Allergen Free Food Market Expected to Reach $108 Billion By The End Of 2030.
FinancialNewsMedia.com News Commentary
Sep 23, 2021, 08:45 ET
PALM BEACH, Fla., Sept. 23, 2021 /PRNewswire/ -- The Allergen-Free Food Market has been experiencing substantial growth during the pandemic. Food includes anti-diabetic foods, gluten-free. Lactose-free, and others. Many people are allergic to gluten, lactose or are unable to consume high-calorie products due to diabetes, which has led food manufactures to produce allergen-free food. Additionally, many consumers now prefer allergen free foods and beverages in the belief that they will aid their digestive health, weight management and general wellbeing. According to a report from Future Market Insights "the expansion of online channels will give impetus to the allergen free food market, which according to FMI will offer incremental growth opportunities, enabling the market reach US$ 108.0 Bn by the end of 2030. The report said: "FMI forecasts the market for allergen free food to grow at an impressive 8.6% CAGR between 2020 and 2030. Weaker brick & mortar retail inventory in first half of 2020, pushed consumers to online stores, which witnessed over 60% amplified demand for allergy-friendly food products. Ad Spend in the first half of 2020 on three leading social media platforms increased by an average of 32% by top 50 brand, comparing against the first half of 2019. Consumers evaluated brand familiarity, labelling and price of at least three brands before making the final purchase decision, revealed in Buyer's Journey section of the FMI report." Active Companies in the markets today include Nepra Foods Inc. (CSE: NPRA), Komo Plant Based Foods Inc. (OTCPK: KOMOF) (CSE: YUM), Hormel Foods Corporation (NYSE: HRL), Nomad Foods Limited (NYSE: NOMD), Ingredion Incorporated (NYSE: INGR).
Future Market Insights continued with: "Surprisingly, peanut free products were among top three sought after allergen free food product categories, apart from gluten free, dairy free… As per FMI report, the global allergen free food market is estimated to surpass the valuation of US$ 46.4 Bn by the end of 2020. The industry is well positioned to register at least 4% higher growth rate than the overall food & beverage sector. The combined attribute of behemoth size and rapid growth has captivated leading companies in global food & beverages sector as well as new entrants. Allergy friendly food brands also invest resources on educating consumers about their products. Consequently, spending on advertising and marketing has surged significantly. There is increasing focus on allergen-free food products, containing organic ingredients as companies intend to woo new consumers while retailing the existing ones. These consumer oriented strategic initiatives undertaken by allergy free food companies will usher a new dawn of health food category."
Nepra Foods Inc. (CSE: NPRA) BREAKING NEWS: Following Successful IPO Nepra Foods Isssues Letter from the CEO - Nepra Foods Inc. (the "Company" or "Nepra") creator of nutritious plant-based and allergen-free food is pleased to share this corporate update letter from CEO David Wood.
Dear Fellow Shareholders, Our team at Nepra Foods is thrilled to have oversubscribed our Initial Public Offering, successfully raising gross proceeds of $7.5 million at an offering price of $0.47 CAD. I'm also delighted to deliver my first shareholder letter as CEO of Nepra and introduce our products and story to you.
Of course, before proceeding further, I must also express our gratitude to new shareholders and Canaccord Genuity for efficaciously and professionally leading this milestone financing.
Charged by the plant-based movement and an exceptional product line-up, we are now looking forward to forging a new history. Nepra offers customers the best in product innovation and customer service while charting a corporate growth strategy driven to provide value and transparency to its shareholders.
Nepra is led by a team of master bakers, chefs, and executives with decades of experience in the food industry. Ingrained in the company culture is a commitment to future-oriented innovation. Since its inception in 2016, everything Nepra has accomplished aims to solve challenges faced by the industry. One of those challenges is food allergies. The WHO estimates between 1-3% of adults globally have some food allergy. That number increases to 4-6% for children. Producing high-quality and nutritious allergen-free food can be challenging and requires specialized technical creativity. The team at Nepra has the experience and skill to take those challenges head-on.
The speed of lasting change is accelerating in the industry, and the changes we see in the sector are primarily for the better. A renewed interest in better nutrition and wellness after a global pandemic has roused people to take their health more seriously. One way of the best ways to improve our health is better nutrition. It reminds me of a quote from Hippocrates, "Let food be thy medicine and medicine be thy food." Unfortunately, one of the failures of our modern food industry is that it has genuinely let humanity down by making so many foods that have little or no nutritional value. Moreover, healthy eating is more expensive and less accessible. At Nepra Foods, we are emboldened to make it easier to eat healthy.
We have quietly been building a multi-category foundation behind the mantra, "The Evolution of Eating." Focusing on plant-based foods high in protein and fiber, lower in carbohydrates, and truly nutritious - everything Nepra does is plant-based, allergen-free, and gluten-free. In addition, the Company develops and produces proprietary ingredients that are sold to other food producers and used in our own consumer products.
Over the past five years, Nepra has also established a growing business-to-business portfolio providing proprietary specialized ingredients to food producers across North America. Additionally, the Company has newly established consumer distribution with direct-to-consumer as well as traditional retailers. CONTINUED… Read this full release for Nepra Foods at: https://www.financialnewsmedia.com/news-npra/
Other recent developments in the markets of note include:
Komo Plant Based Foods Inc. (OTCPK: KOMOF) (CSE: YUM) recently announced that it is working on prototypes for a plant-based desserts line. Komo is developing the new desserts in its research and development kitchen using 100% plant-based and wholesome ingredients to create premium comfort favourites designed to make plant-based eating easy, yet ultimately satisfying.
Komo plans to launch the new sweets line through its direct-to-consumer platform in November 2021. The goal is to launch new products locally with the intention of garnering initial consumer feedback on new concepts and innovation. This feedback will be used as a guide for ensuring the product meets customer expectations and validates the demand of new ideas. If the new products are well received, then Komo will scale up manufacturing for a nationwide launch through retail channels in 2022.
Hormel Foods Corporation (NYSE:HRL) a leading global branded food company, recently reported results for the third quarter of fiscal 2021. All comparisons are to the third quarter of fiscal 2020 unless otherwise noted.
"Our team delivered the highest quarterly net sales result in the company's history, with growth from every segment and all four channels," said Jim Snee, chairman of the board, president and chief executive officer. "This record performance demonstrates the power of our brands and our team's ability to successfully integrate the Planters® business, which is quite an accomplishment, given the difficult operating conditions again this quarter."
Nomad Foods Limited (NYSE: NOMD) and BlueNalu have recently agreed to explore the introduction of cell-cultured seafood in Europe, where demand for sustainably produced, healthy seafood products continues to grow. Europe is the largest importer of seafood in the world due to high consumption rates, with EU citizens consuming more than three times as much as they produce.
The agreement represents the first of its kind in Europe between a consumer packaged goods company and a cell-cultured seafood company, and underpins Nomad Foods' commitment to sustainable growth through the development and scaling of emerging food technologies. The agreement also signifies a mutual interest in the commercialization of cell-cultured seafood in Europe to help meet rising demand and support wider efforts to safeguard the long-term availability of quality, affordable seafood that is healthy for people and sustainable for the planet. It includes a collaboration to conduct market research and identify consumer insights, assess regulatory requirements, and explore new business and product opportunities that would be unlocked by the introduction of cell-cultured seafood throughout Europe.
Stéfan Descheemaeker, Chief Executive Officer, Nomad Foods, said: "The food industry is at a transformational moment as consumer demand for nutritious, high-quality food is growing, the importance of sustainability has never been more apparent, and the role of technology in delivering these needs is accelerating.
Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, and S&W Seed Company (Nasdaq: SANW), a global integrated agricultural seed technology company, recently announced the companies have entered into an exclusive U.S. stevia pilot production supply agreement. Under the terms of the agreement, S&W will leverage its proprietary stevia plant portfolio and production techniques to supply Ingredion and its PureCircle by Ingredion group of companies, with high-quality, U.S.-sourced stevia plants.
Mark Wong, CEO of S&W Seed Company, commented, "S&W has developed unique, non-GMO, all-natural stevia varieties over the past ten years utilizing our proprietary plant breeding program. Recently, we have made what we believe is a significant leap forward by validating efficacy of stevia production in the southeastern United States. By leveraging a unique seed-to-plant process and mechanical harvesting system, we expect to dramatically reduce overall production costs. Importantly, this method is intended to allow the stevia to function as a green cover crop, helping to sequester carbon. We are excited to enter into this pilot production supply agreement with the world's largest stevia ingredient producer, PureCircle, to further validate and expand upon our capabilities to date."
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