According to the “United States Organic Food Market Forecast & Opportunities, 2018” report, growth for the United States organic food market is likely going to continue until 2018 with a CAGR of 14% on the industry. Also, the report states that the Western side of the United states is driving the organic food market revenue and increasing awareness.
“The organic food market contributed about 4% to the country’s overall food market in terms of revenues during 2010, Karan Chechi, research director at at TechSci Research, stated. “Furthermore, the retail organic food market is an emerging trend in the country. Therefore, with the increased consumer food expenditure of about 7.67% during 2012-12 the demand for the organic food through retail sales medium is anticipated to increase.”
Demand for organic products continues to rise. Also, almost eighty-one percent of families in the United States have reported that they buy organic foods every once in a while, according to the Organic Trade Association. Domestic organic food production has grown almost 240% between 2002 and 2011, while the non-organic food market only grew three percent.
Furthermore, through BC Northern Lights, Urban Hydroponics Inc (OTCMKTS:URHY) hopes to address the growing medical and recreational marijuana industry. With 2016 maturing into a pivotal year for legalization efforts, companies like BC Northern Lights are preparing to stake a claim in the indoor growing marketplace. The company produces its own brand of self contained marijuana growing environments which have afforded it the great honor of winning the High Times Stash Award 10 times.
“The 2015 fiscal year saw great positive trends in our showroom and international distributor networks,” CEO Tarren Wolfe said, “We’re excited about expanding our brand into Europe, and continuing to build strong relationships with our dealer partners. By investing in and strengthening our relationships with existing resellers, and seeking out high quality partners with established sales teams, we’ve been able to grow our revenue aggressively without having to invest heavily in support and sales staff.” As previously mentioned, refocusing the company’s goals was a great decision; in the last three months, URHY has seen lows of $0.55 and has seen an 98% difference with a high of $1.09 within the last 50 days.