The global organic farming market accounted for 50.9 Million Hectares in 2015, according to Organic Farming Market Report, by Farming Type (Pure Organic Farming and Integrated Organic Food), by Method (Crop Diversity, Soil Management, Weed Management, and Controlling Other Organisms), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.
The global organic farming market is expected to expand at a growth rate of 8.4% by 2026 during the forecast period (2018-2026). Increasing demand for organic food and organic agricultural practices is driving growth of the organic farming market. According to Research Institute of Organic Agriculture (FiBL), the retail sales of organic food and drink was US$ 81.6 billion in 2015, globally, about 10% more as compared to previous year.
Furthermore, organic farming utilizes natural and biodegradable materials such as plant residues and animal waste, reducing possibility of toxic build-up after degradation. In contrast with conventional farming, organic farming balances soil pH and improves soil fertility. Hence, such advantages of organic farming over chemical fertilizers are projected to fuel demand for organic fertilizers throughout the forecast period.
However, production cost is comparatively higher for organic farming compared to conventional farming as it requires more workers. This is expected to restrain growth of the organic farming market. For instance, according to the article published in Studies in Agricultural Economics 113 Journal, in 2011, the cost of weed control practice for hand hoe operation costs US$ 1469.28 for organic fruit crop whereas for conventional fruit crop it cost US$ 539.45.
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Key Trends and Analysis of the Organic farming Market:
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