Ongoing Organic Opportunities
Organic foods are being accepted by more and more people due to the presence of multiple benefits, which is predicted to be the biggest driving factor for global market. Global organic foods & beverages market accounted for $162 billion in 2019 and is predicted to generate a revenue of $416 billion by 2027 with a CAGR 12.4% in the forecast period. This is reflected in continuing high levels of new organic product launch, with the Innova Database recording well over 31,526 launches in 2020, up from about 25,899 launches in 2016 (CAGR 5%).
Organic Product Launches
It can be seen that opportunities in organic products are being actively pursued in West Europe and North America, comprising 49% and 30% of the global organic product launches, respectively. It is in the other regions, particularly Asia and Latin America, where the market has yet to take off, and has seen little apparent interest to date.
Industrial Insights
Owing to the growing organic foods and beverages market, CJ's savory items can be provided as various natural flavor solutions to satisfy foods manufacturers needs for better taste. In organic regulations, CJ TasteNrichⓡ, a fermentation product, is referred to as an Organic Compliant Ingredient, and it has been widely used as a natural flavor in various organic or made with organic products.
*For the full version of 'ORGANIC' Industrial Trend, please email to jinwon.15@cj.net
*source: Innnova database