The global allergen free food market size is anticipated to reach US$ 75.67 Billion by the end of 2030. According to a study by Future Market Insights (FMI), the market is expected to depict a strong positive growth trajectory at 8.6% CAGR between 2020 and 2030.
As per FMI report, the global allergen free food market is estimated to surpass the valuation of US$ 46.4 Bn by the end of 2020. The industry is well positioned to register at least 4% higher growth rate than the overall food & beverage sector.
The combined attribute of behemoth size and rapid growth has captivated leading companies in global food & beverages sector as well as new entrants. This has created perplexed consumer preferences, and brands experience challenge in creating a differentiator in the global allergen free food market.
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It includes in-depth insights into the allergen free food market. Some of these are:
- The estimated value of the market was at US$ 31,967.7 Mn in 2020. Through the course of the report’s forecast period, the market is projected to show an exceptional pace of growth.
- North America accounts for a dominant share in the allergen free food market. Europe also holds a sizable market share. East Asia is bound to offer business opportunities to emerging market players.
- Key players are likely to focus on product innovations and manufacturing technologies to widen their reach in emerging markets.
- Digital advertising and adoption of online sales channel to attract the millennial and Gen Z consumers are some of the key strategies of market players.
“The demand for allergen free food is expected to rise amidst the COVID-19 outbreak as consumers are striving to maintain a strong immunity to tackle the disease. Furthermore, revival of world economy would also result in increase of per capita income, which in turn will give impetus to market,” said a lead analyst at FMI.
Growing Health and Wellness Trend and Rise in Food Fortification will Drive Growth
Consumers have become quite health conscious and majority of them spend a significant portion of their disposable income on fitness and well-being. They have also become increasingly aware that along with exercise, a proper diet is necessary to achieve physical fitness.
Food fortification is enrichment of everyday foods with essential proteins, vitamins, and minerals. Consumer preference for such foods is a result of various factors such as rising incidence of lifestyle-related diseases and weight management.
High protein foods aid in maintaining consumer health. Gluten-free bakery products and snacks comprising protein and vitamin ingredients are gaining popularity among consumers. Thus, the trend food fortification is rising, which will in turn support the expansion of the allergen free food market.
The demand for organic food products is rising at a higher pace than supply, creating a gap between the demand and supply of organic food. Consumers are looking for produced without the use of any kind of fertilizers, pesticides, and chemical processing. Such farming and manufacturing practices are linked to deterioration of human health and environment.
The organic vegetables and fruits market happens to be the fastest growing one in the global food market. This is indicative of rising prospects for the sales of preservative-free, GMO-free and other allergen free food products.
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Who is Winning?
Some of the key players operating in the allergen free food market are Abbott Laboratories, Nestle SA, Danone SA, General Mills, Kellogg Co., Kraft Heinz Company, Mead Johnson Nutrition Company, and Boulder Brands, Inc.
Due to the increasing competition, manufacturers are focusing on product portfolio expansion and improving product traceability. Besides this, some of the leading companies are focusing on entering into collaborations with regional/local manufacturers in the growing markets.
Get Valuable Insights into Allergen Free Food Market
Future Market Insights, in its new report, presents an unbiased analysis of the global allergen free food Market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. In terms of type, the market can be segmented into salad dressing, & mayonnaise. Based on applications, the market can be classified into food service, home-usage, and industrial. Regionally, the market can be segmented into North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa.
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Allergen Free Food Market Outlook & Key Findings
- FMI forecasts the market for allergen free food to grow at an impressive 8.6% CAGR between 2020 and 2030
- Weaker brick & mortar retail inventory in first half of 2020, pushed consumers to online stores, which witnessed over 60% amplified demand for allergy-friendly food products
- Ad Spend in the first half of 2020 on three leading social media platforms increased by an average of 32% by top 50 brand, comparing against the first half of 2019
- Consumers evaluated brand familiarity, labelling and price of at least three brands before making the final purchase decision, revealed in Buyer’s Journey section of the FMI report
- Surprisingly, peanut free products were among top three sought after allergen free food product categories, apart from gluten free, dairy free
- Finding niches and frequent product launch are strategic priority of new entrants in the market, whereas established brands leverages on existing portfolio
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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