(MENAFN- EIN Presswire)
Global kosher food industry was estimated at $19.13 billion in 2018 and is expected to hit $25.62 billion by 2026, registering a CAGR of 3.7% from 2019 to 2026
PORTLAND, OREGON, UNITED STATES, October 14, 2022 / / -- The growth in value sales for vegan food and clean label products is attributed to surge in demand for different kosher food, which facilitate better alternative for synthetic products. Thus, increase in willingness of customers for different types of natural ingredients in food & beverages and also the production of food with kashrut law is expected to fuel the demand for kosher food market.
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The food industry has been evolving in terms of innovations and demand. Manufacturers are focusing on key innovations that cater to the requirements of their target consumers who are demanding kosher certification for food items. Increase in awareness toward health and wellness has been witnessed among people residing in the developed as well as the developing countries. This has resulted in increased demand for various types of special kosher food made using organic products. Thus, kosher food are gaining increased traction among food & beverage manufacturers, which significantly drives the growth of the global market.
Key players in the market-
Empire Kosher Poultry, Inc.
Conagra Brands
General Mills (Yoplait)
Unilever
Cargill
Nestle
Dean Foods
PepsiCo Beverage & Foods (Tropicana)
The Hain Celestial Group
Bob's Red Mill
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The meat segment to retain its dominance during the estimated period-
Based on product type, the meat segment accounted for around one-third of the global kosher food market share in 2018, and is expected to dominate by 2026. The consumption of kosher foods by non-Jewish consumers and private label suppliers to reach the leading market players for growth of their business are the factors propelling the growth of the segment. The snacks and savory segment, on the other hand, would grow at the fastest CAGR of 5.1% from 2019 to 2026. The emerging market players with a new variety of food items are driving the growth of the segment.
The supermarkets and hypermarket segment to lead the trail during the study period-
Based on distribution channel, the supermarkets & hypermarket segment held the major share in 2018, garnering nearly three-fifths of the global kosher food market. Increase in retail sales channel penetration in developing markets and availability of various brands of kosher certified products are the factors that drive the growth of the segment. Simultaneously, the online segment would register the fastest CAGR of 6.1% throughout the forecast period. This is owing to rise in Internet penetration across the globe.
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North America to rule the roost by 2026-
Based on region, North America contributed to nearly two-fifths of the global kosher food market revenue in 2018, and is projected to maintain the lion's share from 2019 to 2026. Availability of kosher food products in various distribution channels in the region is driving the growth of the market. At the same time, the Asia-Pacific region would cite the fastest CAGR of 5.7% by 2026. This is attributed to the growth of kosher food market in Europe and North America region and large number of millennials population in the Asia- Pacific region is driving the growth of the market.
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