Food Allergy Market between 2022 and 2029, Growing at a CAGR of 5.60%

 The food allergy market amounted to USD 34.83 billion in 2021, and it is projected to increase at a compound annual growth rate (CAGR) of 5.60 percent from 2022 to 2029 to reach USD 53.85 billion. The market report includes the exhaustive expert research, patient epidemiology, pipeline analysis, price analysis, and regulatory framework of the Data Bridge Market Research team.

The most in-depth market segmentation, systematic analysis of the top competitors, consumer and supply chain dynamics trends, and insights into new regional markets are some of the main characteristics of the winning Food Allergy Market Study Report. In this market analysis, the key competitors’ and leading firms’ marketing strategies are emphasised.

Understanding the most significant driving and constraint factors in the sector, as well as how they affect the global market, is made easier by the study. It provides values and variations for CAGR (compound annual growth rate) for the selected anticipated time. The facts and insights provided by a major Food Allergy Market study have the ability to have a big influence on the client’s business.

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Food Allergy Market Dynamics

Drivers

High prevalence in children

The rising prevalence of food allergies in children is estimated to enhance the market’s growth. Children, particularly toddlers and newborns, are more prone to food allergies. Children’s digestive systems mature as they become older, and their bodies are less prone to absorb food or food components that cause allergies.

Milk, soy, wheat, and egg allergies are usually outgrown in youngsters. Allergies to nuts and shellfish, in particular, are more likely to be lifelong. Peanut allergy among children has increased by 21% since 2010, according to a study released by the American College of Allergy, Asthma, and Immunology (ACAAI) in 2017. According to the research, around 2.5 percent of children in the United States are allergic to peanuts.

Growing number of geriatric population

The surging geriatric population is estimated to enhance the market’s expansion during the forecast period of 2022-2029. According to the World Health Organization (WHO), the worldwide geriatric population, estimated to be over 524 million in 2010, is expected to increase to nearly 2 billion by 2050. Due to their compromised immune systems, geriatrics are more susceptible to get Food allergy, further estimated to enhance the market’s growth rate.

Furthermore, rising initiatives by public and private organizations to spread awareness will expand the food allergy market. Additionally, changing lifestyle of people and rising level of disposable income will result in the expansion of Food allergy market.

COVID-19 Impact on Food Allergy Market

Since its emergence in December 2019, the COVID-19  virus has spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency. COVID-19, a new coronavirus, was identified as the causal agent in the pneumonia cases. This virus spread quickly over the world, killing a large number of people. COVID-19 was labelled a global pandemic by the World Health Organization (WHO) in March 2020, and rigorous measures to prevent the disease’s spread were recommended.

Global Food Allergy Market Scope

Food Source

Dairy Products

Poultry Product

Peanuts

Shellfish

Others

Symptoms

Anaphylaxis

Atopic Dermatitis

Others

Diagnosis

Skin-Prick Tests

Blood Test

Elimination Diet

Oral Food Challenge

Others

End-Users

Hospitals

Specialty Clinics

Homecare

Others

Distribution Channel

Hospital Pharmacy

Retail Pharmacy

Online Pharmacy

Others

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Food Allergy Market Regional Analysis/Insights

The countries covered in the Food allergy market report are:

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America dominates the food allergy market because of the rising prevalence of food allergies in this region. Additionally, rising healthcare expenditure and the presence of major key players will further propel the market’s growth rate.

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