More than 20% outgrow it:
http://www.webmd.com/content/article/30/1728_72220.htm
The only way to deal with a food allergy is complete avoidance for months to years. Sometimes the allergy goes away for good by doing that but other times it comes back eventually. There's no way of knowing with food allergies. They are the worst. (Spoken as someone who has to deal with them)