Report: Global non-GMO food and beverage market reaches $550 billion
As many consumers continue to demand more natural and organic products, the global food and beverage market for non-GMO products reached $550 billion in 2014 out of a total $5 trillion market, according to a Packaged Facts study.
Sales of non-GMO foods and beverages in the US were $200 billion, accounting for 36 percent of the overall global non-GMO total. These findings were published in the new report, Non-GMO Foods: U.S. and Global Market Perspective, 2nd Edition.
David Sprinkle, research director for Packaged Facts, said a growing number of products in the US identify as non-GMO. These products are popping up at a rate of 2,000 per year, up from just a few hundred a decade ago, Sprinkle said.
Organic and natural foods accounted for the largest share of domestic non-GMO sales at 60 percent of the US market last year. Packaged Facts projects this share will increase to about three-fourths of overall non-GMO retail sales by 2019.
These increases reflect:
-The increasing popularity of organic food specifically and natural foods more generally with American consumers.
-The linkage between organic and non-GMO in consumer understanding.
-The probability that there will be no resolution on a national level regarding mandatory GMO labeling on food and beverage products.
Packaged Facts forecasts the total global market for non-GMO foods and beverages will almost double by 2019 due to a CAGR of 15 percent between 2014-2019, outpacing the CAGR for US non-GMO sales.
More on the study can be found here.