London — The global gluten-free market is anticipated to grow 12 percent, compounded annually, to reach $7.38 billion by 2021, according to Technavio.
Increasing awareness and the health benefits provided by gluten-free foods are the major driving factors for market growth, reports Manjunath Reddy, a lead analyst with the research firm. Other dynamics impacting gluten-free product sales are changing consumer spending patterns and tastes, improving economic conditions and demographic shifts.
While the market shows promise, there is intense competition between vendors for share, which is compounded further by rapid technology changes and increases in mergers and acquisitions, Technavio reports. In addition, an influx of private label options is also on the rise.