Those looking for a new hot product to invest in might find money put into non-GMO products worth the effort. Non-GMO foods are becoming the latest hot products, and younger entrepreneurs are learning to take advantage of the new demand. With spring here and many buying seeds, predictions state that growth in the niche market is here to stay for several years.
The term genetically modified organisms (GMO) refers to the artificial means in which food – all food- is grown on the farm, processed, and put up for sale in grocery stores. It includes using pesticides, hormones, and genetic engineering. Farmers can use these methods to grow more crops on smaller land tracts, and distributors can use methods to prevent decay during shipping.
Non-GMO products, which include certified organic food, had $400 billion in sales across the world in 2012. Experts say that number would double by 2017, with global sales of non-GMO food accounting for 14.5 percent of all food sales. Most predict these types of products will yield 16 percent annual growth over the next three years. The market is strong in Europe and growing in the United States. There is an estimated $8.5 billion non-GMO industry in the U.S. now, and sales are escalating faster than many conventional food products.
Farmers are moving with the trend. Non-GMO seeds are selling, with farmers looking to sell a smaller amount of high-quality products at a premium price. Others who prefer a larger yield and fear raising prices are sticking with traditional seed because it costs less. Even with those conventional farmers, some seed companies said their sales in 2014 did better than any year from the past five years. Others reported a 50 percent increase in sales in 2014 compared to 2013.