Organic Farming Market:
The global organic farming market is expected to grow from $88.79 billion in 2019 and to $95.90 billion in 2020 at a compound annual growth rate (CAGR) of 8%. The growth is stable across many countries due to the COVID-19 outbreak and the extending lockdown as a measure to contain it, however, strong growth is registered in USA even during the lockdown. The market is then expected to recover and reach $131.55 billion in 2023 at CAGR of 11.11%.
The organic farming market is associated with the sales of produces by farms that produce them in organic ways. The organic farming is an alternative form of farming for crops and livestock’s produce which doesn’t use pesticides, artificial fertilizers, genetically modified organisms and antibiotics to increase the production. This has many benefits to the environment and the individuals using these yields.
North America was the largest region in the organic farming market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
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Less productivity of organic food is expected to hinder the organic farming market. According to the USDA 2018 data and many other studies, the yield of organic farming is significantly less compared to the conventional farming. So, the latter is preferred to organic farming to ensure food security as organic farming is expected to cause a scarcity due to lower yield. It doesn’t meet the needs of rising population and thereby doesn’t meet the definition of food security by the Food and Agriculture Organization of the United Nations (FAO). The less productivity of organic farming therefore is expected to hinder the market.
The organic farming market covered in this report is segmented by farming type into pure organic farming; integrated organic farming and by method into crop diversity; soil management; weed management; controlling other organisms.
In December 2019 Young living essentials a North American based essential oil company who is a world leader has initiated a new partnership with Golden Einkorn Farm. By this partnership Golden Einkorn Farm supplies its ancient einkorn grain to young essentials and also supports its movement towards sustainability thereby being environmentally responsible. Golden Einkorn Farm is 600 acre France based family farm which produces einkorn grain and uses rainwater for irrigation, organic mater as manure instead of artificial fertilizers, uses solar energy and other sustainable methods with an aim of zero wastage.
Environmental gain from organic farming is expected to drive the organic farming market. Organic farming is highly beneficial to the environment as it does not use any chemical fertilizers or pesticides that cause soil and groundwater contamination. Also, the usage of non-renewable resources that are needed for the development of such artificial fertilizers is less. Organic farming preserves biodiversity of the soil. According to the Organic Trade Association 2019 report, if every U.S. farmer switched to organic farming, annually nearly 500 million pounds of residual and toxic pesticides can removed from getting into the atmosphere. The use of organic products also have a beneficial impact on the health of organic growers, assistants, their families and customers, as they are less exposed to harmful chemicals. Therefore environmental benefits of organic farming coupled with health benefits of organic products is increasing the demand for organic food (food produced through the process of organic farming) which in turn is driving the market for Organic farming.
Major players in the organic farming market are Dow Chemical Company, BASF SE, Solvay SA, AkzoNobel N.V, Nalco Holding Company, and Bayer AG.
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