Gluten-free product market worth $7.59 billion by 2020
The rising gluten-free trend is showing no signs of slowing. This year, the global market for gluten-free products is valued at $4.63 billion and is projected to reach $7.59 billion by 2020 at a CAGR of 10.4 percent, according to analysts MarketsandMarkets.
In a new report, MarketsandMarkets defines and segments the gluten-free products market with analysis and projections of the size of the market both in terms of volume and value. It also identifies the driving and restraining factors of the market with analysis of trends, opportunities, and challenges.
According to analysts, the European region is projected to be the fastest-growing market in the near future because of health concerns in the region. Markets for these products in Europe and the US are well developed. This is due primarily to education and awareness of a need to limit gluten intake and the increasing number of celiac and gluten intolerant consumers. But gluten-free products have been witnessing strong growth even among non-celiac patients with more number of new product introductions in snacks and alcoholic beverages.
MarketsandMarkets identified one area of major restraint for these products as the lack of awareness in developing regions such as Asia-Pacific and Latin America. Researchers say many consumers here are less aware of the difference between allergy and intolerance. Furthermore, many consumers are either misdiagnosed or undiagnosed entirely for the celiac disease.
Bakery products are the largest market segment when it comes to these foods. Product developments have been highly concentrated towards in food segments such as bakery products and cereals and snacks. Due to the easy availability of corn, sorghum, and quinoa, product innovations for bakery products have been based on these gluten-free sources in the developed markets of the U.S., Canada, Italy, and Germany. The cereals and snacks segment is projected to be the fastest growing segment from 2015 to 2020.
More information can be found here.
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