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Ethical Food Global Market Report 2022
Major players in the market are Bimbo Group, Illy, Ingredion, Kellogg’s, Mars Incorporated, PepsiCo, and Starbucks. The global ethical food market is expected to grow from $421. 87 billion in 2021 to $439.
New York, July 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ethical Food Global Market Report 2022" - https://www.reportlinker.com/p06284485/?utm_source=GNW
95 billion in 2022 at a compound annual growth rate (CAGR) of 4.3%. The market is expected to grow to $521.17 billion in 2026 at a compound annual growth rate (CAGR) of 4.3%.
The ethical food market consists of sales of ethical food items and related services.Ethical or sustainable food refers to food produced using processes and systems that are non-polluting, economically efficient, conserve non-renewable natural resources and energy, safe for workers, consumers, and communities, and do not compromise on the future generation needs.
It uses a method of food production wherein the people (small farmers, producer co-operatives, large estates), the environment (environment sustainability), and animals (concerned with animal rights and welfare) are given considerable importance.
The main type of ethical food is organic and natural, fairtrade, free-range animal welfare-friendly, environmentally responsible and sustainably produced, and others.Foods that are grown without artificial pesticides, fertilizers, or herbicides are called organic food or natural food.
Natural or organic foods are free of synthetic or artificial ingredients or additives. The various modes of distribution include online and offline.
Asia Pacific was the largest region in the ethical food market in 2021.Western Europe was the second-largest region in the ethical food market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Increasing concern about the environment is expected to contribute to higher demand for ethical food.The recent climate changes and environmental issues such as carbon emission, global warming, plastic, and food waste is forcing companies to concentrate on sustainable products.
The rising environmental concerns are shifting companies and shoppers towards ethical/ sustainable-certified products.According to Our World in Data’s statistics on the environmental impact of food published in January 2020, food accounts for around 26% of the global greenhouse emissions, with half of the world’s habitable land used for agriculture and 70% of the freshwater used for agriculture.
According to a survey of 1000 adults by the International Food Information Council Foundation (IFIC foundation) in 2019, 54% of the consumers responded that the products they buy to be produced in an environmentally sustainable way. Therefore, the growing impact of food production on the environment and the growing demand for sustainable food is increasing companies to focus on sustainable production which in turn is expected to drive the demand for the ethical food market in the forecast period.
The high cost of ethical food limits the growth of the market during the forecast period.The production and sales of ethical food include the cost of natural fertilizers, high labor, ethical or sustainable certification, and others which raises the overall cost of production.
According to a new study commissioned by ethical certification, 45% of the people in the UK put off buying ethical products owing to their high cost. The high cost of ethical food makes it inaccessible to a larger population, thereby hindering the growth of the market during the forecast period.
Sustainable packaging is a leading trend adopted by ethical food manufacturers and producers.The companies engaged in organic food production are increasing their focus on sustainable packaging in order to reduce the use of plastics and go environment friendly.
For instance, Alter Eco uses clean packaging for its produce and the plastic packaging used for outer boxes is recyclable.Following the trend, packaging companies are also coming up with sustainable packing solutions for organic food and other products.
For instance, Giro Pack developed compostable welded bags and compostable net clipped bags that are produced using plant-based or organic materials such as pulp of eucalyptus trees or corn starch. Thus, the focus of ethical food companies on sustainable or green packaging is a major trend shaping the ethical food market over the forthcoming years.
In May 2021, Above Food Corp., is a plant-based protein company that cultivates, grows, and distributes delicious, nutrient-rich products produced naturally, finalized a Share Purchase Agreement to acquire Farmer Direct Organic Foods Ltd., which offers legume proteins and grains that are certified organic. With this acquisition, FDO’s distribution and retail relationships have added a completely new dimension to Above Food Corp. portfolio approach for their brands, including the ability to deliver differentiated branded and private label solutions across many product segments, all with a regenerative organic foundation.
The countries covered in the ethical food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06284485/?utm_source=GNW
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