The US natural and organic products market is on course to deliver 9.5% growth in 2020 making the industry worth $252 billion, thanks to surging consumer demand fuelled by the Covid-19 pandemic.
The figures were captured in a keynote presentation at the launch event of Spark Change, New Hope Network’s new virtual event series.
In their joint-presentation The State of Natural & Organic: How Will We Spark Change? New Hope’s Carlotta Mast and Nick McCoy of Whipstitch Capital reveal the latest headline figures, review the impacts of Covid-19 and explain why now is the time industry actors to make “bold moves”.
Breaking the $250 billion barrier
Sharing the latest market data and consumer research Mast and McCoy showed that the US natural and organic market is projected to grow 9.5% in 2020, to be worth $252 billion. The largest two segments are Natural and Organic Food & Beverages and Functional Food & Beverages, accounting for 38% and 31% of total market share respectively, followed by Supplements (21%) and Natural Living (10%). Following four of five years of steady single digit growth, the supplements category takes off in 2020 (up 12% to be worth $54 billion).