Free-from foods market to grow over next decade
The global free-from foods market is expected to portray a healthy compound annual growth rate (CAGR), expanding at nearly 6% over the forecast period of 2020 to 2030, a report said.
The free-from food category, which aims to provide food-intolerant people with nutritious foods, has steadily gained traction over the last decade, and the report by Fact.MR indicates it will continue to expand.
The COVID-19 effects on the free-from foods market have been high during the lockdown phase. Stockpiling tendencies have led to a spike in sales during the second quarter of 2020.
Sales of free-from foods increased during the second quarter and are expected to create a new consumer base, as more individuals are turning towards healthy food products.
The report said that due to these factors, the free-from foods market is expected to show prominent growth after the COVID-19 crisis has been brought under control.
One key takeaway from the market study shows GMO-free foods are expected to show the highest growth in terms of product, increasing by around 1.7 times during the forecast period.
The organic free-from foods market is also expected to grow as consumers become more conscious about the ingredients they consume.
Sales of the category are mainly expected to grow through hypermarkets and supermarkets.
Analysts for the report said the investments in certifications and label claims are expected to benefit new entrants in the free-from foods market.
“This is also expected to help companies in reducing regional trade compliances,” they said.
The free-from foods market has seen multiple product launches and innovations during recent years.
Companies such as Nestlé SA, Tate and Lyle, Danone SA and Reckitt Benckiser Group, among others, have been at the forefront of these innovations, the report said.
The majority of companies in the free-from foods market have been increasing their portfolio with new introductions.
They have also been addressing issues with allergens in their whole product portfolio.
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