NEW YORK, US, March 01, 2023 (GLOBE NEWSWIRE) -- “[228+ Pages Report] According to the report published by Facts and Factors, the global food allergy market size was worth around USD 35 billion in 2021 and is predicted to grow to around USD 54 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.64% between 2022 and 2030.”
The report analyzes the global food allergy market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the food allergy market.
Food Allergy Market Overview:
Food allergy occurs when the body’s immunity system is triggered to react unusually after the consumption of certain food products. In most cases, the reaction is mild but it may sometimes become life-threatening or extremely serious. The associated systems can be observed in different parts of the body and every patient may react differently. Some of the common symptoms of food allergy include a raised and itchy rash called hives, an itch sensation in the eyes, mouth or ears, face, lips, eyes, or tongue swelling.
Some reactions are known to cause the patient to vomit as well. Anaphylaxis is the worst case of food allergy and can be fatal if not managed on time. Common symptoms of anaphylaxis are difficulty in swallowing & breathing, and feeling faint or dizzy. Food allergies are caused when the immune system misjudges a certain protein as a threat to the body and acts as a defense mechanism that causes the release of certain chemicals which may be harmful to the body.
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Although a person can be allergic to almost all food products, the most widely seen cases of food allergy include reactions to peanuts, milk, shellfish, and certain types of vegetables or fruits. The most effective way of treating food allergy is to identify the food that triggers the reaction and stop consuming it in all forms.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 35 Billion |
| Projected Market Size in 2030 | USD 54 Billion |
| CAGR Growth Rate | 5.64% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2030 |
| Key Market Players | Boehringer Ingelheim International GmbH, Akorn Incorporated, Novartis AG, Teva Pharmaceutical Industries Ltd., Pfizer Inc., Johnson & Johnson Private Limited, Mylan N.V., and Others |
| Key Segment | By Treatment, Food Source, End-Users, Diagnosis, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Key Insights from Primary Research
- As per the analysis, the global food allergy market share is likely to grow above a CAGR of around 5.64% between 2022 and 2030.
- The food allergy market size was worth around US$ 35 billion in 2021 and is estimated to hit approximately US$ 54 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The market is projected to grow at a significant rate due to the growing susceptibility in the modern world
- Based on treatment segmentation, antihistamines were predicted to show maximum market share in the year 2021
- Based on end-user segmentation, hospitals were the leading users in 2021
- On the basis of region, North America was the leading revenue generator in 2021
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Market Dynamics:
Growth Drivers & Restraints:
The global food allergy market is projected to grow owing to the increasing investments in the healthcare sector from private companies as well on the government scale. Healthcare remains a dominating factor in determining the overall economic growth of the country. Regions with poor healthcare infrastructure may not register high financial growth since a strong infrastructure guarantees a healthy pool of manpower, which is essential for the production of services or goods.
Food allergy is known to have a severe impact on the overall economy as the higher the percentage of the population affected, the more will be economic loss. The total cost of allergies in the Australian territory is around $7 billion annually. As per recent research, the cost of managing food allergy in the US totals around USD 24 billion per year, which is almost close to USD 4000 per child.
The key factor that could impede the global market growth trajectory is the high cost associated with the treatment of the condition. Food allergy tests are expensive and the added cost of specialist fees makes it difficult for low-income families to invest in food allergy care. Blood tests to determine food allergy can cost up to a few hundred dollars in the US and getting tests for chronic hives can reach more than a thousand dollars. The health insurance may not cover these tests which means that the patient has to bear all the expenses.
The growing research may provide growth opportunities while the lack of infrastructure in underdeveloped economies may challenge market growth.
Food Allergy Market: Segmentation Analysis
The global food allergy market is segmented based on treatment, food source, end-users, diagnosis, and region
Based on food source, the global market is divided into tree nuts, dairy products, wheat, soy, peanuts, poultry product, shellfish, and others. Although different patients may be allergic to different food products, the most common type of allergy is induced by peanuts which can also lead to anaphylaxis in most cases as compared to other food items. Peanut allergy occurs if the immune system determines that peanut protein is harmful to the body and the reaction is caused by the antibody immunoglobulin E which releases the chemicals in the system to fight the threat. Anaphylaxis induced by peanuts is as common as 1 in 50 children.
Based on diagnosis, the global market segments are oral food challenge, skin-prick tests, elimination diet, blood test, and others. In 2021, the global market registered the highest growth in the skin-prick tests segment because of a higher preference amongst medical professionals toward this testing method for food allergies. The reason for the popularity is that it can be conducted on infants as well and does not require a special visit to the doctor with results becoming available just after the test. It can cost between USD 60 to USD 300.
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Regional Analysis:
- North America to lead with the highest growth rate
North America is projected to lead the global food allergy market due to higher affordability rates amongst the population and easy accessibility to testing. Growth in Europe may be driven by the excellent medical infrastructure of Germany, the Netherlands, and Norway. Around 12.8% of Germany’s gross domestic product (GDP) is spent on healthcare annually.
The country also offers free medical care to all of its citizens which is directly funded by contributions made to social security. Asia-Pacific may register a high CAGR due to the high prevalence of food allergy in Australia which is the most affected region across the globe. As per statistics, it currently affects 2 in every 100 adults and 1 in 10 infants in Australia.
Competitive Players:
The report contains qualitative and quantitative research on the global food allergy market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global food allergy market include;
- Boehringer Ingelheim International GmbH
- Akorn Incorporated
- Novartis AG
- Teva Pharmaceutical Industries Ltd.
- Pfizer Inc.
- Johnson & Johnson Private Limited
- Mylan N.V.
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Recent Industry Developments:
- In September 2021, Dr. Batra’s Healthcare launched a new homeopathy treatment for skin, food, and respiratory allergies
- In August 2020, Nestle announced that it will be acquiring Aimmune Therapeutics, Inc., a company specializing in the development and commercialization of drugs for serious food allergies
The global food allergy market is segmented as follows:
By Treatment
- Antihistamines
- Oral Immunotherapy
- Epinephrine
- Others
By Food Source
- Tree Nuts
- Dairy Products
- Wheat
- Soy
- Peanuts
- Poultry Product
- Shellfish
- Others
By End-Users
- Homecare
- Specialty Clinics
- Hospitals
- Others
By Diagnosis
- Oral Food Challenge
- Skin-Prick Tests
- Elimination Diet
- Blood Test
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the size of the food allergy market and what is its expected growth rate?
- What are the primary driving factors that push the food allergy market forward?
- What are the food allergy Industry's top companies?
- What are the different categories that the food allergy Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the food allergy market sample report and company profiles?
Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Treatment, Food Source, End-Users, Diagnosis, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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