Ethical Food Global Market Report 2023
Major players in the market are Bimbo Group, Illy, Ingredion, Kellogg’s, Mars Incorporated, PepsiCo, and Starbucks. The global ethical food market will grow from $121.26 billion in 2022 to $132.09 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%.
New York, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ethical Food Global Market Report 2023" - https://www.reportlinker.com/p06284485/?utm_source=GNW
Major players in the market are Bimbo Group, Illy, Ingredion, Kellogg’s, Mars Incorporated, PepsiCo, and Starbucks.
The global ethical food market will grow from $121.26 billion in 2022 to $132.09 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The ethical food market is expected to grow from $179.85 billion in 2027 at a CAGR of 8.0%.
The ethical food market consists of sales of organic fruits and vegetables, honey, coffee, tea, meat(chicken, pork, lamb, others), sustainable seafood, chocolate, sugar, and other ethical foods.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia Pacific was the largest region in the ethical food market in 2022.Western Europe was the second-largest region in the ethical food market.
The regions covered in the ethical food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of ethical food are 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. It is made with a differnet process such as processed and unprocessed, that are distributed in various modes of distribution including online and offline.
Increasing concern about the environment is expected to contribute to a 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.
Rising environmental concerns are shifting companies and shoppers towards ethical or 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.
Therefore, the growing impact of food production on the environment and the increasing demand for sustainable food are encouraging 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 raise 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 be environmentally 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 from 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., which is a plant-based protein company that cultivates, grows, and distributes delicious, nutrient-rich products produced naturally, finalised 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.’s portfolio approach for their brands, including the ability to deliver differentiated brand 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.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The ethical food research report is one of a series of new reports that provides ethical food statistics, including ethical food industry global market size, regional shares, competitors with ethical food share, detailed ethical food segments, market trends and opportunities, and any further data you may need to thrive in the ethical food industry. This ethical food research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06284485/?utm_source=GNW
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