The global allergen free food market size is anticipated to reach $111bn 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 9.0 per cent CAGR between 2020 and 2030.
According to the report, the rising demand for clean label food products and for meat and dairy alternatives from the vegan consumers will stoke growth in the market.
There is increasing demand for healthy products that are free from GMO, gluten, and other added ingredients. This will in turn create growth opportunities for the allergen free food market.
The report provides exhaustive overview of the allergen free food market. It covers prevailing trends, analysing growth drivers and potential restraints. The impact of various strategies adopted by the leading market players is studied as well in detail in the report.
It includes in-depth insights into the allergen free food market. Some of these are:
- The estimated value of the market was at $47mn 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.
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.