the environment from pollution, soil degradation, and erosion to optimize biological productivity.
North America was the largest region in the organic vegetable farming market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
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The high cost of organic farming in comparison with conventional farming is predicted to limit the growth of the organic vegetable farming market. According to the Food and Agriculture Organization (FAO) of the United Nations (UN), the prices for organic food are higher than that of conventional products attributing to greater labor inputs and other costs incurred to produce high quantities of production to lower the overall cost. Furthermore, organic vegetable farming does not use chemicals and toxic substances which increases the cost for natural fertilizers along with the high cost for obtaining organic certifications. This scenario is to have a negative impact on the organic vegetable farming market’s growth in the coming years.
The organic vegetable farming market covered in this report is segmented by type into pure organic farming; integrated organic farming. It is also segmented by method into composting; crop rotation; cutting; mulching; polyculture; soil management; weed management and by crop into protected crops; salads; green veg; root crops; potatoes; others.
The launch of various schemes by the governments of various countries across the world is promoting organic farming. Due to health benefits and environmental benefits offered by organic products, the governments are promoting organic farming activities by launching various schemes and encouraging the population to shift towards organic products. For instance, the government of India is promoting organic farming under its two dedicated schemes – Paramparagat Krishi Vikas Yojana (PKVY) and Mission Organic Value Chain Development for North Eastern Region (MOVCDNER). Other schemes for promotions of organic farming include Rashtriya Krishi Vikas Yojana (RKVY) and Integrated Development of Horticulture (MIDH) and Network Project for Organic Farming. The launch of similar schemes worldwide is likely to provide ample avenues for organic vegetable farming market’s growth in the near future.
In August 2018, BASF closed the acquisition of Bayer’s global vegetable seeds business, operating under the Nunhems brand for an amount of $ 8.1 billion (€7.6 billion). The acquisition is expected to expand the BASF’s product portfolio for the farmers. Bayer’s vegetable seeds business includes 24 crops and about 2,600 varieties. Nunhems B.V. was founded in 1917 and offers market-oriented varieties and vegetable seeds products across the globe.
Rising demand for organic food is anticipated to act as a major driver for the growth of the organic vegetable farming market during the period. The health benefits offered by organic food such as high nutritional content, non-GMO, and free from synthetic pesticides & fertilizers tend to be a key factor for augmented demand for organic food including organic vegetables. Due to the beneficial impact on the health of organic growers, assistants, their families and customers, as they are less exposed to harmful chemicals, the increasing consumers’ preferences for organic food is projected to generate higher demand for organic vegetable farming during the forecast period.
Major players in the organic vegetable farming market are BASF, Aero Farm System, Plenty, Agrilution, N5 Sensors, Terramera PlantHealth, Back to the Roots, Vital Farms, and ISCA Technologies, Inc.
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