Natural Foods Market To Reach US$191 Billion By 2023
Tuesday, October 31st, 2017 | 1152 Views
The global natural food and drinks market was valued at US$79.1 billion in 2016, and is estimated to reach US$191 billion by 2023, registering a CAGR of 13.7 percent from 2017 to 2023, according to market intelligence company Allied Market Research.
Natural food and drinks refer to food products that are that are manufactured without the use of hormones, antibiotics, or artificial flavours. In 2016, the supermarkets/hypermarkets segment accounted for around two-fifths share of the global market.
According to Eswara Prasad, team lead, chemicals and materials, Allied Market Research, “From freshness to health ingredients and eco-conscious business models, today’s core consumer values increasingly centre around offerings of the natural food and drinks market and is expected to boost the market growth.”
The global natural food and drinks market is driven by growing consumer preferences for foods with non-genetically modified ingredients. Increasing demand for ‘clean label’ products is due to increase in awareness and media coverage about the drawbacks of foods containing genetically modified organisms.
The ‘clean label’ trend has also been recently pushed into the mainstream market by popular books, television shows, and celebrity endorsements. However, high costs of natural food and drinks as compared to conventional food products are expected to hamper the market growth.
In 2016, North America dominated the global market. However, Asia Pacific is expected to witness the highest growth rate during the forecast period, owing to rise in consumer inclination towards wellness and rapid growth in the food and drinks industry in countries such as China, Japan, India, and Australia. Europe is projected to be the second leading region geographically and is expected to grow at a CAGR of 13.1 percent during the forecast period.
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