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(CityRegions.Com, September 07, 2020 ) The Gluten-free Products Market is Projected To Account for USD 6.5 Billion By 2023. Changing lifestyles of consumers and growing awareness about the celiac disease have led to a surge in demand for FDA-certified health-enriching products. An increasing number of health conditions such as high cholesterol levels, obesity, and low energy levels have encouraged retailers to allocate products that align with the health requirements of consumers. To cater to the increasing demand for fat-free products, manufacturers focus on utilizing gluten-free ingredients in their products. According to MarketsandMarkets, the gluten-free products market is projected to account for a value of USD 6.5 billion by 2023, recording a CAGR of 7.6%.
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The Bakery Products Segment Is Projected To Dominate the Market During the Forecast Period
Consumption of various bakery products remains high as they are considered staple foods in Europe and North America. With the growing demand for bakery products, manufacturers focus on investing in ingredients that align with the health requirements of consumers. Manufacturers are opting for gluten-free ingredients to expand their customer base and promote their products in retail outlets. Due to these factors, the bakery products segment is projected to dominate the market during the forecast period.
Conventional Stores To Be the Leading Revenue Generator in the Gluten-free Products Market Through 2023
Due to busy and hectic lifestyles, consumers visit conventional stores such as mass merchandisers, online retailers, grocery stores, and warehouse clubs. Also, conventional stores accommodate a range of fat-free and gluten-free products that align with the diverse health requirements of consumers. Due to these factors, the conventional store segment is projected to be a leading contributor in the market during the forecast period.
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The Gluten-free Products Market To Record the Fastest Growth in Europe During the Forecast Period
Bakery and confectionery products are considered staple foods in various countries of Europe. Increasing consumption of bakery and confectionery products in the region have encouraged retail outlets to accommodate shelves with innovative products that are low-fat, gluten-free, and health-enriching. Also, a major section of the population in Europe is gluten-intolerant, due to which preference for gluten-free products remains high. On account of these factors, Europe is projected to record the fastest growth in the market during the forecast period.
Leading players operating in the gluten-free products market include The Hain Celestial Group, Inc. (US), The Kraft Heinz Company (US), Pinnacle Foods Inc. (US), Kellogg Company (US), and General Mills, Inc. (US). Key players in this market are adopting strategies such as mergers & acquisitions, new product launches, partnerships, and expansions to expand their customer base.
All in all, the gluten-free products market is projected to record significant growth during the forecast period. Increasing consumption of bakery and confectionery products in regions such as North America and Europe has encouraged manufacturers to invest in gluten-free ingredients to align with the diverse preferences and health requirements of consumers.
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