Costco might surpass Whole Foods as the nation's top seller of organic food

There's a new retail powerhouse in organics.

Costco might be surpassing Whole Foods this year as the top seller of organic food in the US, The Seattle Times reports based on a research note by BMO Capital Markets.

Costco expects to sell $4 billion in organic food this year, the company said on a recent earnings call.

That number eclipses the $3.6 billion in organic food that BMO analysts estimate Whole Foods sells annually.

Costco's organic food sales have more than doubled in the past three years, the company's chief financial officer, Richard Galanti, said on the earnings call.

"It's where we shine in terms of quality and value and I think that's nothing but a positive for us going forward at this point," he said.

Whole Foods has been in the spotlight recently due to its plummeting stock.

The market for natural and organic foods has become increasingly competitive in the last several years, with grocers such as Costco, Kroger, and Wal-Mart expanding their organic offerings.

As a result, Whole Foods has been forced to lower prices in an effort to shed its "Whole Paycheck" image.

The company also recently announced that it will be launching a cheaper chain of tech-savvy stores targeting millennials.