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Comparative View of Adjacent Food Allergy Markets By 2033 | FMI

RahulFMI

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Comparative View of Adjacent Food Allergy Markets By 2033 | FMI

Global food allergy industry

With a valuation expected to reach US$ 39.83 billion in 2023 and an expected CAGR of 5.2%, the worldwide food allergy industry size has demonstrated exceptional growth potential, with an aim of reaching a hefty US$ 66.15 billion by the end of 2033. Interestingly, by 2023, the treatment of adrenaline allergy is expected to command the largest part of the global market—nearly 32%—in the treatment of food allergies.

Food allergies affect a significant portion of the population, impacting both children and adults. Among those afflicted, 8% are children under five years old, while 4% are adults. Although there is currently no cure for food allergies, some children tend to outgrow them as they mature and gain independence.

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In support of food safety, the FDA offers comprehensive guidance to food producers, consumers, and various stakeholders for assessing and managing allergen hazards in food. The FDA conducts inspections and sampling to ensure proper labeling of major allergens in food products and to verify that food facilities have effective controls in place to prevent cross-contact of allergens during manufacturing and packaging. Furthermore, stringent labeling controls are enforced to prevent the inadvertent inclusion of undeclared allergens.

The FDA maintains a proactive stance on product safety and initiates recalls when issues or problems are identified. This ensures prompt public notification to alert consumers. Beyond recalls, the FDA possesses the authority to seize, remove, and block the entry of products that violate its regulations, both from the marketplace and at the border, serving as a robust safeguard for the nation’s food supply.

Impressive Growth Trajectory: The food allergy market is set to experience significant growth during this period. It is projected to reach a valuation of approximately US$ 39.83 Billion in 2023, and by the end of 2033, it is expected to register a substantial CAGR of 5.2%, aiming for a remarkable US$ 66.15 Billion.
Dominance of Adrenaline Treatment: Adrenaline treatment is poised to be the frontrunner in the food allergy treatment market, accounting for nearly 32% of the global share by 2023. This underscores the importance of effective emergency treatment for food allergies.
Wide Demographic Impact: Food allergies affect a significant portion of the global population, with 8% of those suffering being children under the age of five, and an additional 4% being adults. This highlights the wide-ranging impact of food allergies across different age groups.
No Cure, but Natural Progression: Currently, there is no known cure for food allergies. However, it’s worth noting that some children tend to outgrow their food allergies as they grow older and gain more independence, offering a ray of hope for affected individuals.
FDA’s Vigilant Oversight: The FDA plays a crucial role in ensuring food safety and managing allergen hazards in food products. This includes guidance for food producers, consumers, and stakeholders. The FDA conducts inspections and sampling to ensure proper labeling and controls to prevent allergen cross-contact during manufacturing and packaging.
Recalls and Regulatory Authority: The FDA is proactive in initiating recalls when problems with food products are identified. Beyond recalls, it holds the power to seize, remove, and prevent the entry of products that violate its regulations. This underscores the FDA’s commitment to safeguarding the nation’s food supply.
Growing Awareness and Research: Over this decade, there is likely to be a growing awareness of food allergies, both among consumers and within the medical and food production communities. Research and innovation in the food allergy field are expected to contribute to improved diagnosis, management, and treatment options.
Market Opportunity: The substantial market valuation and growth potential in the food allergy sector present opportunities for healthcare companies, pharmaceuticals, and food manufacturers to invest in research and develop innovative solutions for individuals with food allergies.