Rising Consumer Demand for Allergen & Gluten Free Foods Thriving Along with Revenue Projections

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Jan 04, 2023, 08:30 ET

FinancialNewsMedia.com News Commentary

Palm Beach, Fla., Jan. 4, 2023 /PRNewswire/ -- The outbreak of the COVID-19 pandemic has considerably affected the global economy and Industries in many ways. The socioeconomic situation due to the pandemic led to changes in the food consumption pattern of consumers as well. Restrictions in public mobility and governments' lockdown forced people to stay at home. This factor led to an increase in snacking trends among consumers. However, their growing health consciousness spiked the demand for guilt-free snacks. Sales of food products with "free-from" claims increased as they replaced meals with snacking options. According to a survey by Mondelez International in 2020, nearly 64% of the consumers in the U.S. preferred consuming snacks as nourishment food while 56% of them seek healthful snacking options. Furthermore, the snacking trend has grown widely popular, especially among the millennials, as they seek for convenient, safe, and nutritionally-enriched products, which positively aids in driving the gluten-free products market. A report from Fortune Business Insights projected that the global gluten free food market size is projected to grow from USD 5.72 billion in 2021 to USD 9.99 billion in 2028 at a CAGR of 8.29% during the 2021-2028 period. The report said: "Gluten-free food is primarily designed for people who have celiac disease and gluten allergies, as consuming gluten can lead to several damages, such as swelling in the intestine. However, its popularity is significantly rising even among people not suffering from gluten allergies due to the health benefits offered by gluten-free diet. It is mostly found in baked items, as it gives texture and shape to the products, but the protein offers no nutritional benefit. Hence, consumers are looking to avoid gluten in their diets as it helps in promoting healthy weight loss, improves digestion, and increases energy. Additionally, increasing consumer demand for functional foods and rising product innovation in "free-from" food segments are projected to fuel the gluten free food market growth over the forecast period." Active companies in the markets this week include The Good Flour Corp. (OTCQB: GFCOF) (CSE: GFCO), Oatly Group AB (NASDAQ: OTLY), The Hain Celestial Group, Inc. (NASDAQ: HAIN), Ingredion Incorporated (NYSE: INGR), Sprouts Farmers Market, Inc. (NASDAQ: SFM).

Fortune Business Insights added: "North America is to dominate the market owing to high awareness of gluten--free products… it accounts for lion's share in the global marketplace… The global "free-from" food category is witnessing a robust increase in demand across the globe. In recent years, the growing consumers' knowledge about eating healthy has transformed the clean label and "free-from" categories from niche to mainstream. Consumers turn toward food that helps them manage and maintain their overall health. They seek alternative food and beverage formulations that aid in avoiding food allergies and align with their diets. Manufacturers are also adapting to the shifting consumer preferences by introducing products to cater to the rising demand. For instance, in January 2021, Partake Foods launched a multipurpose baking mix in the United States, free from dairy, gluten, and 8 major allergens. Furthermore, the growing research and technological advances allow the scope of improvement in the "free-from" foods category, which is expected to augment the market growth in the following years."

The Good Flour Corp. (OTCQB: GFCOF) (CSE: GFCO) BREAKING NEWS: Heinen's Grocery Store to Carry Good Flour Co. Products at 23 Locations in the USA - The Good Flour Corp. ("GFCO") is pleased to announce further expansion into the United States with a distribution relationship with Heinen's Grocery Store ("Heinen's"). Heinen's is a family-owned grocery store that has been in existence for over 93 years with 23 locations in Ohio and Illinois. Heinen's will carry GFCO's Artisan Fried Chicken Mix and Artisan Pancake and Waffle Mix. Availability of these products in Heinen's stores is expected to occur in January 2023.

"The addition of Heinen's as a retail partner for GFCO is another significant development. GFCO is building momentum is the retail space in the United States after adding Sprouts Farmer's Market and now Heinen's. Heinen's prides itself on its high standards "you have to find the best to sell the best" and GFCO is excited that its products meet these standards," states Matthew Clayton, CEO of GFCO. CONTINUED… Read The Good Flour Corp. full press release by going to: https://investors.goodflour.co/blogs/news

Additional recent developments in the markets this week include:

Oatly Group AB (NASDAQ: OTLY), the world's original and largest oat drink company, and Ya YA Foods Corporation, a leading contract manufacturer of a broad range of aseptic food and beverage products, recently announced a long-term strategic hybrid partnership in North America. In this hybrid partnership, Oatly will continue to produce its proprietary oat base at both the Ogden, UT and Fort Worth, TX facilities, which will then be transferred to Ya YA Foods to be co-packed into Oatly products on-site at each location.

As part of the agreement, Ya YA Foods will acquire a majority of the assets (including mixing and filling equipment) used in the operation and assume the property lease at Oatly's production facility in Ogden, and assume responsibility for the completion of construction of the production facility and the lease in Fort Worth. Oatly will retain full ownership and operation of proprietary oat base production lines in each facility.

The Hain Celestial Group, Inc. (NASDAQ: HAIN), a leading organic and natural products company with operations in North America, Europe, Asia and the Middle East providing consumers with A Healthier Way of Life^®, recently announced that it has completed the divestiture of its Westbrae Natural^® brand to Bush Brothers & Company. Details of the transaction were not disclosed.

Mark L. Schiller, Hain Celestial's President and Chief Executive Officer, commented, "In our continuing journey to simplify the company and focus on the brands and categories with growth potential in line with our strategic direction, we are pleased to announce the divestiture of the Westbrae Natural^® brand to Bush Brothers. The divestiture of this non-strategic brand represents another important step in simplifying our North America portfolio, while improving our future growth profile, margins and cash flow. The transaction allows us to focus more resources on driving distribution and expanding innovation on priority brands."

Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, recently announced that its 2030 emissions reduction targets have been approved by the Science Based Targets initiative (SBTi) and are consistent with levels required to meet the goals set by the Paris Agreement. The targets covering greenhouse gas emissions from the Company's operations (scopes 1 and 2) are consistent with reductions required to keep warming to well-below 2°C. Additionally, the Company's target for the emissions from its value chain (scope 3) meet the SBTi's criteria for ambitious value chain goals, meaning they are in line with current best practice.

"By prioritizing science-based targets, we are taking another critical step in advancing our All Life sustainability plan and demonstrating our commitment to environmental stewardship for future generations and aligning with the expectations of our customers," said Larry Fernandes, Ingredion's senior vice president and chief commercial and sustainability officer. "We are pleased by the sustainability progress we have made and remain committed to continuing our journey to reach our ambitious 2030 emissions reduction targets. SBTi's validation provides us with a roadmap in line with climate science and reflects our purpose of bringing the potential of people, nature, and technology together to make life better."

Sprouts Farmers Market, Inc. (NASDAQ: SFM), one of the largest and fastest growing specialty retailers of fresh, natural and organic food in the United States, recently announced that Alisa Gmelich has joined the company as Senior Vice President, Chief Marketing Officer, effective December 5, 2022. Gmelich will report directly to Sprouts President and Chief Operating Officer, Nick Konat, and will oversee Sprouts' marketing, advertising, and customer engagement.

"We're thrilled to welcome Alisa to the Sprouts team," said Konat. "Her experience in building brands and growing customer engagement will be instrumental in shaping Sprouts' marketing strategy to support our expansion and deepen loyalty with our customers."

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