Food Allergy Market Growth to Continue with a 5.9% CAGR, Reaching USD 69.4 Billion by 2034 | States Transparency Market Research, Inc.

An impulsive reaction of the human body to any food element consumed is called a food allergy, which can depict varying symptoms, depending on an individual's physical health. Digestive problems or swollen airways are some of the common symptoms that a patient's body reflects due to the consumption of even slightly allergic food.

WILMINGTON, Del., July 15, 2024 /PRNewswire/ -- The projected size of the global food allergy market is likely to reach USD 69.4 billion by 2034. The last recorded valuation of the industry was USD 36.9 billion in 2023. Owing to a moderate advancement at a CAGR of 5.9%, the ecosystem is set to create prospects for leading organizations in the industry.

The growing cases of food intolerance are likely to surge the demand for proper treatments to cure allergies and other disorders. This rising demand is likely to spur opportunities for key players in the industry, fueling the growth of the said sector.

A spike in cases of people suffering from asthma is driving the demand for anti-allergy treatments. Albeit the effect of food color, food particles, and chemicals are not found to create any favorable effect for asthma, food allergy is found to be an important side-effect of the same. Such an allergy can further lead to the disease.

Due to the growing prevalence of asthma cases, the demand for treatments to cure allergy, and thereby asthma, is increasing, driving the competitive space. Depending on the severity of food allergies, treatment and medicines are to be determined. To cater to varying allergy symptoms, a suitable course of action can be decided, which creates lucrative prospects for leading manufacturers in the industry.

A significant rise in food allergy cases among children can be witnessed. This rise in pediatric diseases drives the demand for pediatric treatments, which creates a niche in the industry. This factor elevates the demand for the industry.

With the progress in the technological infrastructure, the augmentation of key medicines, treatments, and therapies becomes possible. The formulation of tablets, syrups, and other medications can be innovated, expanding new openings in the industry.

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The growing investments in the healthcare sector by key players as well as the government are spurring multiple prospects for key players in the food allergy market. Due to such increasing opportunities, key players can expand in the said sector, availing more choices for consumers.

The growing consumer awareness regarding food allergies and their symptoms of the same is driving more people to seek medical assistance. As a result, this is another key driver for the industry.

Key Findings from the Market Report

• The vast competitive space is segmented based on different criteria. The foremost parameter is the differentiation based on food source. As dairy product consumption is the highest, the probability of food allergy through such products is high.
• Based on the test method, the blood test segment is expected to gain the highest momentum. A patient's inclination toward frequent check-ups is the main driver.
• Based on the type of treatment, the epinephrine segment will gain more popularity due to the ability of the treatment to regulate blood pressure.
• In the case of distribution, hospital pharmacies are expected to use the highest number of food antiallergy drugs due to better consumer reach.

Food Allergy Market Report Scope:

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Regional Profile

• With the growing technological infrastructure in North America, alterations in product formulations are spurring. This drives opportunities for key players in the region.
• The growing healthcare infrastructure in Europe is responsible for the progress of the industry in the region.
• The rising population and augmented food industry in Asia-Pacific are creating prospects for the food allergy market in the region, and thus, the region is likely to lead the global landscape.

Competitive Landscape

The vast competitive space is explored by key competitors using strategies like product innovation, product launches, and many more.

• Pfizer Inc. is a key player that offers aminophylline, adalimumab-afzb, and quinapril HCI.
• GSK plc operates in different areas, including vaccines, specialty medicines, and general medicines.
• Novartis AG manufactures products like Adakveo, Afinitor Disperz, and Afinitor Disperz.

Key Developments in the Food Allergy Market

• In December 2023, Pfizer Inc. acquired Seagen, which helped the business gain a better space in the industry.
• In June 2024, GSK plc acquired Elsie Biotechnologies, thereby accelerating the oligonucleotide platform and pipeline medicines.

Key Players

• Akorn Operating Company LLC
• Pfizer Inc.
• GSK plc
• Novartis AG
• Mylan N.V.
• Teva Pharmaceutical Industries Ltd.
• Sanofi S.A.
• Boehringer Ingelheim
• AstraZeneca plc
• Bayer AG
• Merck & Co. Inc.
• F. Hoffmann-La Roche Ltd.

Market Segmentation

Food Source

• Dairy Products
• Poultry Products
• Tree Nuts
• Peanuts
• Shellfish
• Wheat
• Others (Soy, etc.)

Diagnosis

• Skin-prick Tests
• Blood Test
• Elimination Diet
• Others (Oral Food Challenge, etc.)

Treatment Type

• Epinephrine
• Antihistamines
• Oral Immunotherapy
• Others (Adrenaline, etc.)

Distribution Channel

• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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