Study reveals growth of gluten-free market
The bakery products segment is estimated to dominate the gluten-free products market, mainly due to increasing preference for the bakery products.
The gluten-free market is estimated to be valued at $4.48 billion in 2018, and is projected to reach $6.47 billion by 2023, at a CAGR of 7.6%, according to a report published by MarketsandMarkets, New York.
The market research report, "Gluten-free Products Market by Type (Bakery Products, Snacks & RTE Products, Pizzas & Pastas, Condiments & Dressings), Distribution Channel (Conventional Stores, Specialty Stores, Drugstores & Pharmacies), and Region - Global Forecast to 2023," reveals that the gluten-free market is driven by an increased diagnosis and awareness of celiac disease and other food allergies as well as health benefits associated with the adoption of special dietary lifestyles
The bakery products segment is estimated to dominate the gluten-free products market, mainly due to increasing preference for the bakery products. North America and Europe have the highest number of gluten-intolerant population in the world. However, the awareness among the general population in these regions of celiac disease and health benefits associated with the consumption of gluten-free products is high, which has translated into increasing demand for gluten-free bakery products.
Of the various distribution channels, the conventional stores segment is projected to witness the fastest growth during the forecast period. The conventional stores segment includes various sub-segments such as grocery stores, mass merchandisers, warehouse clubs and online retailers. Conventional stores are an economical alternative and have become a popular choice for consumers who prefer gluten-free products.
The European market is projected to grow at the highest CAGR from 2018-2023. Increasing incidences of celiac diseases and gluten sensitivities lead to high demand for gluten-free products in the region.