New Ingredients and Product Formulations to Remain Key Growth Strategies for Manufacturers in Gluten-free Food Market
Although only some shoppers look for the gluten-free label and many others unknowingly purchase gluten-free food items, marketers are nevertheless jumping on the gluten-free bandwagon. Health conscious consumers today are experimenting with alternative eating styles such as lactose-free and gluten-free diets, which is favoring the global gluten-free food market. With big conglomerates such as Nestlé coming up with brands such Lean Cuisine Marketplace and Stouffer’s FitKitchen that feature gluten-free and simple ingredients, the growth in the gluten-free market is expected to be high.
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Including Gluten-free Food Products to Benefit Manufacturers in Food Business
On observing the growing consumer interest in gluten-free foods, companies such as General Mills have smartly responded by adding gluten-free baking kits to their line. As more and more people become interested in gluten-free, functional foods, companies in the food industry can take a cue from General Mills. Companies have a big opportunity to grow by responding to the growing health and wellness trend, by manufacturing innovative food products. This trend of consuming gluten-free food has brought to attention the use of ancient and alternative whole grains or flours such as amaranth, chia, buckwheat, teff, millet, and sorghum.
New product development is the most commonly seen strategy in the gluten-free food industry as innovation in ingredients is important to drive this market forward. The demand for variety in gluten-free products and newer products is increasing as consumers are increasingly noticing an improvement in quality in recent years. Manufacturers in the food industry can re-align their product range, adapting to new product formulations and ingredients. This will help the market to grow. According to a report by Transparency Market Research (TMR), the global gluten-free food market will be worth US$4.9 bn by 2021 rising from US$2.8 bn in 2014, expanding at a CAGR of 7.7% from 2015 to 2021.
New Entrants to Stand Good Chance of Survival in Gluten-free Food Market
As the competition in gluten-free market is intensifying, small companies in the market can gain a strong foothold even when faced against bigger and popular brands. This is because, the companies leading in the food industry do not yet have a wide presence in the gluten-free market. As such, new entrants that wish to jump into the fray can utilize their innovation to experiment with new ingredients and develop newer products, appealing to the masses. However, to achieve maximum sales, companies need to protect the gluten-free food products category from consumer misconceptions and escalating prices of these products, which are the two major factors dampening the market’s growth.