Global food allergy market is projected to witness a CAGR of 5.29% during the forecast period 2024–2031, growing from USD 45.34 billion in 2023 to USD 68.46 billion in 2031. Growth in the global food allergy market is driven by various factors, such as the increasing prevalence of food allergies among the global population and extensive research and development (R&D) activities in the market. The growing pharmaceutical industry, increased investments by public and private organizations to develop efficient drugs, along a favorable regulatory system are the driving factors for global food allergy market. The presence of several top players, new entrances, and collaborative ventures, such as mergers and acquisitions, partnerships, distribution agreements, and frequent new product launches, further accelerates the market growth.
Another crucial market trend includes tremendous efforts, such as granting funds, from governments across the globe to develop advanced treatment options for food allergies. The continuously increasing demand for efficient drugs in the market has also attracted several pharmaceutical companies, leading to the launch of consistent and highly efficient drugs. This is further supported by the implementation of the favorable regulatory framework, which is playing a pivotal role in boosting the market demand. In line with this, there have been increased FDA approvals for drugs to control severe allergic reactions, which, in turn, has improved patient outcomes and created lucrative market opportunities. Moreover, consistent collaboration activities, such as mergers and acquisitions, partnerships, and distribution agreements, between the organizations, consistent innovative product launches by leading players, and innovative new entrances are further propelling the global food allergy market.
For instance, Kitt Medical Limited is a start-up, founded in the year 2023, that provides anaphylaxis kitt, including adrenaline pens and emergency kits, along with unlimited CPD training. The company aims to provide emergency treatment to individuals experiencing anaphylaxis, as well as raise awareness regarding food allergies.
Increasing Prevalence of Food Allergy
There has been a surge in the global prevalence of food allergy, and it is expected that it will continue to rise in the forecasted period as well, due to which allergy communities have considered food allergy as a growing public health problem. For instance, according to an article published in "Pediatric Allergy and Immunology" journal, globally, 10% of the population is affected by food allergy. It is also estimated that approximately 1 in 10 adults and 1 in 12 children are affected by food allergies and this number is likely to increase in the future. The rising number of food sensitivities among the global population leads to adverse effects, such as anaphylaxis and atopic dermatitis, which increases the need for developing highly efficient drugs to manage these life-threatening reactions. To meet this possible growing demand for food allergy medical solutions, there has been an increase in R&D activities by public and private organizations, which, in turn, is increasing the market demand. Moreover, several pharmaceutical companies are consistently developing and launching drugs to treat the symptoms and reactions of food allergy, thus propelling the global food allergy market.
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Increased Research and Development Activities
With the growing demand for food allergy treatment options, there have been increased R&D activities in the market to develop safe, efficient, and economical therapeutical drugs. With the increasing prevalence of food allergies, there is a strong emphasis on improving the understanding of these allergies to help engineer the best practices for allergen control and management. For instance, according to a comprehensive review of food allergy related studies published between 2021 and 2023 in the "Journal of Allergy and Clinical Immunology", it is stated that through consistent research, a new test known as "The basophil activation test (BAT)" has been developed that has shown promising results during the clinical practice. It is a flow cytometry-based test that is highly accurate and efficient in predicting the severity of allergic reactions. This article further elaborates that other research activities are also under process to develop and discover new drugs and vaccines that can help relieve adverse effects of food allergies and enhance tolerance towards these allergies. Due to these frequent R&D activities, the global food allergy market is expected to flourish in the future.
Increased Prevalence of Peanut Allergies
Among the allergen source segment, allergies from peanuts are the most common source of food allergies. As the prevalence of peanut allergies is increasing, the key players are undertaking proficient R&D initiatives to launch individual allergen immunotherapies, which can improve the immunity of the individual towards a certain dose of peanut. For instance, in the year 2023, "Volcani Institute" under Israel National Agricultural Research and Development Center announced the development of Kidon's solution, which is a specialized variety of peanuts that is baked into a cookie to treat children with peanut allergies. This peanut reduces the allergenicity of peanut once it is baked. This solution has been successful in Israel and now the institute intends to request approval in USA and Europe. These innovative discoveries and product launches are propelling the global food allergy market.
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Growing Demand for Skin-prick Tests
Among the diagnosis segment, skin-prick tests are widely used because of their high sensitivity and specificity in detecting food allergies. Blood tests for detecting food allergies give results in a day or two, whereas skin-prick tests can be performed immediately by the healthcare provider and hence reduce the waiting time. For instance, according to an article published in "Clinical and Translational Allergy Journal" in February 2023, skin-prick test is the most common and favorable diagnosis technique used by healthcare providers, as it is easy, quick, and gives accurate and immediate results. As this test provides results in just 15 minutes, it eliminates the need for re-scheduling the next appointment to discuss the results with the patients, due to which it is highly accepted among healthcare providers as well as patients. As the prevalence of food allergies is on the rise, there is an increased demand for skin-prick test kits in the market, which is further propelling the global food allergy market.
North America Holds Significant Market Share
North America holds the largest share in the global food allergy market due to the high prevalence of food allergies among adults and children in the United States, the presence of major players, such as Immunomic Therapeutics Inc. and Thermo Fisher Scientific, and increased investments by leading players in developing potential drugs. Additionally, favorable laws regarding the approval of safe and efficient drugs are also leading to market growth in this region. For instance, Novartis, a leading pharmaceutical company announced that it has received FDA approval for its latest drug "Xolair (omalizumab)" for treating and reducing the impact of allergic reactions, such as anaphylaxis. Xolair is so far the only FDA-approved medicine that works efficiently in treating people with one or more food allergies. For now, Xolair is widely available in the United States market, however, it will soon be available in other regions as well. Due to these factors, North America will further show tremendous growth in the food allergy market and will maintain its leadership position during the forecasted period as well.
Future Market Scenario (2024–2031F)
The global food allergy market is expected to grow in the future primarily due to the increasing prevalence of food allergies among the population, which has increased leading companies' focus in developing safe and effective drugs that can provide quick relief from allergic reactions. Additionally, there has been a surge in R&D activities by government bodies and other related private firms in the market to further discover the best treatment options for the patients, which, in turn, is anticipated to expand the market size. For instance, "Food Allergy Research & Education", which is a prominent patient advocacy organization for food allergies, as well as the largest private sponsor of food allergy research in the US, is expected to revolutionize the food allergy landscape by granting a fund of USD 3 million to accelerate the R&D activities in the food allergy market. This investment is expected to bring innovation and advancement in the diagnostic aspect and efficient drug developments. Due to these factors, the food allergy market is expected to grow significantly during the forecasted period.
Report Scope
"Food Allergy Market Assessment, Opportunities, and Forecast, 2017–2031F", is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global food allergy market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031F. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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