The global non-GMO food products market is poised to grow at an exponential 12% CAGR through the forecast period (2019 – 2029). According to a new study by Future Market Insights (FMI), the market for non-GMO food products is largely influenced by changes in consumer demand and easier access to superior farming technologies.
‘Favorable consumer trends and increasing government regulations will enable manufacturers to produce and promote non-GMO products. Advanced packaging and labelling technologies such as QR codes and RFID will aid growth,’ reveals the FMI report.
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Key Research Findings of FMI’s Non-GMO Food Products Market Study
- Grains and cereals will account for major market demand with a growth rate of 22% through 2029
- Bakery and confectionary products will generate lucrative opportunities with 19% growth.
- Indirect distribution channels will prevail in terms of market share and growth.
- North America and Latin America will cumulatively account for more than 50% of the overall market value.
Key Growth Drivers – Non-GMO Food Products Market
- Rising purchase potential and lower costs of production play a major role in the growth of the non-GMO food products market.
- Advances in labeling and packaging practices will contribute significantly to the demand.
- Rising consumer awareness and the prevalence of vegan, plant-based diets, will contribute to market growth.
Key Impediments – Non-GMO Food Products Market
- Changes in consumer preferences, and economic conditions to demographic trends is a key challenge to manufacturers active in non-GMO food products market.
- Premium pricing of non-GMO food products is also a major challenge restricting the growth of the industry.
Competition Structure Analysis – Non-GMO Food Products Market
The competition landscape of non-GMO food products market remains moderately fragmented and competitive. Key producers are pushing for establishment of distribution warehouses for effective logistics, in addition to mapping future growth trajectories on the basis of consumer income levels and the penetration of vegan, plant based diets.
Some of the key players in the non-GMO food products market include, but are not limited to Cargill Inc., The Hain Celestial Group Inc., Associated British Foods Plc, Nestle S.A., General Mills Inc., Danone, Kraft Heinz, and Archer Daniels Midland Company.
FREQUENTLY ASKED QUESTIONS ABOUT NON-GMO FOOD PRODUCTS MARKET
What drives the non-GMO food product market?
The non-GMO food products market is driven by plant-based and vegan diet trends that lays emphasis on integrating organic, non-GMO food products in daily dietary plans. Growing consumer awareness about benefits of non-GMO food products play a supporting role in development of this market.
Which factors put market players at risk?
Increasing investments from conglomerates and multinationals to venture into the non-GMO food product space poses mild restraints for dedicated market players. The lack of universal quality standards renders manufacturers to market their products based on consumer perception.
Which region will lead the global sales of non-GMO food products?
Latin America leads the global sales of non-GMO food products on the back of increasing disposable income and dietary trends. Consumers in Latin American countries are creating an ecosystem of early-adoption where non-GMO food products are one of the first things they wish to adopt.
Which product type segment offers most lucrative growth opportunities?
Grains and Cereals offer the most remunerative growth opportunities. Wheat, corn, soybean are primary source of fibre and carbohydrates for consumers worldwide. Hence, the dominance of grains and cereals is a result of that prevailing trend.