Rapid growth in Asia-Pacific organic food market set to change global market shares
Demand for organic food is increasing globally as knowledge surrounding its environmental and health benefits improves.
The global market in organic food expanded between 2012 and 2016 at a compound annual growth rate (CAGR) of 10.9%, and is forecast to accelerate to a value of $187.6 billion by 2021, representing a CAGR of 13.8%, according to MarketLine, Rockville, Md.
The company’s latest report states that the United States will remain the largest single market, rising from $44.9 billion in 2016 to $63.4 billion by 2021 at a CAGR of 7.1%, underlining the country’s pivotal role in driving global growth.