Food Intolerance Products Market Size to Reach USD 22.6 Billion by 2031; Industry compound annual growth rate of 5.9%
Food Intolerance Products Market size was valued at USD 12,145.6 Million in 2020 and is projected to reach USD 22,654.4 Million by 2031, registering a CAGR of 5.9%
PORTLAND, OREGON, USA, July 26, 2022 /EINPresswire.com/ — Main determinants of growth
Rising prevalence of celiac disease and lactose intolerance in the general population, along with increased health awareness and widespread adoption of vegan, gluten-free and lactose-free food products are driving the growth of the global food intolerance products market. However, the high cost is hampering the growth of the market. On the other hand, increasing urbanization, active promotional activities of product manufacturers, and continuous introduction of products with aesthetic packaging solutions offer new opportunities in the coming years.
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Major Market Players:-
Kraft Heinz Company
Dr. Schär AG / SPA
Mead Johnson Nutrition Company
Fifty 50 Foods Corporation
Boulder Brands, Inc.
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The outbreak of the Covid-19 pandemic has disrupted food and beverage industry sales through physical stores, resulting in consumers shifting to online sales channels to purchase consumer electronics, thereby driving the growth of online sales of food intolerance products industry.
The trend will continue in the post-pandemic period.
The lactose-free food segment will maintain its leading status throughout the forecast period
Based on product, the lactose-free foods segment held the highest market share in 2020, accounting for more than half of the global food intolerance products market, and is expected to maintain its leading status throughout the forecast period. Moreover, the same segment is expected to show the highest CAGR of 7.2% from 2022 to 2031. Lactose-free dairy products can provide the important nutrients found in traditional dairy products, such as calcium and vitamins, to people who cannot digest lactose. This category of products has broad and growing health appeal to consumers. These benefits and consumer acceptance are driving the segment during the forecast period.
The Hypermarkets/Supermarkets segment to maintain its leading position over the forecast period
Based on distribution channel, hypermarket/supermarket segment accounted for the largest share in 2020, contributing nearly half of the global food intolerance products market, and is expected to maintain its leading position during the period. forecast. This is due to the fact that they allow shoppers to find and purchase a diverse range of consumer items within one area. Additionally, the online channel segment is expected to show the largest CAGR of 7.5% from 2022 to 2031. The usage of social media and the expansion of digital shopping platforms globally are attributed to the growth of the segment.
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North America will maintain its dominance by 2031
By region, North America held the highest market share by revenue in 2020, accounting for nearly half of the global food intolerance products market. Food intolerance products are popular in this region because people are more concerned about their health, which leads to the purchase of these healthy items. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 7.1% from 2022 to 2031. This is due to the increasing adoption of healthy products and the increase in health problems among the population.
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