The Organic Farming Market is estimated to be valued at US$ 187.7 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Organic farming is a method of crop and livestock production that involves much more than choosing not to use pesticides, fertilizers, genetically modified organisms, antibiotics and growth hormones. Organic farming methods promote environmentally, socially, and economically sound production of food, fiber, and other products by using management practices that restore, maintain and enhance ecological harmony. Organic farming focuses on techniques like crop rotation, green manure, compost, biological pest control and recycled wastes.

Market key trends:
Organic farming has seen increased adoption owing to rising concerns around health and wellness among consumers across the globe. Consumers are increasingly opting for organic food products as they offer various health benefits like containing higher nutritional value, lack of harmful pesticides and chemicals etc. Furthermore, supportive regulations by governing bodies aimed at promoting adoption of organic farming practices is also expected to boost market growth over the forecast period. Risingconsumer expenditure on health and wellness products like organic foods is expected to continue driving the organic farming market.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the organic farming market due to factors like high capital requirement for certifications, farming techniques, economies of scale production etc.
Bargaining power of buyers: The bargaining power of buyers is moderate in this market as there are several organic farm producers supplying to major retail buyers.
Bargaining power of suppliers: The bargaining power of suppliers is high in this market as quality of raw materials greatly impacts the end product quality so buyers depend on a few credible suppliers.
Threat of new substitutes: New substitutes threat is moderate as there are no direct substitutes to organic products however people can shift to conventionally grown foods.
Competitive rivalry: Intense due to global presence of major players.

SWOT Analysis
Strength: Growing health concerns have increased demand for organic foods. Strong support from governments worldwide in the form of subsidies and certifications.
Weakness: Higher production costs compared to conventional farming. Vulnerable to climate change and external factors.
Opportunity: Rising incomes and changing lifestyles in developing nations have boosted demand. Growing preference for sustainable farming worldwide offers new opportunities.
Threats: Threat from other economies with lower production costs. Natural calamities can severely impact harvests.

Key Takeaways
Organic Farming Market Size market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing health consciousness among consumers. People are increasingly opting for organic food products to avoid chemicals for a healthier lifestyle. Europe dominates the global organic farming market currently due to stringent regulations regarding the use of chemicals in farming. The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to rising disposable incomes and health awareness in major countries like China and India.

Regional analysis Europe dominates the global organic farming market with a share of around 35% in 2023 followed by North America. Asia Pacific is expected to witness the highest growth during the forecast period led by China and India on account of changing dietary patterns and rising middle class population.

Key players operating in the organic farming market are Picks Organic Farm, Organic Farmers Co., The Indian Organic Farmers Producer Company Limited (IOFPCL), Bayer AG, Camson Bio Technologies Limited, and ZUWA Organic Farms Pvt. Ltd among others. Key players are focusing on implementing innovative technologies to increase yields and venture into new international markets to expand their geographic footprint.

Read More:
https://www.rapidwebwire.com/organic-farming-market-size-share-outlook-2023-to-2030/
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