According to a new report published by Allied Market Research, titled, “Natural Food & Drinks Market by Product and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023,”the global natural food & drinks market was valued at $79,137 million in 2016, and is estimated to reach $191,973 million by 2023, registering a CAGR of 13.7% from 2017 to 2023.
Currently, consumer behavior is more inclined towards the health & wellness, safety, social impact, and experience in their food purchasing decisions along with the traditional values such as convenience, price, and taste. Thus, increase in emphasis on health & wellness drives the growth of the global natural food & drinks market. Moreover, rise in awareness for healthy food ingredients is expected to deliver the substantial growth opportunity to industry players.
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Natural food & drinks refer to food products that are that are manufactured without the use of hormones, antibiotics, or artificial flavors. Stringent regulatory standards do not exist for natural food & drinks in most of the countries in the world. Thus, natural labels are normally used by manufacturers across the globe due to lack of adequate guidelines. Natural food & drinks are available at several stores that sell organic food products. In 2016, the supermarkets/hypermarkets segment accounted for around two-fifths share of the global market.
The global natural food & 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 GMOs. 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 & drinks as compared to conventional food products are expected to hamper the market growth.
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Key Findings of the Natural Food & Drinks Market:
- In 2016, North America dominated the global market, constituting around two-fifths share of the global market.
- U.S. was the leading consumer of the natural food & drinks globally in 2016, and is expected to grow at a CAGR of 13.4% during the forecast period.
- The natural food segment is estimated to grow at a CAGR of 13.9% from 2017 to 2023.
- The fruits & vegetables subsegment accounted for one-third share of the global market.
- The supermarkets/hypermarkets segment accounted for the highest share in 2016, and is estimated to grow at a CAGR of 13.3%.
In 2016, North America dominated the global market. However, Asia-Pacific is expected to witness the highest growth rate from 2017 to 2023, owing to rise in consumer inclination towards wellness and rapid growth in the food & drinks industry in countries such as, China, Japan, India, and Australia. Europe was the second leading region geographically, and is expected to grow at a CAGR of 13.1% from 2017 to 2023.
The key companies profiled in the report include Archer Daniels Midland Company, Bunge Ltd., Earths Best, Amy’s Kitchen, Nestle S.A., 365 Everyday Value, Organic Valley, ConAgra Foods, Dean Foods, and General Mills.
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