The ethical food market consists of sales of ethical food items and related services. Ethical or sustainable food refers to food produced using processes and systems that are non-polluting, economically efficient, conserve non-renewable natural resources and energy, safe for workers, consumers, and communities, and do not compromise on the future generation needs. It uses a method of food production wherein the people (small farmers, producer co-operatives, large estates), the environment (environment sustainability), and animals (concerned with animal rights and welfare) are given considerable importance.
The global ethical food market is expected to decline from $650.99 billion in 2019 to $568.12 billion in 2020 at a compound annual growth rate (CAGR) of -12.73%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $684.83 billion in 2023 at CAGR of 6.43%.
