MarketInsightsReport has published a report titled Global Ethical Food Market research report 2020 that is a detailed observation of several aspects, including the rate of growth, technological advances, and different methodologies implemented by the primary current market players. The report is based on a collective analysis of data, which is obtained through primary and secondary research. It provides a systematic approach to the current and prospective scenario of this market.
The global ethical food market is expected to decline from $650.99 billion in 2019 to $568.12 billion in 2020 at a compound annual growth rate (CAGR) of -12.73%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $684.83 billion in 2023 at CAGR of 6.43%.
Top Companies in the global Ethical Food Market are
Bimbo Group, Illy, Ingredion Incorporated (NYSE:INGR), PepsiCo, Inc. (NASDAQ:PEP), Kellogg’s, Mars Incorporated, Starbucks Corporation (NASDAQ:SBUX), and Others.
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North America was the largest region in the ethical food market in 2019.
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 are recyclable. Following the trend, packaging companies are also comping 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.
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 in 2018, 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 larger population, thereby hindering the growth of the market during the forecast period.
In September 2018, Kraft Heinz Canada announced the acquisition of the assets of Ethical Bean Coffee for an undisclosed amount. This acquisition is expected to expand Kraft Heinz Canada’s product offerings and global presence to serve a large number of consumers worldwide. Ethical Bean Coffee was founded in 2003 and is a leading roaster of 100% Fairtrade and certified organic coffee. The company is based in Vancouver, British Columbia, and is committed to global awareness, social responsibility, and environmental accountability.
According to Our World In Data’s statistics on environmental impact of food published in January 2020, the food accounts 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 the survey of 1000 adults by International Food Information Council Foundation (IFIC foundation) in 2019, 54% of the consumers responded that the products they buy be produced in an environmentally sustainable way.
1) By Type: Organic And Natural; Fairtrade; Free Range Animal Welfare Friendly; Environmentally Responsible And Sustainablly Produced; Others
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Regions covered By Ethical Food Market Report 2020 To 2030 are
North America (The United States, Canada, and Mexico), Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, Malaysia, and Others), Europe (Germany, France, UK, Italy, Russia, and Rest of Europe), Central & South America (Brazil, and Rest of South America), and Middle East & Africa (GCC Countries, Turkey, Egypt, South Africa and Other)
Effect of the Ethical Food market report is
– A comprehensive evaluation of all opportunities and risks in the market.
– Ethical Food market current developments and significant occasions.
– A deep study of business techniques for the development of the market-driving players.
– Conclusive study about the improvement plot of the market for approaching years.
– Top to the bottom approach of market-express drivers, targets, and major littler scale markets.
– Favorable impressions inside imperative mechanical and publicize the latest examples striking the market.