Global Gluten Free Products Market to be Worth S$4.8 bn by 2021-end Growing at a CAGR of 7.70% over 2015-2021
Albany, NY -- (SBWIRE) -- 12/24/2018 -- A report published by TMR predicts that the global market for gluten free foods would expand at a sturdy CAGR of 7.70% over the period ranging from 2015 to 2021. The report finds that the global market accumulated revenues worth US$2.84 bn in 2014 and this figure is expected to increase to S$4.8 bn by 2021-end.
The availability of gluten free food across a wide range of channels has facilitated the growth of the global market. Until a decade, only a selected retail outlets and stores sold gluten free food due to its scanty demand. However, in recent times, owing to the emergence of several distribution channels and extended contacts of the manufacturers, gluten free food is easily available across local stores, groceries, and other points of sale.
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Gluten-free Bakery Products to witness Attractively Rising Demand through 2021
Based on product type, the market is segmented into bakery products, baby food, pasta, and ready-to-eat meals. Of these, the bakery segment is projected to rise at an attractive CAGR of 8.5% over the assessment period. The growth is propelled by the extensive demand for various types of bakery products and the easy availability of gluten free options in retain stores. Meanwhile, the rising number of diabetic population who show an inclination toward the consumption of bakery products is also catalyzing the growth of the overall market. The expanding retail footprint for the sale of gluten free bakery products, especially in developed nations, is also providing a sustained impetus to the segment.
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Health Consciousness amongst Consumers to Bolster Demand
Owing to the concerted efforts of healthcare units, health awareness campaigns, and easy access to information, people have become inclined towards consuming healthy foods. Gluten-free food serves a variety of health benefits such as lowering cholesterol levels in the body, and this is expected to create tremendous demand within the global market. Furthermore, gluten free food is less fattening, and hence, it is recommended for individuals who want to lose weight or cut down fats. Besides this, gluten free food is extremely useful for people suffering from digestive disorders. Owing to the aforementioned factors, it is safe to project that the global market for gluten free food would trace an upward graph of growth over the coming years.