Gluten-Free Products Market Share Predicted to Rise at a Lucrative CAGR throughout 2024
Global Gluten-Free Products Market is segmented by Type, Distribution Channel and Region.
The global gluten-free products market share is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, North American region is dominating the market over the forecast period. The market is projected to grow at a CAGR of 9.65% during the review period. This is attributed to high consumption of gluten-free products in this region. However, among the European countries, Italy is expected to grow with a CAGR of 9.64% during the review period.
Among the type, bakery & snacks segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 9.91% during the given period due to increase in the demand of bakery and convenience food products. Among the distribution channels of gluten-free products, store-based segment is accounting for approximately 86% market share followed by non-store-based accounting for 14% of the global gluten-free products market. The segment is projected to register a healthy CAGR of 9.23% during the forecast period 2017-2022.
This report includes a study of strategies used in the market, mergers, and acquisitions and multiple product launch by gluten-free products market players. It further includes product portfolios and developments of leading players, which includes
- The Hain Celestial Group, Inc. (U.S.)
- Boulder Brands, Inc. (U.S.)
- General Mills, Inc. (U.S.)
- The Kraft Heinz Company (U.S.)
- Kellogg Company (U.S.)
- Mondelez International, Inc. (U.S.)
- Hero Group AG (Switzerland)
- Freedom Foods Group Ltd. (Australia)
The gluten-free foods & beverages market is competitive with major market players operating at the global level. Major manufacturers also are found to have high focus on acquisitions in order to strengthen their business presence. They are also involved in the strategic business expansion which will further support the company to expand and reach out to consumers across the regions. New product launches are also done to expand their business portfolio.
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Increasing health and wellness concern among the population is a major factor for the growing demand for gluten-free food products. The conviction that gluten-free products are generally healthier is one of the key factors responsible for purchase among consumers. There is also high perception among consumers that gluten-free food adds to the nutritional content and helps in weight management. The linkage of increased energy and weight loss is another factor for the growing consumption of gluten-free food products.
Furthermore, increasing incidence of diseases such as obesity, diabetes and other chronic diseases in the North American region has opened the doors for key players to come up with various customized gluten-free products which will in turn escalates the sales of gluten-free products during the forecast period. Moreover, product promotions through various channels have added fuel to this segment.
However, the threat of contamination of ingredients and raw materials due to improper handling is a major challenge faced by the vendors in the global gluten-free food market. Nevertheless, all these factors are boosting the global gluten-free products market to grow at the CAGR of 9.51% during the forecast period of 2017-2023.