Free From Food Market Extensive Growth Opportunities to be Witnessed by 2028
The Fact.MR report also tracks the free from food market for the forecast period 2019-2028. According to the report, the free from food market is projected to register a CAGR of nearly 7.0% CAGR through 2028.
[UKPRwire, Wed Aug 28 2019] The free-from food market is expected to surpass revenues worth US$ 60 Bn in 2019, according to a new study of Fact.MR. Free-from food sales continue to remain influenced by a range of factors, including rising consumer awareness on food allergies and intolerances, and upward trend of health & wellness.
According to the Center for Disease Control and Prevention (CDC), food allergies are a growing public health concern, which affect nearly 6% children in the US alone. Absence of effective treatment for food allergies and intolerance has been complementing the adoption of free-from food among consumers worldwide. However, sustainable sourcing of free-from ingredients, and effective processing technologies, continue to remain key concerns to be addressed by players in the free from food market.
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The study opines that growing prevalence of lactose intolerance among the global population continues to remain a key growth determinant of the free-from food market. According to the US National Library of Medicine’s Genetic Home Reference, nearly 65% of world population has been affected from lactose intolerance. Additionally, over 90% adults in East Asia have been identified to suffer from lactose intolerance.
As concerns over the consumption of food products made using Genetically Modified (GMO) crops continue to gain significance worldwide, it is highly likely that demand for GMO-free food products will witness a notable rise in the near future. Sensing the opportunity in GMO-free food, manufacturers are currently focusing on proper and informed product labelling, so as to attract a wider consumer base.
Modern-Trade Accounts for Largest Share of Free-From Food Sales
Attractive product display and wider availability of options to choose from are key offerings of modern trade channels, which has led its popularity as a lucrative sales channel for food & beverages, and free-from food is no exception. According to the report, free-from food sales through modern trade are expected to surpass revenue worth US$ 22 Bn in 2019. The convenience of access to a large variety under one roof is another aspect attracting consumer attention toward these stores for purchasing goods, which have been complementing sales of free-from food in modern trade. The report states that growing visibility of multinational grocery stores, particularly in emerging countries, has further been a key sales influencer of free-from food via modern trade.
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North America to Remain Most Lucrative Market for Free-From Food
North America will continue to spearhead the free-from food market, with sales expected to bring in revenues over US$ 19 Bn in 2019. Free-from food sales in the region can be attributed to consumer awareness regarding growing prevalence of celiac disease, coupled with lactose intolerance and gluten intolerance, among consumers. This, along with the relative economic vigor of consumers will continue to underpin sales of free-from food in North America. Increasing bakery product consumption in the region is also encouraging manufacturers to offer gluten-free bakery products. Robust consumption of bakery food in North America is another factor paving opportunities for free-from food manufacturers to leverage.