Increase in demand for high quality and safer food products among consumers, and surge in demand for kosher food by lactose intolerant consumers propel the growth of the global kosher food market
PORTLAND, Oregon, March 24, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Kosher Food Market by Product Type (Culinary Products, Snacks & Savory, Bakery & Confectionery Products, Meat, and Others), and Distribution Channel (Supermarkets & Hypermarket, Grocery Stores, and Online Stores): Global Opportunity Analysis and Industry Forecast 2019-2026." According to the report, the global kosher food industry was estimated at $19.13 billion in 2018 and is expected to hit $25.62 billion by 2026, registering a CAGR of 3.7% from 2019 to 2026.
Drivers, restraints & opportunities-
Rise in demand for high quality and safer food products among consumers, and surge in demand for kosher food by lactose intolerant consumers fuel the growth of the global kosher food market. On the other hand, availability of alternative food products impedes the growth to certain extent. Nevertheless, increase in investment by companies to innovate new kosher-based food products and rise in sales of kosher food through online stores are expected to pave the way for multiple opportunities in the industry.
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The meat segment to retain its dominance during the estimated period-
Based on product type, the meat segment accounted for around one-third of the global kosher food market share in 2018, and is expected to dominate by 2026. The consumption of kosher foods by non-Jewish consumers and private label suppliers to reach the leading market players for growth of their business are the factors propelling the growth of the segment. The snacks and savory segment, on the other hand, would grow at the fastest CAGR of 5.1% from 2019 to 2026. The emerging market players with a new variety of food items are driving the growth of the segment.
The supermarkets and hypermarket segment to lead the trail during the study period-
Based on distribution channel, the supermarkets & hypermarket segment held the major share in 2018, garnering nearly three-fifths of the global kosher food market. Increase in retail sales channel penetration in developing markets and availability of various brands of kosher certified products are the factors that drive the growth of the segment. Simultaneously, the online segment would register the fastest CAGR of 6.1% throughout the forecast period. This is owing to rise in Internet penetration across the globe.
North America to rule the roost by 2026-
Based on region, North America contributed to nearly two-fifths of the global kosher food market revenue in 2018, and is projected to maintain the lion's share from 2019 to 2026. Availability of kosher food products in various distribution channels in the region is driving the growth of the market. At the same time, the Asia-Pacific region would cite the fastest CAGR of 5.7% by 2026. This is attributed to the growth of kosher food market in Europe and North America region and large number of millennials population in the Asia- Pacific region is driving the growth of the market.
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Key players in the market-
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