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The rising prevalence of celiac disease and other diseases owing to unhealthy lifestyles and rise in demand for healthy snacking products.
Growing awareness about gluten intolerance along with surging awareness about health consciousness among the global population will boost the growth of the global gluten free snacks market.” - Allied Market ResearchPORTLAND, OR, US, May 22, 2023 /einpresswire.com / -- Growing awareness about gluten intolerance along with surging awareness about health consciousness among the global population will boost the growth of the global gluten free snacks market . Furthermore, a surge in the number of celiac patients and gluten-related allergies will create huge demand for gluten free snacks. In addition, the surging popularity of convenience diets among the millennial population will create new growth avenues for the global industry. However, huge product costs and easy availability of substitute food products such as functional foods and food supplements can put brakes on the global industry.
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The gluten free snacks market was valued at $843.60 million in 2021, and is estimated to reach $1.8 billion by 2031, growing at a CAGR of 8.3% from 2022 to 2031.
The demand for gluten free snacks has grown in recent years. People's adherence to gluten free diets has increased, in part because of greater awareness of gluten related illnesses, particularly celiac disease, but primarily because of the common notion that a gluten free diet is better. For instance, according to The American College of Gastroenterology, they estimate that in 2020, The prevalence of biopsy-confirmed Celiac disease (CD) is estimated at 0.7%, while diagnosis based on serology is estimated at 1.4% of the population. Thus, growing obesity and related health problems are likely to increase gluten free snacks market demand during forecast period.
Top Key Companies Included:
The players operating in the global gluten free snacks industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report are Freedom Foods Group Limited, General Mills, Inc., Kellogg Company, Koninklijke Wessanen N.V, Mondelez International Inc, ConAgra Foods Inc, Quinoa Corporation, The Hain Celestial Group, Inc, The Kraft Heinz Company and Valeo Foods Group Ltd.
Based on the product type, the salty snacks segment is set to contribute to the highest market share in 2021, accounting for more than one-thirds of the global gluten free snacks market share. Furthermore, the segment is projected to contribute majorly toward the global market share during the forecast period. The growth of the segment over the assessment period is attributed to growing product demand due to its taste and health benefits. However, the candy bars segment will record the fastest CAGR of 10.1% from 2022 to 2031. The growth of the segment over the forecast timeframe can be attributed to rise in demand for candy bars owing to availability of various brands of candy bars and huge popularity of small snacks.
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According to the Gluten free snacks market opportunities, region wise, Europe garnered the major gluten free snacks market share in 2021 and is expected to maintain its market share throughout gluten free snacks market forecast period. In 2021, Europe is anticipated to hold the greatest market share for gluten free goods. The large share of this region is primarily attributed to the increase in consumer health consciousness, the rise in the number of celiac disease cases, the prevalence of wheat intolerance, the ease with which gluten free products can be found in almost all grocery stores, the rise in demand for gluten free bakery goods, the improvement of distribution channels, and the increase in marketing efforts. In addition, it is anticipated to expand quickly over the course of the forecast period due to the rising popularity of prepared meals and frozen foods free of gluten.
On the basis of generation, the millennials segment was the highest contributor to the market, with $383.2 million in 2021 and is expected grow at a CAGR of 7.1% during the forecast period. In the upcoming years, it is anticipated that the rising trend of corporate executives and sportsmen consuming low-calorie and gluten free foods are likley to supplement the gluten free snacks market growth.
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Key findings of the study
-- The gluten free snacks market size was valued at $843.6 million in 2021, and is estimated to reach $1,844.9 million by 2031, registering a CAGR of 8.3% from 2022 to 2031.
-- In 2021, by product type, the nutrition bar segment was valued at $283.5 million, accounting for 33.6% of the market share.
-- In 2021, by distribution channel, the specialty stores segment was valued at $120.2 million, accounting for 14.2% of the market share.
-- In 2021, on the basis of generation, the generation X segment acquired $316.1 million, exhibiting 37.5% of the global market share.
-- Germany was the most prominent market in Europe in 2021, and is projected to reach $139.5 million by 2031, growing at a CAGR of 7.1% during the forecast period.
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