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How Is The Food Intolerance Products Market Size Scaling In Recent Years?
In the past few years, the food intolerance products market size has witnessed considerable growth. The market size, which is pegged to be at $17.64 billion in 2023, is set to escalate to $19.05 billion in 2024 at a compound annual growth rate CAGR of 8.0%. Factors attributing to this solid growth during the historical period involve an increased prevalence of food intolerances and sensitivities, rising awareness and detection of food allergies and intolerances, and a burgeoning demand for specialized and free-from food products. A need for individualized nutrition and dietary solutions and an expanding health and wellness conscious consumer base are additional attributing elements. Verification standards for intolerance-friendly products have also become commonplace, powering market growth.
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What is the Food Intolerance Products Market Growth Forecast?
The food intolerance products market size is set to witness strong growth in the foreseeable future. From 2023, it is expected to experience an ascend to $25.56 billion in 2028 at a steady compound annual growth rate CAGR of 7.6%. This growth during the forecast period can be attributed to increasing adoption of plant-based and alternative protein sources, emphasis on clean label and minimal ingredient foods for intolerance diets, and initiatives in research and development of novel ingredient substitutes for food allergens. There is a robust demand for intolerance-friendly products in the foodservice and hospitality industry as well, which along with expansion of food intolerance products in global and emerging markets and growing consumer interest in functional and gut health-focused foods, are major trends in the forecast period.
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What Are The Key Growth Drivers Of The Food Intolerance Products Market?
The rising popularity of the vegan diet is one of the major drivers at the helm of the food intolerance products market growth. A vegan diet, which includes only plant-based foods such as fruits, vegetables, soy, legumes, nuts, and nut butter, plant-based dairy alternatives, sprouted or fermented plant foods, and whole grains, has been shown to improve digestion and health and does not trigger intolerance in the body. This is due to the incorporation of essential nutrients in the diet. As the popularity of the vegan diet gradually spikes, it fuels the market for food intolerance products. For instance, in April 2022, according to a blog published by the Food Revolution Network, a US-based online education organization, plant-based dairy and meat sales were projected to increase to $162 billion by 2030. This means that plant-based meat and dairy alternatives already make up nearly 8% of the global ‘protein foods’ market. Hence, the growing popularity of the vegan diet will continue to cascade the growth of the food intolerance products market.
Who Are The Key Industry Players In The Food Intolerance Products Market?
Major companies operating in the food intolerance products market include Nestle SA, General Mills Inc., Kraft Heinz Company, Dr. Schär AG/SPA, Mead Johnson & Company LLC, Danone SA, Reckitt Benckiser Group plc, Beyond Meat Inc., Blue Diamond Growers, Abbott Laboratories, Kellanova, Oatly Group AB, 50/50 Foods Inc., Boulder Brands Inc., Conagra Brands Inc., among other leading global players.
What Are The Emerging Trends In The Food Intolerance Products Market?
Strategic partnerships and collaborations are advancing rapidly as a key trend in the food intolerance products market. Market players are increasingly joining forces with other players to develop new products and enhance the supply of products. For instance, in January 2021, PepsiCo, Inc., a US-based food company, and Beyond Meat, Inc., a US-based producer of plant-based meat substitutes, announced the formation of The PLANeT Partnership, LLC TPP- a joint venture initiated to develop, produce, and market innovative snack and beverage products made from plant-based protein. This partnership will help bring new value-added dairy ingredients to the USA market.
How Is The Food Intolerance Products Market Segmented?
The food intolerance products market analysed in this report is segmented as follows:
1 By Product Type: Diabetic Food, Gluten-free Food, Lactose-free Food
2 By Type: Bakery Products, Confectionery Products, Dairy and Dairy Alternatives, Meat and Seafood Products, Other Types
3 By Distribution Channel: Hypermarkets/Supermarkets, Convenience Stores, Online Channels, Other Distribution Channels.
What Are The Regional Insights Into The Food Intolerance Products Market?
In 2023, North America dominated the food intolerance market. From here on out, Asia-Pacific is predicted to be the fastest-growing region during the forecast period. The regions examined in the food intolerance products market report span across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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